All Forum Posts by: Patrick Sears

Thanks for the reply. I will check out Homepolish!

Hey, Anyone know of a service (online or otherwise) where you can send them a picture of your house, and a designer can recommend changes to the exterior to improve a home's curb appeal?  My wife thinks this potential deal is UGLY.  She may be right, but so is the price....

What do you all think of the window shade things? We have a lot of those in Richmond, VA

Thanks!

Hello,

I am becoming interested in possibly investing in hotels/motels in the future.  I have been reading that the mid to higher-level properties are valued on cap rates just like apartments.  I have seen a few on LoopNet that have caps in the 7 range. 

My question is, why would I pay that kind of a valuation for a full-time business that requires a ton of daily work when I can get an apartment for about the same rate without the full-time business headaches?

Thanks!

Hello,

I was wondering how everyone here figures the tax benefits specific to real estate investing into their R.O.I. calculations.  I notice that BP excellent calculators don't include that into their calculations.  It seems like leaving it out would under-value the real estate investment opportunity, especially if you are comparing it to a different asset-class (like stocks) that don't give you that phantom expense write-off .

Thoughts?

Thanks for the reply, Dawn.  I was hoping to get you on this thread!  (BTW:  I've listened to your BP podcast like 3 times :-).

I am a pharmacist who gets plenty of hours, so the DTI shouldn't be a problem. I am going to swing by some local banks tomorrow and just run this idea by their commercial dept. and see what they say.

Hello,

I have been thinking about using P2P loans to make all cash offers on low-priced homes that are available where I live, then use the BRRRR strategy.

My question is though, if I need more than one loan to put together enough money, does getting the first loan reduce my chances of getting the second one from a different P2P lender?  Anyone here ever run into that problem?  

Also, when you go to cashout refinance with a regular bank, does having those P2P loans on your credit report cause the bank to deny your application for permanent financing-even if you promise them your using the money to pay those loans off?

Anyone here run into these issues?

Thanks!

Hi Dawn,

You used P2P to purchase the home, but where did the rehab money come from?  I have $30,000 + homes here in Richmond, but they often need $10- $20k in rehab (windows, siding, roof, etc) so they end up being more than the typical P2P max amount of $35- $40k.  

Wondering if I could get $35 from Prosper then another $20 from a high risk P2P like Avant?

Here’s the scenario:

1940's 4/2 $30,000 HUD home located in rapidly turning around inner city area with new construction homes going up all around it ($140-$180k range)

If my plan is to BRRRR the home, would you go all out now i.e., replace roof & siding (a few years left in them), 2-zone heat a/c, all new windows (originals still there) and generally take care of the big ticket items now while interest rates are low for the permanent financing, or would you go as cheap as possible to pay down the purchase quicker, while risking getting nickeled and dimed (usually this means out-of-pocket) on repairs for and well as more expensive refinancing in the future?

I’m thinking $30k-$40k all out for nice rental or flip, or $15k-$20k for cheapo renter.

BTW: I earn above the cut-off for passive income deductions, so all of my rental write-offs are carried over instead of put in my pocket :-(

Thoughts?

Hello,

I am just over 2 years out on a chapter 7 bk due to getting ahead of myself fixing up 2 single family rental properties (I kept the properties and they are now current with tenants and positive cash flow).

It's a great time to get back into the real estate game; in Richmond, VA where I live, fixed up inner city homes that can be bought for ~$75,000 give or take can be rented all day long for $1000 to $1200+.

The problem is, the banks I have been talking to are giving me grief due to the BK. My credit mid- score is ~680 now, even with the BK, and my income is over $140K/year.

Anyone have any ideas as far as lenders or govt backed programs? I always thought that 2 years was long enough to get past a BK filling, but maybe I was thinking of owner-occupied.

Homepath is a Fannie Mae program, and I believe they want 4 years :-(

Thanks!