All Forum Posts by: Patrick Roberts

We recently covered this topic in an REI subgroup meeting. I personally have not rehabbed a house with fire damage, but I'm close with two highly experienced investors who have done so. Both of them have sworn that they'll never do it again. Apparently the soot/smoke smell is very hard to get out of the remaining structure.

Something else that was brought up was the ability to get the property insured once the rehab was complete- apparently one of them had issues finding an insurer willing to take on the property. I have no idea why. 

 Check whichever major city you're closest to. There will likely be a monthly meetup group there as well. Columbia and Charlotte for sure have meetups, and I would think Greenville does, also.

House hacking is an excellent way to get started. Networking and becoming involved in the investment space is a great way to bridge the gap between accumulating knowledge (reading, videos, etc) and closing your first deal. Finding a mentor to help guide you is huge, also. 

Charleston has a very robust investor community. There are several FB pages for investors, as well as several solid REI Meetups each month. My recommendation would be to start attending REI Central each month if you aren't already doing so. Shoot me a message if you have any questions.

Sounds like this is more of a turn-key purchase. Typically, portfolio loans from a small local bank/CU or conventional mortgages will be your cheapest/best options for permanent financing for SFHs. That being said, these will also have the strictest underwrites, including credit, DTI, and asset requirements.

Private financing or hard money is generally used for acquisition and rehab financing for properties that won't qualify for more traditional loans, when speed is a priority, or when some other aspect will roadblock traditional underwrites. These options are usually much more expensive, also, and very few private/hard money lenders will provide take-out financing. This type of money is generally used as a bridge to go from acquisition to stabilization where conventional options become available. 

NonQM loans can also close the gap between hard money and conventional mortgages for permanent financing options. The most common option is a DSCR mortgage. This will sit between conventional loans and hard money with respect to terms and underwriting requirements.

Hope this helps. If you need more in depth explanations about this or have questions, shoot me a DM. I can take care of any conventional/NonQM loans for you and can introduce you to private lenders/hard money if you would like. Also, I see that you're in Columbia, but if you feel like making the ride down to Charleston, REI Central is tomorrow night and would be well worth your time. I can introduce you to a couple of private lenders in person if you feel like attending.

Are you looking for financing for the acquisition, rehab, permanent financing (take-out loan), or all of the above? The use case will likely dictate the source/structure

Luxely is geared toward social media content and strategy, mostly from an RE professional (realtor, mlo, etc) perspective. Mediabeast is excellent for an outsourced marketing vertical - branding, seo, strategy, etc. Let me know if you would like intro's for either. Both are based in CHS.

Yeah, the next event is Tuesday 3/5. I'll be there. Def worth going

Hi Surrug,

I'm in Charleston and would be interested in discussing this deal to see if it would fit in anyone's box. 

Hi Steven, 

REI Central in CHS is absolutely worth the time. The meetup is the first Thursday of each month at Palmetto Brewing downtown at 6p. There are usually 100-200 attendees, a brief presentation about differing topics, and several highly experience investors in attendance. Well worth attending.

I have no knowledge regarding Atlanta so I cant speak to that. 

Hi Lentrick,

I live in Charleston, but I'm originally from BR and still invest in that area. Let me know if I can help. I'm in BR every month.