All Forum Posts by: Matt Wells

@Mason Hickman I guess that specifically wouldn’t bother me, is there any third party soliciting you have experienced because of claiming?

I noticed on Redfin it asks if I own the house I look at sometimes. Probably because I check what Redfin thinks my house is worth. Redfin does not have the correct details on my property. Is there any harm in claiming the property is mine with Redfin so I can correct the details? Will I start getting a bunch of solicitor mail and calls? Does anyone else claim their properties on Redfin? Thanks!

@Bonnie Low @Amy Verges Thanks for the advice. Perhaps I should have been more clear in my question. I am absolutely going to get insurance. I am just wondering from your experience, which one is more expensive? Vacancy or renovation? I will not be opening up walls, but I will be installing flooring and doing cosmetic work. 

Should I get renovation or vacancy insurance for a house flip? I am not 100% sure I will flip it, I may end up renting it. Which is usually cheaper and what is necessary? Thanks!

@Brett Catchings This gives me a lot to think about. I’ll have to figure out which way is best for me.

@Tanner Sherman @Michael Noto @Brett Catchings After thinking about it for a day I am thinking of just refinancing to reduce my monthly payment and increase cash flow instead of a cash-out refinance. Any thoughts about that? I have money set aside to purchase my next rental so I don't necessarily need the cash-out refinance to make another deal happen. Both options makes sense. I am stuck in analysis paralysis! Can you give me some pros and cons?

@Adam Rust I started with a traditional mortgage and I will cash-out refinance with a traditional mortgage. They told me the seasoning period is 6 months. 

@Michael Noto Right! I had already reduced my estimate by $10k. I'm confident I can get an ARV of $150k. I would like to get $160k or more, but I had reduced my ARV estimate to $150k just in case.

@Tanner Sherman Thanks for the help! I think I may go through with it!

@Tanner Sherman Thanks for the help! I currently owe $92,700 on my mortgage. The cost to purchase the property was the 20% down payment of $23,580 + $5K closing costs + $17K rehab for a total of $45,580. Even though I am not cashing out a ton of money I figure that a little is better than nothing. What do you think? Are there any other numbers you need?