All Forum Posts by: Jacob Sloop

I chose the cash out refi route just because cash is king, you only get access to a smaller amount of your equity being the downside, 75% LTV, so about 120k in your case. And I just don't like the idea of having the variable rate HELOC attached to a rental, which sounds like your plan. Unless you BRRRR like mentioned, the pay down would be too slow. Just my thoughts

Like Patti said, you get what you get....I just recently went through this process and had to contest the appraisal, which the lender also handles.  Find yourself a reliable lender with good references would be my suggestion since your fate is in their hands, I did not have the best experience with the one I used.  Be glad to share over PM

Congrats on the reaching the finish line, looks great! I'm surprised we haven't heard of more low appraisal problems with this hot market right now.

Would like to see from experienced rehabbers whether you buy materials yourself versus having the contractor supply them...

If your buying,  is it worth the extra effort to control the cost and get exactly what you are envisioning.. 

Or, if contractor is supplying, how specific are your instructions for what you are requiring?  Eg:  Here's a picture of the tile/flooring I would like and they come back with something not quite what you had envisioned. 

https://www.vbgov.com/governme...

https://www.vbgov.com/governme...

This should be of interest to you,  this is all PROPOSED plans as well you keep that in mind.

The ordinance changes are tentatively scheduled to be considered by City Council on April 20th, 2021.

Congrats on a successful BRRRR! And it was a family affair, very cool. Was this downtown Suffolk?

Thank you for sharing!  It's great to see this working in OV, I live right up the street, and it's great to see the area turning around.  Very inspiring stuff!

All good advice. Buy your first rental as the house you will live in for a year, while you save up. No fee townhouse is a good idea(make sure you can turn it into a rental after a year with HOA) but if you get a SF around 240k it should cashflow about 200-300 assuming you can take advantage of a below 3% interest rate. Mortgage PITI 1300 Rent 1600-1700 average and VB is appreciating like crazy so that's a bonus

Consider shifting your focus to Norfolk, VA