All Forum Posts by: Patrick Roberts

Wouldnt most spamblocker and other security tools block the image if youre not a trusted contact? I have a Canva account that my VA uses for content creation, but I havent used it for anything like this.

Im assuming this is a 5yr PPP. Definitely not a bad deal at a glance without knowing the FICO.

Something I would add here - figure out why you are so far off your initial estimates in the first place. There could be an underlying problem with your methods of analysis and estimation or a lack of emotional discipline that got you into the mess to begin with. If you dont identify, understand, and act to mitigate whatever the initial source of error is, then you run the risk of it happening again and compounding your problems. 

Example: if you let emotions get in the way when you underwrote the deal the first time, causing you to overestimate the ARV and underestimate the rehab, then it's very possible this happens again in analyzing what the property should rent for. Im not saying this is what happened, but anytime youre this far off your mark ($100k over budget and sitting on market for months), you need to take a step back and objectively identify how you got here.

What feedback are you getting from your agent on the list price and showings (if any)? Has your agent run a CMA in the last 30 days usually Solds only (not other listings)? Whats the DOM for comparable properties right now? If youre still under the DOM, then you may just need more time. If youre 2x the DOM for your market, then you need to understand why in order to make the appropriate changes.

I would be cautious in attempting to pivot to an STR right now. That segment is generally saturated, and my guess is that the consumer pullback that's occuring right now will likely make this worse. LTR is tried and true if the numbers work. MTR is highly specific to the market, property, and strategy. Not enough info to say whether MTR would work or not.

No where near enough info. You'll need to provide more details to get any kind of decent answer. 

Attend local REI meetups if there are any near you. This is probably the best placed to start. Watch for any private lenders posting on linkedin/FB/instagram in your local area as well.

 Sounds like you have a solid plan. Househacking with a primary residence is definitely the best way to get started. And having a friend with a lot of experience to partner with is huge - this is probably one of the most powerful things you can do to accelerate your progress. 

I know you said you live out by the Lafayette area, so I would check to see whether there are any meetup groups in Lafayette that are closer than baton rouge. If not, Red Stick REI can really help you network and self-educate. I'll be at the meetup in August, so let me know if youre able to make it.

In the meantime, keep stacking cash and get your credit score as high as you can. 

Buying another primary and househacking again is probably simplest given your scenario. Convert your existing property into a rental and then buy a new primary with 5% down on a Conventional loan. You need to live in your current home as a primary home for at least one year, and once you move, you'll need to live in your new home for at least a year as well. 

Multifamily and properties with ADUs would be ideal, but those are very expensive and hard to find in charleston. 

With good credit and low LTV (less than 70%), you should be in the 6s on a primary cashout refi 30yr FRM.

Cashout refi over heloc. You'll get much better terms than with a heloc and you wont have the risk of the line being converted. 

Are you attending Red Stick REI? That's by far the best place to start. That should be paired with self-education. There are tons of books, podcasts, and youtube videos that can provide you with knowledge and context/information for free or for very low cost.

Have you given any thought to strategy or focus?