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All Forum Posts by: Raymond M Dalida

Raymond M Dalida has started 4 posts and replied 30 times.

Post: Wholesaler in Asheville Area

Raymond M DalidaPosted
  • Contractor
  • Asheville, NC
  • Posts 37
  • Votes 12

I did not. Are you looking for one as well?

@Melvin List I will look into that. Very interesting. Thank you so much for the tip. I really appreciate it. 

Post: Deals in Asheville NC Area

Raymond M DalidaPosted
  • Contractor
  • Asheville, NC
  • Posts 37
  • Votes 12

Looking for Multi and SFR in the Asheville NC area. Needs to be within 30 min of Asheville. Also looking to meet some wholesalers. Please PM me if you're a wholesaler in the area or have a deal.

Thank You,

Ray 

Post: Wholesaler in Asheville Area

Raymond M DalidaPosted
  • Contractor
  • Asheville, NC
  • Posts 37
  • Votes 12

Hey BP Family,

I'm looking for a wholesaler in the Asheville area market. If anyone is one or knows one I'd love to talk to you. Please PM me or reply on this thread. I'd appreciate any help.

Thank you so much!

Ray Dalida

@Chris Mason,

Mind expanding on that? Just use a personal loan? Know of any hard money lenders willing to loan on owner occupied rehab's? Any input would be greatly appreciated. 

@Brandon Griffin,

I don't plan on occupying the property after I refi. I'm also trying not to use CC's but absolutely would as a last resort. But I want to try anything else before resorting to CC's. I appreciate your thoughts. 

@Jeff Sprunger,

The VA does have strict guidelines with the major one being it has to be safe, healthy and livable condition. So I would focus on older homes that need a little bit of renovation and lots of "updating".

My original plan was to use the VA loan and do the rehab myself while I live in it. I don't have all the cash to do all the rehab out of pocket and was trying to stay away from CC's. So I was looking for a good loan for the rehab portion that didn't have a 6 month stipulation.

With that said I do have enough to do a 203(k) loan, but I would not be able to do the rehab myself and have to pay the extra to have someone else do it. 

Refinancing out of the VA in a year would be to pull the cash out and put it on a traditional mortgage so I could put the VA loan back in my toolbag to use again. I plan on using USAA who has a pretty good interest rate and from what they told me will let me have as many mortgages as I want. As long as my debt/income ratio is good and after 2 years of landlord experience they'll let me claim my rents as income to offset that ratio.

Do you think just a personal loan is the best way to go for rehab using the VA? Have you run across a hard money lender that will loan a rehab on owner occupied?

Hi @Chris Mason,

Thank you for your reply. That time frame is just an estimate on getting the rehab complete doing it myself while living in the property. Could be more, could be less. But I'll be using the VA loan with no money down so I'll have to live in it for at least a year before I can refinance into a conventional mortgage. I'm not trying to get "lucky" on appreciation. I'm going to force some out with rehabbing. Pretty much I'm trying to figure out if it's possible to do the BRRRR strategy with a VA loan while getting the rehab financed independently. I may have to go with other options like a 203(k) but I wanted to see if anyone had done it with a VA first. Maybe I'm overthinking the downfalls of 203(k) since I'll be refinancing to conventional after the rehab. I did not know about the HomeStyle though. I'll look more into that as well. Thanks for the input and tip on the HomeStyle.

Hello BP family, I am getting ready to do my first deal with a VA loan in Asheville NC. Going to be getting a multi family that needs some work. It won't be a huge rehab because VA has standards I have to abide by but enough to pull some equity out after a refinance in a year. My question is. Does anyone have a good recommendation for an owner occupied rehab loan? The hard money I've seen is investment properties only. The VA has a rehab/new construction home loan but finding a bank that offers it has been impossible so far. Any input would be greatly appreciated. Thank you for your time and thoughts.

Post: Involving Your Spouse

Raymond M DalidaPosted
  • Contractor
  • Asheville, NC
  • Posts 37
  • Votes 12

Hey Jason,

I'm going through the same thing. I've been working on it and have made some progress. I don't know what your financial's are like, but I'm getting into REI to have more financial freedom for my family. She said to me "I don't want to get into fights about finances" and I said "Ok. But if we don't do something else to better our financial situation now, we'll be fighting about finances in 5 years when we're in the same place. So I'd rather fight now and do something about it than wait 5 years and still fight about finances when we're in the same spot". Right then I could see the light go off that peaked her interest. Since then I've shown her examples on paper with future projections and multiple exit strategies for her "what if's". I tell her "even if we don't make any cash flow now, in 30 years when our tenants pay off our mortgages we'll have cash flow for our retirement".

My advice to you is start out slow and have it on paper. A good tool to use would be the PDF you can print using the BP calculators  @ www.biggerpockets.com/analysis. Show her a deal and plant the seed. Only give her exit strategies to parry her doubts at first. Keep it simple and short at the beginning. I tried to go over my whole strategy and all my exit strategies and future plans in the same initial conversation. Did not go well. Her eyes glazed over after the first min of my 10 min vocal presentation. I think I lost her somewhere between ROI, ARP and BRRRR.

So I've throttled down and she seems to be much more perceptive. I've shown her on paper the numbers of a deal. She sees me reading RE books and reading BP posts and forums every day, doing the webinars on Wed's and showing her analysis for the kind of deals I'm looking for. Answering all her questions, mostly to do with exit strategies or as she would say "what if x happens?". All the while reassuring her that I have our family's best interests in mind and would always do everything in my power to keep our family out of harms way. That investing is all about the numbers and not emotional. And prove to her, with examples on paper, that not only do I know how to do the homework, but that I will do my homework when it's game time. 

It's still a work in progress. She's on board with REI now and has offered her help if I need it, but still not totally excited yet. It's still "my project". My next step is getting her Rich Dad Poor Dad on audiobook, so she can listen effortlessly in the car on the way to work.

I hope this helps Jason. I feel your pain. But I really believe if you find the right way to communicate this venture with your wife, she'll be on board. It may be as little as getting her to listen to Rich Dad Poor Dad or trying one property to see how it works, but start small and ask for little in the beginning. There's a lot of horror stories out there about investing. Get educated and be able to ease her worries with that education. I think if you're persistent (in a good way) and can back up the information you share with her, sooner or later she'll come around. Even if it's just in the slightest at first.

Make it happen!

Ray