All Forum Posts by: Stephen Quesinberry

@Chris Low I heard it was possible and kept asking around until I got the answer I wanted. I'll follow up with my lender to ask why it's possible for them to lend without seasoning vs other conventional lenders, will be sure to add notes to this thread. 

The refinance is a conventional lender refinancing out of hard money. 

@Justin L. awesome! Hope it helps, feel free to reach out for questions! 

@Brandon Burgoyne Thanks! 

@James Letchford awesome, look forward to hearing how your deal works out!!

@Andy Gross 

-The seasoning issue: I had heard that it was possible to do less than 6 months of seasoning time. It took me awhile to find an investor friendly lender that was willing to do it. I'm still in the refinancing process but will be closing in the next week or two. (2 months in). Keep asking until someone tells you yes. 

-Yes, just used the standard 5% vacancy rate, nothing special. Likely fluctuates between 5-7% in my area, if that. 

-Estimated rehab costs: Wholesaler had an estimation and I had an experienced investor help me with estimating costs. 

@Stephanie Soltero; Got it through a wholesaler. You're not alone, that is a difficult aspect to analyzing deals. Many of the larger wholesalers will provide an ARV and a rehab estimate, which is generally in the ballpark. I use that to quickly do a "Screening"-if I find something that stands out. Here's how I approached it:

Phases of Screening: 

1. "Sniff Test": Ballpark rehab, ARV, and rents. Soon you will be able to do this without a spreadsheet. (5-10 minutes) Should be able to look through and scan dozens in a couple of hours.

2. Phase I: More detail, ask an agent for comps, ballpark rehab, get property tax from assessor, 20-30 mins

3. Diligence: Evaluate area, schools, other factors in purchasing investment 

4. Offer: Visit house and verify rehab is what is estimated, make offer, put down deposit. 

Stephanie, this is how I approached it. It's not easy, but hopefully, it gets you evaluating many properties in order to be able to move quickly when the opportunity is right. 

@Chance Housos refinanced with KBS Lending. Highly recommend. 

@Asem AbuAwad, oh and the property is in Watauga. 

@Asem AbuAwad, yes, I would tend to agree on the rental price that your realtor suggested. However, if you are willing to hold out to get top dollar, it's possible. Just be expected to have a vacancy period especially in the Nov-Dec time frame. 

For myself, I really wanted to get someone in as fast as possible. I knew the closer I got to Thanksgiving/Christmas the smaller my qualified applicant pool would be. As soon as I realized I was on the high side with my rental price, I didn't waste time and lowered it to get more interest. 

Thank you @Ankith Chandra!

@Andrew Herrig thanks! Yes, it took about 2-3 months of watching the market for a deal. I would imagine the wholesaling has slowed down for you a bit? 

Thanks @Jeff Wallace!