All Forum Posts by: Matt Crusinberry

@Hubert Ato-Bakari Chase, 100% you'll be able to refi it with someone in it. 

@Hubert Ato-Bakari Chase, I would say that all of this depends on your goals, and you would need to divulge more information about the property (i.e. what's the condition of the property currently, what is the property currently worth: 1M with 100k vs 185k with 100k in equity, etc...). While it appears that time is short for you right now, I would recommend doing all 3 at the same time. See which one is going to give you the most value, or meet your goals. Contact a lender and see where you stand, and it shouldn't take long. Do this while trying to cover down on a good tenant, and maybe even offer them an option to buy at the end. You have many options, so my recommendation would be to just act (choose 1, 2, or all 3). I'm sure you'll make the right decision, so good luck!

@Tato Corcoran, I personally would not go that route, and for several reasons. Even if you pay for an appraisal, a bank will require you to have another one done, thus you'll be buying 2. Secondly, there are several free sites that you can use to determine your own comp's for your property (i.e. beds/baths/sq ft sold properties within the last 6-12 months). Thirdly, you have the option of contacting a local agent and asking them to run some CMA's for you so that you'll have a better idea of your list price (check out your local REI's group to find friendly agents that may help).

On a side note, I would recommend looking into this stuff prior to buying next time. I hope this helps, and good luck!

@Anne Williams, I agree 100% that you need to do some due diligence, especially at a sheriff's sale. You have a couple of options here: go yourself to the county court house and look up the property at the recorder of deeds or the prothonotary's office, you may also pay a title/abstract company to look up the property (this would be a local company, and there should be several available to you in your area).

As far as someone pulling out from a previous auction, the reasoning could be for a multiple of things. I wouldn't speculate on this, and just continue in doing your own homework to see what's attached to the property and whether or not it falls within your threshold. I hope this helps and good luck!

@Jim Coleman, The answer is yes. I would recommend contacting a financial institution that you're already working with or a smaller bank. They too have incentives to get you deals on properties and write you up a loan that meets your needs (i.e. first time home buyer loans). So step one will be to contact a lender and just ask. I have a lender questionnaire that I built when I first started, and I would be glad to share with you if you're interested (just send me a PM). I wish you the best of luck!

@Justin Thueringer, I would say that you have several options, but a lot depends on you acquiring more information. Are all 3 properties deeded together, and if so, what would it take to separate them? Are the properties currently filled, and self sufficient? Is the seller open to alternate forms of financing (i.e. seller financing, master lease options, etc.)? What's the sellers motivation for selling? I would start with asking the seller these basic questions. If you could buy one, do the BRRRR and put the other 2 in a holding pattern while you're completing building 1. Once it's complete you just move down the line. Try and think outside the box. I hope this helps answer your question, and I wish you the best of luck!

@Nathan Gesner, I have not read that book, nor was I aware of it's existence. So thank you for that! I am caught in between 2 excellent Landlord books. "Landlording On Autopilot" by Mike Butler and "The Book On Managing Rental Properties" by the infamous Brandon Turner and his wife Heather. Both of these books I took a lot away from, and I would recommend them to anyone starting out as well.

@Ellie Narie, I don't think you'll have a problem utilizing both types of marketing strategies. I would start with the email as it's faster, and shortly follow up with a letter. If the properties have 2 owners that live in the same house, I would just send one with either a "Mr. and Mrs" or just their last name on it. I think common sense will serve you best here, and good luck. I hope you land one of them!

@Bj Walker, Welcome to Biggerpockets! I recommend you hold fast, and learn as much as you can. I also recommend you figure out where you want to go and why you want to go there, goals. In fact, if you were to type your question in the search box here on BP, you will find that this question has been answered several different times and ways. People with more and less money then you have asked this question.

As for a quick answer, I would start by reading some of the books here on BP, although you may want to buy them on Amazon as they seem to be a little cheaper. Also, continue to search this site, as its contents are invaluable. Check out the YouTube podcasts, and if you have a question please feel free to reach out (PM me), I would be glad to help. Good luck!!!

@Margaret Azzano, I'm not sure where you read this, but you are able to refinance under an LLC. I would suggest you contact some lenders (commercial side of the house) and speak with them so you know your right and left limits. I wish you the best of luck!