All Forum Posts by: Ryan Fox

@Nicole Brigham- You're probably right, build up your down payment and get pre-qualified.  However, I'm sure agents wouldn't mind helping you get started knowing you're not entirely ready yet.  Choose your markets and learn about them.  Meet investors in the area and learn the un-biased truth about certain areas.  Go on realtor.com, look up specific properties, and look at the crime map.  Research where the most job and populations growth is, where the best schools are.  These are things you can be doing while building up your downpayment.  

@Nicole Brigham- It sounds like you're already taking the first steps by getting your financial house in order.  Have you reached out to any agents in North Carolina?  That sounds like the next step.  

@Josh Gold - Bank of the West and Pentagon Federal Credit Union offered HELOCs on rental properties not too long ago.  Not sure how that's been affected by COVID.

@Pratik Sampat- I'm an out of state investor who has properties in Chicago.  Agree with @John Warren that @Mark Ainley of GC Realty is a great place to start if you need property management.  

Agree that alot depends on the local housing authority.  Cass County, probably north of the property you're looking at, did pay market rents for my section 8 unit.  I would ask property managers in the area if they've tried to rent to section 8 and how the process went.  The local housing authority may or may not be difficult to work with.  

Nice to meet another Missouri investor from Reno!

The basement is not supposed to be included in the square footage count.  The additional bathroom would have to be permitted, so I would check with the city building permits department to see if a permit was pulled.  You could ask the building permits department if a permit would need to be pulled for any of the work done in the basement, but I doubt it would be required.  

@Adam Sankowski- Just did a refi and got 4% on a conventional Fannie / Freddie with 75% LTV in KC area.

@Charlie J. Bendana- You should cross-check any comps an agent gives you by pulling comps from a title agency.  First American Title offers a service called MyFirstAm which gives you free comps.  Just remember to use them for your title insurance when you close on a property so you can keep the service.  

I don't work for, or receive any compensation from First American.  

@Alvin Mercer- Agree with Ms. Weuhle above. 

Just out of curiosity, what do you plan to do with the land?

@Corey Collins- I use a HELOC to fund BRRRR deals. It's a good deal because you will likely get a 10-year draw period, so if your rehab takes a little longer than expected, you won't have any consequences. Also, when you're refinancing after the rehab is done, the HELOC can be considered part of the downpayment for the loan. This is helpful if you're not able to cash out your entire investment through the BRRRR; the part paid by HELOC can count up to 25% of the appraisal amount, while the refinance loan can be up to 75-80% of appraisal.