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All Forum Posts by: Tyson R.

Tyson R. has started 8 posts and replied 30 times.

Post: 100% Refinance Questions. How is it done?

Tyson R.
Pro Member
Posted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 31
  • Votes 17

I love the BRRRR idea but wanted to understand how people are getting their money back out of the deal quickly. How are people refinancing their down payment and renovation costs out? This is assuming a quick renovation and good equity position of course.

The two-way's I've heard are financing all of the deal and renovation and doing a rate-and-term refinance or waiting 6 MONTHS to perform a cash-out refinance. How are you doing it?

Post: BRRRR Financing Help

Tyson R.
Pro Member
Posted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 31
  • Votes 17

@Luke Teson I'm looking in North Kansas City and Independence. Single-Families around the 80K mark with 20-30K with ARV around 135. If you know of anyone that extends that far from St. Louis let me know.

The "Loan to value" that you recommend is great advice. Thanks.

Post: BRRRR Financing Help

Tyson R.
Pro Member
Posted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 31
  • Votes 17

@Tyler Gibson so delayed financing is the keyword. Would this apply to my current BRRRR? I'm planning on using a hard money lender to fund the purchase and rehab. Do you know if you can do delayed financing after hard money?

Post: BRRRR Financing Help

Tyson R.
Pro Member
Posted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 31
  • Votes 17

Hello BP! Those of you that are actively trying to BRRRR how are you able to refinance in under 6 months?

I'm currently looking to purchase a single-family with hard money, but all the mortgage brokers/bankers are all selling the notes on the secondary market and want 6 months and 1 day to start the application process to refinance.

I'll be purchasing in Missouri but have a reputable project manager that I'll be working with. He anticipates the work to not go past 3 months. Assuming we can start the rehab the same day we close it would be ideal if we could refinance sooner than 6 months. So how is it done?

Thanks!

Post: Screening Tenant who is about to be Unemployed?!

Tyson R.
Pro Member
Posted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 31
  • Votes 17

Hello BP,

I'm trying to screen a tenant who currently has a salary of greater than 3X rent but is about to quit and be a full-time student. Can I insist on a co-signer since they won't qualify by the time they move in? 

Thanks!

Post: Am I a Landlord Yet? (For a Loan's Sake)

Tyson R.
Pro Member
Posted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 31
  • Votes 17

@Deidre Carpenter Thanks. That's good to hear. This should accelerate my plans by a few years.

@Matt K. This is exactly what I've been looking for. Thank you.

Post: Am I a Landlord Yet? (For a Loan's Sake)

Tyson R.
Pro Member
Posted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 31
  • Votes 17

Thanks, @Matt K. Do you know where I might find out more about this?

Post: Am I a Landlord Yet? (For a Loan's Sake)

Tyson R.
Pro Member
Posted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 31
  • Votes 17

Hey BP,

I can't seem to find my answer regarding conventional loans for investment properties. We've owned a rental property for two years, producing monthly income that has been cash-flowing. This income property has always been managed by a PM company. My wife and I recently bought a house and are house hacking it and I'm doing the PM on my own now. 

I'm very interested in buying another property, but to go with a conventional mortgage I'll need to use the potential income to qualify for my next loan. 

Since we've been making rental income for 2+ years can we now be eligible to use potential income from a rental property to finance the next buy? Or do I actually have to be the property manager for 2 years (meaning do I have to wait for another 2 years?)  Any mortgage officers out there that can enlighten this newb.

Can anyone point me in the right direction for more information on this?

Post: My first flip - ghetto house to best house within blocks

Tyson R.
Pro Member
Posted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 31
  • Votes 17

Well Done. It looks great. My only question, was there space for a possible second bathroom?

Post: Salt Lake City for long term buy and hold

Tyson R.
Pro Member
Posted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 31
  • Votes 17

@Anthony Hurlburt , I'm assuming @Bill S. is referring to the inversion. It has been a growing problem that appears on the news weekly during the winter. 

That being said @Andy C. , Utah county has a lot of tech companies coming in and Ogden has a growing economy and growing population as well. However, Salt Lake Valley seems to be a bit overinflated at the moment due to the lack of supply. 

Here are some local issues or things of note that might affect the market besides the forementioned Smog problem. Utah has a large Mormon population which favors larger families and family focus which frequently encourages those that move away from the state to eventually return. The outdoor community is also pretty influential in the area, with many people moving here for the mountains. The U of U and BYU both have good rankings and both focus heavily on small businesses and entrepreneurship usually leading to more businesses. That being said, it seems like there are many real-estate investor wannabees (myself included) who overinflate the market on things such as multifamily. There have also been some threats by some local companies to move the Outdoor Retailer Show, which has been advertised as bringing in 500 million dollars into the local economy, but that seems high and is probably a total rather than annual figure. There are a number of DOD contractor companies that are based here locally including a new Boeing plant. In general, Salt Lake and the surrounding area has a pretty educated population encouraging more companies to open up locations here.

There is always more, but hopefully, that's a nice little snapshot of the Greater Salt Lake area.