All Forum Posts by: Jesse Hobbs

@Brian Wingard you need to be factoring in how much you can refinance when buying the house. If your bank will allow 80% refinancing you should be buy no more than 80% of the ARV minus all costs. This should allow you to pull 100 percent out along as you dont run into hidden costs or expenses.

@Grant Baker How long are your parents looking to let the equity loan? The only problem with you using Brrrr, is that you are not going to see 200% return. The money you make will either be given back to your parents or to buy another house. You will need to buy and rehab smartly so you not only not leave money in the home but hopefully pull more than invested out. I am no pro, but this is what I understand from reading David Greene's book on the process. Good luck.

You can contact the local jurisdictions building, fire prevention, planning departments, etc . for public records requests and ask them if there is any outstanding violations or fines associated with the property in question. You can also request them to send you the inspection reports if there were any violations. Municipalities are required to respond to public record requests and fees are usually very minimal. The Planning department would be a good place to find out if the property has been rezoned, maybe there is a reason it is no longer being used as a MHP.

@Jack Orthman how would your ROI decrease on a rental over time where you are continuing to increase rent while having the mortgage or loan being paid down on the property?

@Crystal Ramos I live in port saint lucie. What is your budget and what are you looking for? Do you want to avoid HOA fees and regs? Lots of options in the area. Good luck.

@Debbie Zimmer first, is it a Single family or multi-family? Is it a flip or a rental? If multi family how may units, these can all make a difference. Since your asking this I would guess you didn't pull a permit, is that correct?

@Christopher L. Dont get to worried, the building inspectors in my county are booked all day usually 10 or more inspections a day. Which is another reason not to get to worried they generally wont be spending a lot time during doing an inspection.

@Jerel Ehlert thank you for responding. When wholesaling for yourself would double closings or another method potentially lean toward the law considering it brokering or just whether others (other accounts) are involved.

I appaulagise if I'm beating a dead horse here. I am new and have been reading as much on this site as I can. His post just brought this possibility to my attention.

@Christopher Liffner so you are doing this as an LLC? How many employees? You might as well talk to licensing when you go in. To see what they want, explain your situation. Some municipalities may allow you to do the work or a handyman not everything has to be by a license contractor all the time. You may be able to put a handyman on the payroll to make certain repairs too as another option. Most municipalities are eager to have a meeting to communicate what they are wanting.

@Christopher L. I would recommend you talk with the inspector before hiring a GC, find out what he wants to do.  Like stated by others they will probably want to walk the house to see what is going on. After the inspection they will tell you what they will want you to do.