All Forum Posts by: Keith Morrison

@John Underwood , @Patti Robertson

Thanks for the input! 

What color do you use for kitchen cabinets? 

I thought white but do they get destroyed by tenants? 

And when doing BRRR does cabinet color effect ARV? Are you guys sticking with current design trends?

Thanks @Nick Macklin !! I'll give them a look. 

I'm looking for title company recommendations in Jacksonville.

I have a verbal offer deal and need a purchase agreement written up, and a title company to help with the closing. 

Thanks! 

Thanks @Shane H. for an awesome answer. What I didn't mention, but now finding out is a big factor is DTI. I also have a 2nd home and the mortgage and is killing my DTI in order to get the HELOC for the price in full of the investment property.

Something I'm waiting on the Bank of America loan officer to get back to me is about, even if I come up with the 20% down for the new property, will my DTI affect the investment property loan? Clearly I can't swing 3 loans, never mind 2. (2nd home, HELOC, investment)

I thought the future rental income would counteract the loan on my DTI. Is this only for certain lenders? or for certain loans?

How do most people in investing get around DTI? without waiting the 2 years to show as income on taxes?

What about selling your car? I know it sounds extreme but if that's what it takes to capitalize on the deal! 

Used cars are selling for very high values. Check your KBB value for trade in. Dealerships will even fight for your trade in and give you a little extra. 

Maybe you could downsize or buy a real POS for a few months. Then once you rent out the mother-in-law suit, use that cashflow for a new car loan payment. 

Just trying to be creative!! 

My uncle is moving from his 100% owned house to assisted living. I made an offer to buy it from him for $140,000. Needs about $25,000 in rehab, and ARV is around $190-200,0000. Was planning on BRRRR. Rent in the area for similar size is $1500.

I own a home that is paid off, valued around $400,000. I want to cash out refinance to get the down payment and rehab money. Roughly $50k.

I'm new to real estate investing. So trying to figure things out, all advice is welcome.

So my question is; Is there a type of loan that would be best suited for this? or do I need 3 loans? A refi loan, a separate loan for the new property, and then a 3rd loan for the rental refinance? And which lenders should I talk to about all this? Are there specific lenders who are better suited for this plan?