All Forum Posts by: Gregory Williams

It is one of the least user friendly application on the market. Stay away at all costs. Also note, if you have any issues - there is little to no support team :) 5/10 (I have to use it because of the price)

 Do you mind forwarding those along to me? Doing some land wholesaling in Florida and need to find a title company to work with between the seller myself and buyer (builder)

That makes a lot more sense now. Also this is aside from what I have been talking about. Do you know if traditional 203k’s allow a younger borrower such as myself to get a 203k for a house without a cosigner? assuming i have a reputable job.

But aside from that, as for the duplex. After making calls and setting appointments up. I'm going to get a contractor to fix some of the windows, see how the stairs are, and replace the roof (assuming a contractor might be cheaper than a roofing company and he doesn't contract it out, if not then I'll get a roofing company). After seeing the costs I will transfer onto the deed of the house so I can in return get a Home Equity Installment for around 15k (which the lender I talked to recommended instead of a HELOC). Fix up the place. Get it appraised. Refinance it. And then find another place to use that money with. Does this all sound like the most effective process?

Also, will getting a HELOC effect how much I can refinance the house for? Normally 75% ARV

Update: So it looks like we will end up replacing the roof using a 203k loan. I’m going to speak today with several local banks to see what the process is for that. Also regarding the stairs it does indeed look like it is up to code but the issue at hand is that the stairs are steep and there is a tight bend at the top which wards off some possible renters from moving in their furniture. I can send picture of it this Thursday after our contractor comes and looks at it.

@Christopher Phillips

Thank you Chris that was very helpful!

Hello everyone,

I am a beginner in real estate investing, getting started in my first deal with my Mom. She has always owned this one duplex outside of Pittsburgh (she bought it for cash about 7 years ago and has been renting it out since. I just recently came to the epiphany that we could use the Brrrr strategy to get her another property. Her property is a two-sided duplex with 2 bedrooms on both sides. I have a question regarding the process we should take. She has never gotten the properties appraised so we would do so before seeking pre-approval for a refi. But the main 2 issues at hand come down to this.

1. The roof is in less than average shape and needs to be redone. Should we repair the roof (4-5k?) before the appraisal or get the appraisal first? If we decide that the estimate is enough to get a refi and simply refi the house and use the money to get another property is that a better plan? or should we fix the roof, get the appraisal, and then get the refi?

2. One of the stairwells on the larger side is not up to code for renting so instead of charging a higher price for 2 bedrooms we only rent it as a one-bedroom because it is so small and thin going upstairs. If we fix it we would be able to advertise the rental as a 2 bedroom unit and charge at a higher rate instead of charging at a one-bedroom rental price. Even though this issue is independent to 1 I just wanted an opinion. 

I am trying to help my mom with financial freedom but were some suggestions before I do anything. Also, I would like some advice on the best process to fix the roof before or after an appraisal. Any and all suggestions are welcome, please feel free to reply! Thank you so much.