All Forum Posts by: Jacob Hollen

@Bill B. I think I will try to see if I can just sell it immediately to get my hands off it as it is a windfall situation, if I have to take extra steps to complete it your suggestion is a very good idea! 

Hi i had bought a Fannie Mae homepath (owner occ.) property with the intention of BRRRR'ing it and ended up getting a lucrative job offer on the other side of the country and it would be more convenient to just sell it as is, I put a Zillow listing up and have multiple offers for 250% of what I had paid for it, and it will be more of a financial strain to complete the rehab than pocket the difference as is, my question being: is there any exception that you can sell a property before the 1 year rule due to having to relocate? Or do the same rules still apply?

Does anyone know if there is a way around it if you moved very far away? I bought a homepath in VA with full intentions of a live in flip but received a lucrative job offer on the west coast and would like to liquidate (likely at a profit as-is) or is the rule still applicable in that scenario? TIA to anyone who may have experience with this

Hello I have just purchased my first property to fix and refinance and was basically just looking for experienced people that would be willing to consult with me about specific questions.. I would prefer someone in the same state or possibly even local to my region (Shenandoah valley, VA) thanks in advance and I could compensate at 5 dollars for 15 minutes of phone call/video chat or email, however you would like to communicate, if anyone at all

Hello I just purchased my first property that I plan to BRRRR and I'm sorry in advance if this is an obnoxious question but I don't have any formal experience with residential construction (5 years in commercial and a fast learner/ YouTube is how I plan to research particular repairs) I'm looking for an either basic or comprehensive list of tools I will need for first demo-ing the existing insides (this is going to be a full gut job) and then a suggested tool list for finishing the house.. thanks in advance to anyone who contributes, I believe this post will come in handy for many others to get a head start and save time running to Home Depot on their first projects as well!

Hi all, I am about to close on a Freddie Mac owned foreclosure, I am paying cash for a quick close (multiple offer situation) and the property was grossly underpriced from what I gather from the inspection, my question is since it was a homeowner occupied contingency purchase (first 21 days before non-owner-occupied are allowed to bid) how long must I hold the property before I am allowed to lease or sell it? TIA !

@Tom S. I thought the appraisal was based on what “market value” or worded another way what the average sale of comparable home is?

@Sean Blomquist my particular market has values that have 3-4 timesed since last recession and most sellers only have 30k owed/paid on these 100k homes and it’s a bit of an odd market but despite that it still moves slowly, so there is large possibilities that they would take that much less for a quick close, and these properties are selling for 95-100% of list price typically

@Sean Blomquist the purpose being the equity made in an offer lower than the appraised value, with the reason the seller sells to you being that you can close quickly, so for example you offer 80k on a home worth 100k and therefore won't need much of a down payment if any for an investment loan, I'm aware an entire BRRRR would be more profitable but my market only has full gut rehabs at those price points, and I know little about construction so if possible that's why I was interested in just low balling a retail sale?

Will hard money lender‘s lend money for turnkey or properties that need minimal repairs or do they need to be properties that actually need a full rehab? I’m trying to see if putting in lowball offers and refinancing after acquiring the property would be a plausible method to acquiring undervalued property?