All Forum Posts by: Lee Huffman

Thanks for the suggestion @Walt Payne . My LOC is with a small local bank in Fayetteville. My broker is checking into some options for me, but so far it has been "wait 1 year" or "buy it first with cash or your HELOC, do the repairs, then we can refi it".

Thanks for the great suggestions @Dave Visaya and @Brandon Turner !

Thanks everyone!

@Jon Arthur my rentals and flips are in the Fayetteville area.  I have family there since my brother settled nearby after got out of the 82nd Airborne years ago.  I don't have final numbers on the flips yet, but there are two in progress:

$70k purchase + $25k est repairs vs. ARV of $130k

$60k purchase + $30k est + extras vs. ARV of $115k

I'm just learning about the 70% rule, so the first should have been $66k and the second $50k.

I'm in the middle of a second flip property in Fayetteville, NC, and we've decided to investigate turning it into a rental to add to our portfolio. Currently, we are using a Rehab LOC from the bank to finance the purchase and repairs (75% of purchase price and 75% of repairs). Does anyone have suggestions on how to finance this into a 30 year mortgage? A couple of banks and brokers said I may need to hold onto it for a year before I can refi it based on ARV. ARV should be $115k. Bought it for $60k and have put in about $35k. Complicating matters - I already have 4 residential loans: primary residence and 3 rentals. Potential solutions - my wife isn't on any of my property loans and neither is my business partner, so maybe they can "buy" the property?

Hi, I am new to BP after a recommendation to the BP podcast by a financial blogger friend.  I've enjoyed the podcasts, so I wanted to try out the site.

I bought my first rental in NC in 2006 after I sold my house in Orange County, CA.  I also bought my parents a house, which was turned into a rental when my Dad passed away.  In March 2014, I bought my 3rd rental and formed a good relationship with the selling agent.

A partnership was formed with a college buddy, and we started looking into flips in NC.  We won 2 bids and are in the process of having GCs do the rehab work.  Hoping the first flip will be ready within the next week or so.

I'm looking forward to learning from everyone and sharing the lessons I've learned so far.