All Forum Posts by: James Vermillion

I am not very good at this whole hypthetical thing I guess.

My take is 30 years if possible...remember, you can pay the loan off sooner if desired.

This is an interesting topic and a lot of good points have been brought up. It is however, a question to provoke thought, not one with a definitive answer. When looking at a property pre-rehab and trying to determine ARV, I know quite a few investors before I would approach first. They have a track record of results and understand the renovation process that is likely to occur, thus having a better eye for the final product.

Of course it all depends on the skillset of the person. If they are all equally skilled I would imagine the results would be so close any difference would be negliable.

Welcome to BP Trevor!

First, I would make sure you are talking to a good loan broker...as with any profession, there is some absolutely terrible loan brokers / lenders out there. As the others have pointed out, the 2 years is the amount of time many lenders require you own and have rental history on a rental property before that income can be used towards getting you qualified for a loan. If you own it free and clear, it will not hurt you in getting a loan on another property, it will just not help you by providing additional income.

Start keeping excellent records now...you are going to need them later.

First, good call on understanding the importance of begin able to estimate rehab costs, even as a wholesaler. Acquiring that skill will out you well ahead of most others trying to wholesale real estate. I recommend checking out @JScott's book: Flipping Book which includes a bonus book on estimating rehab costs.

I read it after having already rehabbed several properties and it was a great help to me. Good luck!

Happy Holidays back at you Luke. BP is a great starting point and a great place to network with other real estate professionals in your area. If you haven't yet, make sure you browse all the great sections of the site (forums, blogs, podcats, analysis tools, etc)...there is some very helpful information here. When you come across questions and can't find answers, just ask, the members here are great and very eager to assist. Good luck!

Welcome to BP Christy. You bring up one of my favorite things about real estate...options. There are many ways to be successful investing in real estate, but each requires a fundamental knowledge of your market and a sound strategy. Good luck and please let us know if you have trouble finding something...someone will point you in the right direction.

Quit being lazy and read the book! :)

Welcome to BP! Your situation is not unlike anyone who was the first in their family to go on to do something...many people have gone through the exact same thing. And even though you are not surrounded by like thinking people now, doesn't mean you wont be in a few years. BP is a great start to make those initial connections. You will be surprised at how quickly you can meet people and get involved in real estate...I have only been doing this part time for a few years and am surprised when I look back at where I started. Good luck to you, and let us know if you are having trouble finding something...someone will point you in the right direction. Good luck!

Oh, and don't forget to add a profile picture.