All Forum Posts by: Julia Fair

same way an owner occ gets pre approved before they shop for a house to live in.. you send in all your financials and get pre approved subject to the home your buying..  which is much easier for owner occ than investment loans.. talk to your mortgage professional.

then you make your offer you should already know your ARV yourself.. appraiser just confirms for bank..

yes we are seeing post after post on BP of those that think they are getting all their cash out but don't.. not the worse case scenario of course but more equity in a property than they intended.. we handled that when I did this for a living by having the refi loans approved and ARV appraisals done before we even closed on the B side of it.. I am a little out of touch how it works now in the mortgage market if that's acceptable practice like what we did.. but I would sure want to be fully vetted and approved at least on the financial end before I did the B part of the transaction.. I can see people doing all this and then for whatever reason the refi does not happen .. I guess worse case they could be flippers and just sell and hopefully make a few bucks for the value add they did or at least get their cash back

I love the BRRRR I did a few thousand of them.. my point is in low value assets and managing a contractor that will take on a 15 to 30k job out of state where you cannot over see it.. is fraught with risk .. how U mitigate that is

1. no advances

2. find an construction inspection service like banks use.. they are out there.

there is only so much a dream team who works on commission is going to do for you.

and or your in ATL there are plenty of deals to be had there were you could over see them

Also using a good HML will keep you safe as they will demand inspections..

this Is why I take the position BRRR as talked about on this site and endorsed.. is just so Risky to a first time investor.

these can work .. but boy can they go bad if you have no experience dealing with contractors or out of state and you think your first investment is going to be a sub 100k house in a rental area of the US>.  

@Felix Torres I was saying watch for other for-rent signs and call them to make connections and learn about the market.  I've done that quite a few times and have yet to receive a hostile response.  A few not-so-friendly, but nothing angry.  And about 1/2 turn into very worthwhile conversations.

 We had an aframe (3 story, 3150 sqf) for 13 years, 8 of those it was rented out. When we lived there we went with a modern / rustic mix up.. the architecture was rustic but we went all modern with lights, figures, furniture etc. didn't turn out too badly :)

 An extremely stupid joke perhaps.

The banks are not going to give a tinker's damn about us when we can't make the mortgage payments when the rent nonpayments start stacking up. We can tell them "federal worker tenants yadda yadda yadda" all day long and they'll still ding our credit.

I very simply don't know anyone who works for the gubmint who isn't working for the gubmint for a steady paycheck and benefits. They wanted all that stability in their lives, they should have saved for a few months of runway just in case their sure thing went away or was suspended temporarily. But we all know they didn't really want stability. They wanted someone to take care of them, like most people do. The right coattails to ride. The right gang to join.

Well Daddy Paycheck's on vacation, now it's time for them to go sell their sorry little skillset to someone else. Will they? Hell, no! There's gubmint-worker mentality to be accounted for. It'll be, "I'm so sorry, but there's a shutdown, and I thought, maybe, until it's over...but...but...I just KNOW I'll get back pay!"

What is this? The federal workers need a helping hand, they get it. The banks need a bailout, they get it. When am I going to get my own damned safety net? Who's going to float the landlords some cash to tide us over when something we don't expect happens in our business enterprises? Are all the voters gonna get together and establish the Landlord Relief Fund?

I'll get a sneer and an earful of shoulda, coulda, woulda if something goes wrong. So will you. You'll get that all day.

But we should cut gubmint workers a break. For God and Country. Because they'd do it for us, right?