All Forum Posts by: Craig Lively

Hello everyone, I'm looking for an agent who specializes or has experience with STRs in Gulfport MS. Referrals and or agents who are go getters please contact me! Thank you. I have one Airbnb and multiple long term rentals so I am experienced.

Thanks for the advice @Kyle J Reed and @Alan Lacey. By "knowingly sign docs incorrectly" you mean I sign the docs knowing I'm not going to reach the 1 year mark. I don't exactly *know* I'm going not going to live there for a year, the builder may keep extending the closing date (which they keep doing due to COVID), or I may get hit by a bus. So say I do move out before the year mark, what consequences are there?

Ok, I first have to say how thankful I am of BiggerPockets and these forums in particular. Thank you!

Now onto the meaty stuff. I currently own a duplex that is cash flowing like beast. I have roughly $160k in equity. We've been living on one side since August and plan to live here until our new house is done sometime in March/April. The current mortgage rate is 3.75%, so if I were to refinance I could potentially get that rate down around 3%. I would love to take out some equity and potentially do a cash out refi or HELOC.

I understand that most lenders want you to live in the property for 12 months after taking cash out, but how hard and fast is that rule? I'm not going to be using the funds to pay for my new home, yet I will be using it for more investments. Would this be possible or will lenders shoot me down? I would love to hear your ideas/advice or potential other ways to take advantage of the equity. Thanks in advance!

I realize this is not a true BRRRR as I will be removing the "rent" portion of this, but I would like to apply the strategy nonetheless. Please tell me your thoughts on this. I purchase a home with OPM (private, or hard), rehab in 3 months, move in as my primary residence, refinance with local credit union or bank, pay back investors. What pitfalls/roadblocks do you see me running into? Has anyone done this? Is there a potentially easier way to do this than what I have described? Thank you!

@Isaac Bazek Atomic Habits, the E Myth Revisited, Rich Dad Poor Dad, Never Split the Difference, The Seven Habits of Highly Effective People, and How to Win Friends and Influence People. All outstanding and highly recommended.

@Tyler Buttleman I use iPhone, so not sure if it's available on Android.

@Daniel Hoghoughi I use the free version, and have never paid for the premium version. By leveraging all three data points - free Rentometer, Zillow, and craigslist, my listings are usually spot on. I typically list a little higher than what I think and then you can always drop price in 14 days if you haven't had much luck.

Alright guys, my partner and I build software to help wholesalers. What is one software/app/product that you wish you had? What would make your life easier or more move things more efficiently? We have a number of ideas, but really want to make sure we're building something that will help fellow investors. Let me know, thanks!

I use the Rentometer app. You can look up an unlimited amount of properties on Rentometer Express (the app) without paying a dollar. Looking on Zillow/craigslist for current listings are also good data points.