All Forum Posts by: Gage Green

@Kerry Baird thank you for those answers its much appreciated, I will take my lunches this week to compile a list of banks and answered questions. 

@Kerry Baird my fico on citi says 763, so credit is good. I will start to pursue a heloc again, what should I include in said chart? Rates, if its interest only, term length, % of LTV, fixed or ARM. Is there anything else you'd recommend asking for and jotting down?

@Ronald Stephenson I will be checking both of those links, after I reply to this. As far as timeline goes, I will meet with the lender this week and once I make the offer and the offer is accepted, I’m told this hard money lender has pretty good teams that flip houses in 6-8 weeks, so hopefully from date of purchase I can have it back on the market in 2.5 months at most and sold in less than 30 days. So hold time isn’t anticipated to be any longer than 3.5 months. But those details will get ironed out this week to gain a real understanding of the plans.

@Ronald Stephenson

If this HML likes the deal I bring him, and the seller accepts my offer, this will actually be a flip. I want to brrrr but this house doesn't work well as a rental, and it would be nice to get some cash reserves in my account. I think I'm going to change my method to start. What I plan to do is flip until I put 20-50k into my account for reserves. If the property works as a brrrr I will brrrr it, but I really think the first couple houses need to be flips to put some money into my account as a cushion. I do not have cash so to be safe it would be wise to have reserves before leaping into the rental world.

As far as what I’m looking for is in the newport/Newcastle area, I’m looking for a 3/2-5/3, or something that will have the potential to add bedrooms. I am looking to cash flow $200+ (after capex/repairs/vacancy/PM) to start with. I will probably PM the first few in order to get a hang of what goes on in the realm. As far as purchase prices I’m not 100% sure just yet. I’m still learning and I still have to figure out what it costs monthly to hold hard money through this lender and what I can afford to pay and for how long etc. 

I do have someone who’s willing to help me out financially, however I still need to know what I can afford in case this help falls through for any reason./

@Ronald Stephenson I use TD bank, and I tried a credit union on rt40 between the express car wash and the BWW. Td told me my house was worth 180 on a drive by and the credit Union said 185 based on Zillow’s zestimate. I owe 141 on the house at this point so at those numbers a heloc isn’t worth getting, I do feel as though the appraisal is low. I haven’t gone looking around much more, being I am going to be connected with hard money, and those appraisals are too low to do anything with. 

@Mike Schorah nice! Im looking forward to it!

@Brian Tome thank you for accepting, we will see you there!

Hey everyone, I sent out a bunch of connection requests to everyone that seemed to be active that haven’t commented recently, its nice to see active people in the thread. I live in Newport Delaware myself and will be attending the DelREIA meet up next month, will anyone else be attending? My wife and I would love to be able to connect with some people in person, we are rookies who have only recently started learning. Also we wouldn’t mind going out to any other meetups if were able to attend them as well. Hope everyone is doing well through the covid situations so far!

@Kyle Mccaw I agree with that that’s how I try to look at every scenario, COVID hit my wife and I and she wont see a paycheck for a month so our funds are quite limited at the moment that’s why I posted this originally, 3k on BP conference a couple weeks ago and then getting blind sided by COVID and a hospital visit last night shortly after responding to you for my wife, has set us back almost all of our savings. As of right now I have to be as cheap as posssible, I’m very new to all of this and am a rookie, so my apologies if I don't seem well educated. 

@Kyle Mccaw oh sweet I honestly hadn’t realized it was that cheap, I’ve been parcel searching addresses and googling everyones name and trying to track down numbers that way. Thank you for your info its very helpful and appreciated.