All Forum Posts by: Jonathan Ranes

Yellowletters.com is a pretty good source.  I would just blast whatever list you have and follow up by phone. It would help to use a CRM too. 

You could possibly BRRRR it (Buy, Rehab, Rent, Refinance, Repeat) with a Hard Money Lender if the property is a good deal. They usually loan up to 70% of the ARV.

Does any investor or wholesaler in Virginia have a copy of an assignable purchase agreement and an assignment contract I could take a look or use?  I know Virginia has a bunch of disclosure laws and several lawyers that I contacted are taking forever to get back to me?  

@Brent Coombs,  now is hard money considered cash in the eyes of Fannie Mae? Thanks!

I mean brrrr*

The brrr strategy sounds great, but according to Fannie Mai don't you need to have the property seasoned for at least six months before you can pay yourself or a hard money lender back through a refinance?

@Joshua D.

Thanks,

When you refer to "as is" you are buying them at auction, correct?  I think a fix and flip would ideal for my first investment and maybe after that a rental.  For someone, that doesn't have a lot of money down, do you think a hard money lender would be better to finance a fix and flip rather than a bank.

Hello, my name is Jonathan and just joined biggerpockets. I am a college student who has been interested in rei for awhile. My older brother in the navy got me interested in rental properties. He's on his fifth rental property now. He's taking a conservative approach and living in the property for a year or two before renting it out. I stopped studying rei because I thought you needed a lot of capital to start and it was slow churning process like my brother. I just found about hard money and how this could be beneficial to start with little money. I'm interested rehabbing a property and refinancing the hard money it into a non owner occupy conventional loan of 75 - 80 percent of the ARV. I've been looking at auction properties online, but I'm a little skeptical of "as is" properties that you can't inspect the repairs before you buy, especially if I need to provide a inspection list to the hard money lender. What do you guys think? Any advice would be helpful.