All Forum Posts by: Ravonne Evans

@Michael Noto

Thank you, that was very positive and uplifting! That is my intentions over the course of 1-2 years. :) 

@Alexander Valarus

I also asked about the option of wrapping renovation costs into loan and she said that is no longer an option, she did it in the past with her home but they don’t do that anymore 🤷🏼‍♀️

@Alexander Valarus

So I can not elaborate until I figure out more about the loan I am doing it from Texas and haven’t yet gotten to Florida. I am not military but the area is mostly military, small area. My goal is to slowly fix and rehab, I plan to live in the home for 1-2 years, I am not too worried about the return right now my main focus is getting a first home under my belt to learn as much as I can, hands on and continue learning and saving money vs saving and throwing my money into a rental. I do plan to pay out of pocket on rehabbing over time. Honestly, just seeing if I get pre approved for a loan and giving myself 3-6 months to look for a property worth investing in.

Thank you everyone for the input, I spoke with my banker and the loan I am applying for is not a first time home buyers, it is a loan anyone can apply for. It is a 0% down loan that I qualify for, so I am just trying to see how much I qualify for and see what options are available. The market I am going to has homes that are extremely outdated and have a lot of potential, so if I could find a duplex that would be great but if not my goal is single family home and adding value!

@Carl Crump

Thank you! Yeah that makes sense, I’m wondering if I should continue with a first time home buyers program with intention on renting in the future and even if I can’t refinance I can stack cash for another deal and have a rental while doing it?

@Kevin Sobilo

Dang! I believe the max I could get for rent would be around $1600 so I don’t know if the return would be so much worth it. There are a lot of homes that need a lot of work so it would be done within a year to a year and a half, new paint, new appliances, cabinets, flooring, etc.

So what y'all are saying is I would need to make the LTV go up by 20-30% to be worth it?

@Sean Carroll

I just saw this, I am looking to start with buying, cosmetic rehabs and then renting. I just don’t really know how to analyze and figure out that part.

So I have excellent credit, and looking into houses for around 180-200K in Florida, in a military community. My plan was to rehab small cosmetic fixes then refinance in about a year because I will be living in it, the bank is saying I should qualify for a loan that basically pays for the whole down payment, anyways I was listening to a recent podcast on BRRR and they said it's usually with a personal line of credit, so is it possible to BRRR with first time home buyers program?