All Forum Posts by: Melanie Jones

Hey guys. So we’re in tough times right now. I love all things real estate but I’m a Registered Nurse first. I wanted to open the discussion on how landlords with vacant properties can help traveling nurses, respiratory therapist, etc. Which in return fills your property. Has anyone reached out to any nursing travel agencies to provide housing? Or are you marketing your property to health care workers? I know a lot of nurses who only get a couple days notice of an assignment. These assignments can range anywhere from 2-13 weeks. The one issue many have is they rather not stay in a hotel for 13 weeks. Anyone renting to Crisis workers and if so how is your experience with it thus far?

Right now SFR. I'm in Alabama so I'm able to buy a home for fairly cheap. I'm going the section 8 route seeing the returns are nice. My price range is all in is 50k-70k.

@Shaun Weekes so Im doing buy and hold. DTI is about 15%. I'm a RN with steady income and have been employed for going on 5 years in my field. I have cash reserves of about 15,000 that was saved over a 6 month period doing overtime. My goal is to eventually have enough capital to use the Brrrr strategy using all cash for the purchase+rehab.

 Ok great! Thanks for the advice. 

Does a cash out refinance still not make sense if I was all in with the HML at 65% (purchase + rehab)below ARV and when refinancing with a conventional loan in 6 months, the lender does 75%-80% of the new appraised value? I'm not looking to pull out much cash.

I have found a hard money lender that does not require the property to be under a LLC. My DTI is in good shape. Around 15%. I'm a Registered Nurse and have been so since 2015 with good income( 80k-90k). The banks I've talked to states that I would have to hold title for 6 months. I also have cash reserves in place. I've saved around 15,000 over a 6 month period.

So I'm working everything out to get started investing. I've heard it's best to work backwards. I'm looking to do a hard money loan and do a cash out refinance with a conventional loan in 6 months or so to repay the HML. When approaching the bank to get pre-approved(First), should I let them know that the initial capital is coming from a HML or do they even care?

So I’m coming close to buying my first property. I currently have excellent credit( greater than 750) and I’m concerned if having multiple mortgages will hurt my personal credit and my ability to continue to borrow. I have not established an llc yet since I don’t own anything as of now. I have also heard mixed review about an llc vs insurance. I’m planning on using the brrrr method so I’m hoping that I’m able to continue to place mortgages on properties that were bought using cash. Any advice would be great.

@Derrick E.

No, I appreciate the post. Nice to see when someone wants to see others win. And yeah these long days are exhausting but I know they’re worth it. And I’ll definitely take everything you mentioned into consideration. Good looking out.

 Great! Thanks!