All Forum Posts by: Nicole Parnell

@Ramon Sorto, I used 203k loan! Yes, it was a headache but well worth it. It took 2 months to close and contractors are only paid on the work they completed. That's an issue because most contractors need some start up money to start. In the end, I hated the contractor I chose. I ended up having to pay him out of my own pocket for materials and additional labor. The contractor must be willing to use whatever capital he has first then get reimbursed which can be a problem. 203k loans require you to live in property for a year before selling. I "owned" the property 1 year and 2 days before a contract was signed to sell to new buyers. I'm glad I went through it for the experience.

@Robin Gonsalves

Hello Robin,

Welcome to biggerpockets! You can spend hours upon hours listing to podcasts and reading blogs and still want to learn more. This is definitely the place to be.

@Sergey Pshenichkin

Refinancing a mortgage is almost the same as initially applying for one. They might consider the income from your room mate, but your income is not consistent. Also they are not approving anyone who isn't employed. I totally understand you with the credit card debt. I sold my first home specifically to pay them off! My dti wouldve been too high to qualify for anything. I understand your plan. I really do, but I doubt lenders will. I suggest that you pay down your credit card as humanly possible and get steady income for a good year. I know that's not what you want to hear. I'm sorry.

I sold my first flip June 4th!!! I used FHA 203k loan. I lived in property for a year before selling and made $24k profit. I now want to flip houses as an investor. There are tons on private lenders online and not sure who to trust. Are there any private lenders/hard money lenders you worked with and recommend?

Braden you are awesome!!! Thank you so much. I'm waiting on my current home to close on June 3rd. That's when new owners take over. Then I will surely reach out to him. I can't thank you enough! 

Looking to purchase property on the Westbank. Can you give me a list of the ones you all use? 

Do anyone know of any contractors that have experience with 203k loans in the New Orleans area?

I used a 203k loan to purchase my first home. Its currently pending. I'm now in the market to purchase my second fixer upper. I didn't care for my first general contractor. (Everytime we spoke, he needed a few more thousands.)

@Keaton Munsterman, thanks for your feedback. I ended up hiring a licensed contractor/painter off home advisor. He did an awesome job.

@Sami Gren having $1200 to live off of after paying rent is not bad! Especially that you mentioned she doesn't have a car note. I mean utilities can't be more that $200 or so. Car insurance is probably the same. Hell I lived off a lot less and did just fine. It'll be tight but at least she is responsible.

@Hunter Fitch I'm not sure if you have any right to evict her based on her statements, but it does seem like she'll try to sue the first chance she gets. I would just make the accommodation she is requesting and won't renew her lease.