All Forum Posts by: Sara C.

Welcome Christopher! I'm in the Decatur area but know Gainesville well. Love your story and enthusiasm!  Sounds like you're off to a great start!

@Bernie Liew good for you!! Wish I had started out with house hacking. Those areas you mentioned are amazing but are some of the most expensive parts of the city. Some other ideas are North Decatur, Tucker, Scottdale, Avondale and parts of Clarkston. Those are close to Emory and Agnes Scott so could work for the college set.

Welcome @Alex Quainoo! I got my start by reading  J.Scott's Book on Flipping Houses. 

Hey @Steve Uhlig, I'm not super experienced but I vet BRRRR deals using 70-75% of ARV and then subtract the cost of repairs. That should allow you to cash out most of your initial investment assuming the refinancing appraisal / ARV align.

@Amanda Berg this was a flip so I was able to repay the HELOC when we sold it. Good point above about it being tricky with long term holds. One idea is doing a few flips to get a good, solid nest egg to invest.

Hey Amanda! 

This is exactly what I did to purchase my first deal. I took out a HELOC on my primary home, and used it for the downpayment for traditional financing as well as the renovation costs. It worked out great!

- Sara

I am going to use Robert Kauffman for an addition on a SFH I recently purchased in Tucker. He designed my neighbor's addition and large kitchen renovation and is very reasonably priced.

https://kauffmandesign.com/

We have a flip under contract and the buyer is asking for a "Builder's Warranty." 

Some background: this was a heavy rehab in a townhome community (cat/hoarder house) that involved taking it down to the studs and rebuilding from there. But it's not new construction; it was built in 1974.

I'm familiar with home warranties and would be fine with that, but I can't find any information (or cost) for Builder Warranties. 

Any insights or recommendations?

Thank you!!

Sara

This is why I love Bigger Pockets! Thank you to everyone who responded. Having bought this property before REI was a even a thought in my mind, I've been ignoring it. It's the black sheep. But it's time I do something about it and all your insights have empowered me.

Can't thank you all enough for the thoughts and suggestions. 
I will likely run the re-fi numbers; I think that is a good place to start. 

About the loan, this was part of the "creative financing" of 2007, an interest only loan with 10% down. The rate has always been low and is currently at 4%, so we haven't refinanced. But of course that could change soon. 

This isn't the ghetto. I would say a mid Class C neighborhood. It started appreciating again in 2012 at about 3% per year.