All Forum Posts by: Louis Martinez

@Eliott Elias

Thanks I've been concerned about not getting the value and ARV I would expect and have been running my numbers on worst case scenarios, which I always do regardless.

Chasing down my next deal. And while cashflows are harder to find given rates, both equity and CF plays are still viable in my opinion. You make your money on the buy. All that to say how have your REFIs especially ARVs been impacted in your areas? Did they decrease based on COMPs? Remained close? Increased? High rates are putting downward pressure on prices and days in a lot of markets. Ha e recent sales impacted your ARVs?

@Jayson Valdez

Unless there is a serious level of trust between you and the person doing the inspection and they know what to look for then It's best to fly there. I buy out of state but I have a solid network. My mom walks the property and even general contracts for me! What has helped me is knowing the rehab costs and ARVs associated with my investment radius. I personally remodeled 2 homes in the area in 2021 then bought my next BRRR sight unseen..based on the real estate agents appraisal of the property....I would never ever recommend taking their word especially when they have an interest in the deal. Most might immediately think this was insanely bad idea...but it was a calculated risk because I know the market and the rehab costs. 50k equity and a cashflowing investment even at 7% rate.

All that to say don't trust an agent, most are gone before the ink dries. A home inspection is your best bet...even though I've found most of them in various markets not to be worth the spend especially on a BRRR, but for a traditional deal they can benefit in negotiations and escaping the contract. And may save you 1000s if they actually discover something. Can't do that all the time but if you're moving forward could be a solution.

 Thanks...made me feel like a real goober. Although today thru some of the BP suggestions i've touched based with lenders and mentioned I'd be interested in this 10% DP or 90% as others say it. I've got a deal i'm working on now! Will see what the fed throws our way soon.

@Eliott Elias thanks for this comment. Curious if this is an experience related down payment? Or did you negotiate your DP down?

@Adam Martin I also use zillow for payments. I was having an issue with a landlord at one of my Texas properties and sent the tenant a zillow link. They signed up and now no issues. I already had been using zillow to self manage another rental so it was easy to do.

@Britnie Batish reminds me of the first house I bought to live in and rent. Major roof leak in the first month. Called my agent, called the inspectors...oh we will be there for you they sa8d during the sale.. yup till the check clears. It taught me a valuable lesson. This is the buyers responsibility.

@Peter Messiha you can lock your credit reports and bank accounts. Watch your accounts they may try to draft forged checks. I agree he had an accent. To me it sounded as if he was a southern African American male from the south, which kinda of fit with the Georgia location they are claiming. I've even gone back and commented on their posts and I'd recommend anyone else to do the same.

The credit report locks are best bet to ensure they can't open any accounts. You can provide any lender a temp code to run credit. I've seen a private lender association referenced here on BP. I may pay to join that later when I seek to tackle larger projects.

@Jay Hinrichs thanks for the breakdown.

@Greg R. I remember being a first-time buyer in 2010 and looking at houses that were 90k construction in the 90s and where now 300-400k in the Mid-Atlantic..so seems there never is a "correction" there is just present price reality. There's always some inflation so prices go up. Just the way I see it.