All Forum Posts by: Robert Rainey

@Amanda Brezina I've only ever had the rehab costs on the HUD when closing with a fix n flip loan.

The loan limitations will be deed seasoning and your LTV max. I've only ever had lender ask about the rehab costs as a technicality not to determine the loan amount.

You only have to worry about deed seasoning when doing a cash out refi. A rate and term refi doesn't consider deed seasoning in my experience.

@Amanda Brezina I've never ran into that on any refinance. The only issues I have run into are the max LTV of 75-80% and the 6 month deed seasoning most lenders require. I have had a bank ask for verification of the rehab amount but that's about it. I've done about 6 refi's in the past 2 years in FL , SC and OH.

I did a quick google search and found the below information on legalzoom's site. About a third of the way down is the pertinent information under the "Registered Agent Requirements" section. You can also "CTRL + F" and search for "Registered Agent Requirements". Hope it helps. 

Link

I dont think its that your being judged by those things. If your approaching me wanting to do a deal and you have little/no money, no experience and no assets to contribute, unless we are friends or family how could you ask me to trust you with my money? 

As someone that got started in Real Estate in my 20's with no money and no credit, I literally mean no money and a fico in the 600's with no credit history, I feel like I can make that statement. I know own property in 3 different states and I just kicked off my first large ground up development project.....took me 9 years of all kinds of hard work but Im here. 

What I tell everyone that asks how or where to get started....fill the gaps that investors around you are struggling with. I started off by bird dogging deals for myself and bringing them to investors to partner with me on. NOT WHOLESALING. I only put in contracts on properties I was closing on. (Nothing against wholesaling, I just wanted to focus on flipping). Having no credit or money, just my ambitions, I had to treat investors like partners and sometimes gave away 50% or more of my equity while I was doing all the work. LITERALLY. But, I saw it as people paying me to screw up because I did quite a bit of that, but I learned a lot and I made sure I always returned their money, even gave up my profit on a flip to cover my investor(I can call her for almost whatever I need now). So its about having a value add. Dont be so quick to jump on the soap box, everyone does that and most dont get started. Get in where you fit in (fill the gap). Just know why your doing it and make sure you get it. Besides that, just find the gaps and put in the work. Syndication or going it alone, find your value add and then work like hell!!!!

What exactly do you want feedback on?

Hi All. Im writing as a seasoned SFH Investor. I have done a lot of SFH flips and rentals over the past 7 years and Im now looking into buying and holding multi family with a hybrid BRRR model. I found a vacant 20 unit apartment building in a agricultural part of Florida. I can do the deal cash but I would like to do a refi to get it back, if I do the deal cash. I have a lead and the offer wont last much longer but I need help getting started with due diligence. The property is in North East Palm Beach county. Im contacting the County as well as a GC and Engineer to assist. However, I know you guys are Investors and know the pitfalls.

The building is a mix of 1/1's and 2/1's. I can get 550 a month on the 1/1's for sure and even at that rate the numbers are very favorable being every unit will be completely rehabbed, so from a cash flow standpoint its good. Im also considering subsidized based housing like Veterans, Transitional housing or even assisted living. Those are the exit strategies Ive thought about. Any help would be greatly appreciated. 

I also think you put this in the wrong session, also probably why you have no responses.

Hey Dude. It looks like you got the plan already. Just start looking for deals. I had no money and knew nothing about ROI or CAP rates. I just knew that I was making money. You got your boundaries and requirements go find deals!