All Forum Posts by: John M.

@Sarah Jukes, where did you get your non-qualifying loan?

Hey Ryan,  sounds like your best option is to find a partner. I'm in Knoxville also, may I ask what area the hous is in and how much time you have to close?

Maybe find a partner?

Are you looking at living in part of it and Airbnb-ing the rest?

Good idea Stacey, glad to hear you've already though of that!

@Mandi Martinez, while it may be true that it is often safer to go with neutral color schemes on a flip, you only need ONE buyer that likes the color you chose. Don't worry, the color isn't going to make or break your deal.

Congradulations @Stacey C.. I'm curious, do you plan to self-manage or hire a PM. If the former, have you considered whether you want the other tenants to know you are the owner?

Edit: I saw where you said you plan to self-manage. I have found that it can be awkward dealing with tenants while also being their friend/neighbor. You might want to think about setting up a company to work through when dealing with the other tenants.

Hey Lanny, I'm interested. I'd like to find out more about the property and maybe take a look. I'll message you with my contact info.

Welcome to BP, @Nolan J Scott! It is a tremendously valuable resource, and Chatt is a great town to get started in. Good luck!

So, I bought a new primary residence a year and a half ago with cash. I'd like to take out a LOC on it to use for fix & flips and/or buy & hold acquisitions. Problem is, I don't have any W2 income since I don't have to work & I prefer to spend my days with my two young children. My wife's W2 income is insufficient & the banks won't consider the capital gains & other variable investment income that covers most of our living expenses, so the DTI kills the loan:

Bank: "So, how do you plan to make the payments on this LOC?"

Me: "With the income I'll generate using the money you lend to me."

Bank: "Take a hike."

Of course the same issue applies to a cash-out refi. Are there any other options for borrowing money against our home? We have great credit and good positive net worth...

Talk to the city. Explain the situation and ask them how they will handle it. I would think that as long as progress is being made they would be happy to postpone demo.