All Forum Posts by: Jonathan New

Is the 31-day refi based on new appraisal of value or on another value?

Isn't that the entire point of BRRRR, to leave nothing on the table? Sure, you have a loan that's 80% LTV, but you pull out your initial money and essentially own a house for nothing down due to the forced appreciation of the rehab. I just don't get why the methods listed (HUD) would allow to pull out all of the initial equity to move on to the next deal. Sorry if I'm being dense!

Jeffrey, wouldn't you have $120k left on the table? that makes the repeat part difficult, since in a BRRRR you in theory get most all of your initial money back to allow for repetition. Sorry if I missed something!

@Melanie McDaniel. That's who you need to speak with. She is a realtor who works a great deal with investors and runs a Hampton roads investor's meet up once a month in VA Beach, and we have a small group of military investors that meet up separately to network, syndicate, and help each other out with our individual goals. The group is heavy on people getting into MF and even international REI. PM Melanie.

you said “easiest,” not “only.”  I agree with all said above, but if it’s not the only way to gain access, use alternate means.  I don’t know how tall your roof is, but if you can shimmy up a ladder....

I really do think you’d be covered with the advice above, but the ultimate way to be legally safe is just not go in at all and use the ladder if that’s practical.

We sold it before I decided to jump into the REI world and truly learn about the ins/outs of it all. The sale reduced our debt by a great deal, but I wish I'd kept the cash flowing rental now. It took forever for the market to make it not underwater from the crash. Jax is pretty volitile compared to other markets, which is why I think that it's a better cash flow market if you want to invest there long term these days. Lots of folks invest primarily for appreciation, but that's too much like gambling to me - just invest in stocks.

I am also looking to get back into Jax.  We owned a cash flowing rental in Arlington area that we bought in 2007... whoops, but then again who cares as long as it's cash flowing.  Cash flow in Jax isn't too hard, and the city (or Duvall county rather) won't be sinking into oblivion any time soon.  If cash flow is all you're after, Jax is just as good as most any other place.  

@Melanie McDaniel!!  This lady is amazing as an agent/mentor/networking connection point.  She has her hands in SF, MF, wholesaling, commercial, and mixed use.   

She's honest, but even if she doesn't see eye to eye with your plan, she busts her behind to make your plan bear fruit.  I wish I could clone her and transplant her clones to markets that I want to tap into.

Lima One is good, although I haven't used them in a deal, just preliminary talks.  I just used Walnut Street Financing, and it was a great process for me!  They roll the payments and closing costs into the deal, which makes the cost of money more expensive, but you're paying less out of pocket and no payments.  

I'm rehabbing a house in Historic Ghent.  My experience isn't very applicable since I'm dealing with Norfolk, but I'm front loading everything that needs ARB (windows specifically).  Get the ARB done during demo and still have a long time to get the windows done.  My project is also a full gut and will take 3 months, so I have some time wiggle room though.