All Forum Posts by: Daniel Fisher

I am located in a small town in southern New Mexico. I’ve called every lender in this town but I reckon I don’t have to use a lender here in town. Didn’t really think about that. Thank you guys so much for your help! 

Thank you for the information. The income and qualifications for the loans themselves are not an issue, this past year I believe it was close to 85k net. I also have great credit. I qualify for the loans, but every time I mention that it’s an investment and that I don’t actually live in the home they go straight to portfolio lending or commercial loans. 

I purchased a house in October on seller financing.
Since then I have rehabbed and rented out the house. 

Purchase price- $80,000

Rehab cost - $20,000

ARV - $140,000

I am wanting to cash out refinance and pull out some of my rehab costs and get the financing with a real lender. 

Is there a timeframe in which I must wait to refi? Also are there any suggestions on where to refi to? 
I keep hearing everyone say they got a 30 year fixed at a great interest rate, but all the banks I talk to want to put me on a commercial loan with crazy terms. 
This is my fist deal and any advice would be appreciated!

Thank you,

Daniel Fisher

I am about to buy my first multi family and the roof needs to be redone. I am wondering if it would be a good idea to just go with a tin roof. A lot of the other duplexes and triplexes in the area have shingles and a lot of them have metal roofs so as far as getting renters neither one will really deter anyone. I prefer buy and hold so I do not plan to get rid of the property. I thought a metal roof might be a good idea because some of them can last up to 70 years but they are more expensive to have put on. I was thinking in the long run it might be a better investment.

What do y'all suggest?

Thanks,

Daniel Fisher

Best idea with tiny homes are airbnb. I have a friend that does it and makes way more than he would if he just rented it out. Very easy to clean and there is a big market for them right now, I do believe that they are a fad so I would not invest too much into them.

I was wondering if it would be a good idea to go ahead and get a my real estate license so I could have access to all of the recourse that come with that. I am new and want to get into buy and hold so I am not sure if it would a wise decision or not?