All Forum Posts by: Kyle Kreider

I am actually starting to look at some properties that need some rehab and love to flip as well. I have never flipped a property but always love to network and talk with other like minded individuals. I currently just closed on my first property which is a signal family that my wife and I live in. Hope you guys the best of luck, if you and your partner would ever like to discuss real estate I'd be excited too! 

Hey! How is everything going for you and investing? I've seen your post that started a little over a year ago now?? Just curious to how your investing is going. The wife and I just purchased our first home via the VA loan in a promising (hopefully right) neighborhood to eventually rent. I'd really like to chat if you're still investing!

Yeah from what my eye can see lol, that would be the next step after I align the means of financing it... have an inspector come out to look at it @Andy D.

So I contacted my agent already about repairing the home during escrow and the bank said now it will be sold as is. We are assuming it's for libiality reasons? Not to sure! 

As far as the living in the home it would not be owner occupied during the time of the repairs.. the idea would be 

1.Have an offer accepted 

2. Use hard money lender/private money to purchase and rehab into conditions where it can be financed conventionally 

3. Refinance home in conventional loan 

I was really looking to see if anyone's done this? What to look out for is it logical? 203k a better option? It seems like a lot of work but I've seen nothing but headaches about the 203k loan. 

Hmm, okay I'll have to look more into the private money. This is not just family-friends money is it? @Michael Wentzel

Yes! I actually have looked into this loan but was just trying to hear other voices than mine 203k- private/hardmoney refinance to conventional. Alot of reads people had nothing but headaches with these loans... but thats just what I've read lol 

Cash would be out of the question, however if the deal was there I would have some cash to work with and private money from a family member is a possibility to an extent. I've read the book on here about little to no money down loans, it's a matter of finding some lenders around in the Savannah, Ga area. @John Thedford

@Eric Bowlin

You are right, hearing that really helped, once I find my route to finance this I will take your advice on the lower offer!

Hey @Michael Wentzel so the issue with the local lenders I've contacted was they want nothing to do with a home needing repairs. Now that is why I' am looking for another way into this home, from what I've read hard money lenders are perfect for a home needing repairs. My only concern with using one would be refinancing out of that high interest loan into a owner occupied loan with a more conventional home loan.

Makes sense, how often does that work out for you? I know I' am just nervous about putting in a low offer I guess lol first time problems. What methods for financing do you utilize @John Thedford?

@Eric Bowlin @John Thedford

So you guys are thinking that this would not even be worth pursuing unless we're talking 100-110k based on the price and time on market? This would be my first and not to concerned about the fix and flip profit, as I'am trying to get into a home for lower than market value (even if it needs repairs) and living.. The goal is to own and live in a home with 15-20k equity from the start. Sounds far fetched when I talk to others without the investor mentality but with right resources this will be accomplished.