All Forum Posts by: Kris L.

@Charlie MacPherson

Are those new? Because I have definitely gotten a VA loan on a property that had a cracked window, though it was 10 years ago.

@Victor Funes

It's a target, but if you leave a bit of cash in a good BRRRR it's not the end of the world. My last project went over budget and ended up leaving about $25k in a $275k property, but I still have an appreciating and cash flowing rental for less than if I had found a turnkey.

@Suyog Patel

Usually you will get a higher monthly payment in this case. The exception may be if you are refinancing out of a high interest loan, but it sounds like you have a basic understanding here.

The report I get shows no loan, 3% vacancy, 3% capex, 3% maintenance, and no management costs.  Those numbers are simply not realistic.  If you have a new class A type property, you could maybe use 5% for maintenance, I use 8% vacancy, I include management costs.  My average combined maintenance and capex tends to be closer to the 15-20% range.

@James Birdsall

The permits in my area and the associated inspections take a lot longer than I think they should.  Do you have any advice on how to get those turned over quicker?  Make friends with the staff or something, or would that violate ethics guidelines?

@Kevin Mosier

My question was,

Is it politically incorrect to be a hunter,

Or…

Is Robert saying he hunts the politically incorrect?

@Bruce Woodruff

I like vinyl, what do you like more about engineered wood Bruce?

@Kris L.

Should be my BRRRR projects tend to need about 6 months of work.

@Vidyadhar R.

The 6 month seasoning period is something you will run into for almost any conventional refi, as it's a federal regulation for Fannie/Freddie loans. There may be some lending institutions that aren't planning on selling your mortgage on the secondary market that would not require a seasoning period, but I haven't found one myself. As most of my BRRRR projects need about months of work anyways, I haven't honestly looked super hard (I tend to flip the smaller projects). There is something called delayed financing that might be a viable option, but it's not something I am too familiar with.

One thing that would be really great would be if I could use Google Earth as a one stop shop, where I can download an overlay from crimegrade.org to see neighborhood crime rates, I could import MLS information (even just from Zillow or Redfin) to populate the home currently for sale, and recently sold, and also be able to overly FEMA flood zone maps. I don't need it to do any of these things real time. I wouldn't mind having to download the data for the MLS info on an as needed basis or something.

I don't know if that is the kind of thing you are talking about.  Good luck on your capstone.