All Forum Posts by: Elizabeth O.

@Kerry Baird I'm searching hard to find this.

I trust my lender but need to verify.  Does this pertain? Multiple financed properties. Fanniemae.com 3/29/2016

Effective June 25,  2016

•  eligibility restrictions for DU loan casefiles and manually underwritten loans related to LTV, CLTV, and HCLTV and cash-out refinances have been removed, and are now aligned with standard eligibility.

I was talking to my lender today and he told me that in June 2016 the guidelines are changing to allow cash out refi's on conventional loans #7-10. I've used the brrr method successfully on 2 homes so far allowing me to get back all of my money and move on to other projects. This would be great news if it's indeed true. Has anyone heard this or have any info on this? Thank you

@Caleb Brown

I would get a termite inspection as well but my last deal in chesterfield had similar holes in the wood siding.  Turned out to be carpenter bees followed by woodpeckers coming to make the holes even bigger.  Ended up needing to replace a few boards.  

Can you see any yellow around the small round holes?

@Edward B.

If I had a lender suggest I do this, I would find a new lender as well.  I go into it eyes wide open and get approval before doing the work.  Most are small fixes to get the appraiser to sign off.  This last one was a bit different as I had to put down flooring.  Again, I had approval from seller and bank to complete the work prior to close.  

I got a good deal with comps 60k and more in the neighborhood than what I am paying for it. It was a deal I didn't want to lose.

Good morning @Caleb Brown

Yes, when I look at properties I always take my property manager/gc.  He knows the numbers much better than I do.   This last one was a short sale so we had to get approval from the bank to actually do the work prior to close.  If I can put you in contact with anyone or help you out, let me know.

@Caleb Brown

I'm closing on a house tomorrow in Richmond that needed quite a bit of work before I could get my loan including flooring, fixing siding and more.  I'm finding that to get good deals I'm having to be ok with doing a few repairs out of pocket before closing.  If it's a really a good deal, don't let a bit of siding stop you.  

I hope it works out for you!

Hey Ben,

I'll message you my contact in Richmond. I've done 2 cash outs with him in the last few months both Conventional 75%LTV. I'm sure he can work with you. He's done great things for me.

Joseph England If you are headed to Ft. Belvoir and are looking in northern va then I can get you in touch with a good realtor. I'm in Nova myself. It's hard to find a deal that cash flows but if you are looking around I can give you suggestions based on your price range. I've had my eye on a distressed property around 650k and the neighborhood usually goes for 700-950k in fairfax station. I invest in a lower price market but I keep an eye on the local listings. If you are at a lower price point you could look at manassas and Woodbridge. If I can be of any help, please don't hesitate to reach out. Elizabeth

@Richard Roberts

My first two investments were townhouses bought in 2014.  We placed new tenants and have had them there ever since.  

I'm not a fan of HOA's so I choose neighborhoods that don't have them in place. I have now moved on to single family and duplex's but that's only because it's a different area and almost all of the townhomes have an HOA.

Quality doesnt seem to be any different between my townhome tenants and the others.  

They cashflow and I have been able to brrr one and get all of my money out to move on to another deal.  

If the numbers work, they work.  Sometimes you need to stop looking for problems and jump in. I know that easier said than done!

Best of luck to you.

Elizabeth

thank you for your responses.  I may have not been clear but I am looking to possibly partner a deal with the owner of the single family next door.  I do not want to buy it but if the possibility is there to put up something bigger I know he is an investor and may want to partner up.  

@Chase Schmidt

Thanks for the info on R-6.  I was taking a look last night on the city website but it really only talks about two family. 

I'll give them a call.