All Forum Posts by: Account Closed

@Pamela Gondeck It may be worth it to owner finance the home, this would give you a head start on building equity in the property. I don't know too much about the deal, so I can't say 100% that is the way to go. It's one of the tactics we employ to ensure a win-win situation for everyone involved.

@Jeremy Torres-Jimenez Austin is a solid spot would this be y'alls first deal?

@Ben F. fair enough, but lenders can give you a solid breakdown of what is supposed to happen.

@Ben F. Have you reach out to any lenders directly?

@Aaron Frances

It seems there is some value in the rental of the property. I usually have my clients sell homes like this via owner finance, that way you can cash-flow without a lof the cost. Better yet you can owner finance at a higher ARV and sell the note (depends on the buyer of the note and the strength of the owners). This will help you establish comps and generate a nice return, the key to doing it successfully is obviously the cost of the project, but also the willingness to keep investing in the same area. If prices keep going up, then maybe you need to find a market where you can buy homes for $45K, fix them for $40, rent them for $1,100 or sell them for $115K.

@Christopher Mosher I agree with @Derek Dombeck, a cashout refi could help you realize some equity to set you up in your next state and give you some room for success. Assuming your current property has the ability to stay rented then the risk is minimal. If possible, consider another form of property in the area that will help propel the value of your current investment. 

@Justin Griest Congrats on the successful first deal!

If cash-flow isn't the main issue, then you may just have yourself a property that gives you options. In my experience, I usually find that I can take my line of credit much further if and with the higher return when invested with a strategic goal in mind. If you don't need the property, then there isn't a point in buying it if it doesn't benefit your end goal of why you got into real estate in the first place. If you found a market where you could purchase homes for $45K, fix them for $40K and rent them for $1,100 would that get you closer to your goal? 

@Andrew Postell Maybe you may be able to help with this.

 A personal line of credit is rough, they require you to be liquid a lot of capital. Hard and private are forms of non-conventional lending, owner financing is also one. Some banks will offer products that they own vs what they issue that is backed by the government.

@Luke Mccandless

What a situation, luckily your not out of options. If you have the ability to sell, then do it and take the profits, especially now that people are locking down again. If anything find a tertiary market that has homes with lower cost so you can BRRR without leaving so much in the property.