All Forum Posts by: Ken M Middleton

@Jeremy Galloway Thanks for letting me know, man. No worries. 

@George Carrasquillo Did you end you using Coleman Construction, and if so, how were they? I'm looking for a GC in Alabama as well and was wondering how they worked out for you.

@Jeremy Galloway, my wife and I are looking for someone in Phenix City, AL. Do you happen to know anyone down there also?

Thanks for your responses in advance!

KMM

@Joshua McMillion thanks, man. Kyle and I actually connected yesterday, so lena and I will be there! Thanks for looking out, man!

@Michael Plante thanks, Michael. I appreciate the advice greatly and will do!

Hey all,

My wife and I are considering purchasing our first rental property and we could use some advice if this is something we should risk or not.

The numbers seem pretty good, as the asking price is currently $49,900 and the rental comps in the area are $775 on average. It looks like it could use some light cosmetic work (maybe 5k) but nothing crazy.  I have three questions that I would like to use the collective knowledge of BiggerPockets to help with if possible.

1. The house has been on the market for 117 days, so we are thinking about offering less than the asking price, but not sure how low we should go. Any advice here?

2. The location is about 90 minutes from where we currently live, so we are wondering if we should make this our first investment. We could get there pretty easily each weekend. 

3. It is in what is considered a 9 out of 10 flood zone, but it appears the damage would be low based on the actual area. The statement from the report read "Based on this property's risk and building details, it is expected to see $2 in flood damage in 30 years," but it also said that there is a 96% chance it would flood in 15 years. 

Any advice on any or all of these three questions is greatly appreciated. Thanks!

KMM

@Raymond J. Rodrigues, just to be clear, you have a hard money lender who will do owner-occupied?

Huge shout out to @Paul Welden and @Stephanie P. for their advice on this. Has been CRAZY helpful so far!

@Paul Welden thanks so much! I’ll call you this afternoon!

@Stephanie P. Amazing! Will PM you now!

Hey all... first-time poster here.

My wife and I have been researching investing in our first property and were interested in doing a 203k/BRRRR combo with a SFR or duplex. The plan was to use the loan to buy something in the 50k-100k range, include 25-50k in rehab cost, and then refinance it at a value that would allow us to meet the 75% minimum threshold and pull out our initial cash investment (and maybe more if possible) for another property.

Now that all rehab loans are suspended, we are looking for other ways to finance the rehab while still using an FHA loan, so we would only have to put down 3.5% again.

We were thinking of going the hard money route or even using credit cards to finance it, but our fear is that if the market doesn't continue to appreciate, we would be stuck with the extra bills if we are not able to refinance it to pay it off after the seasoning period.

Any advice on this scenario?