All Forum Posts by: Tyson Thompson

I am running into this problem right now. I am trying to convert my SFH into an up/down duplex. A 1-hour fire rated wall is required. I found this really helpful. Looks pretty simple to accomplish with RC Channel and 5/8 fire-rated sheetrock.

USG Fire-Resistant Assemblies Catalog (English) - SA100

@Jay Hurst @Erik Estrada @Nate Herndon

Thank you for the feedback. So is it safe to say that I should be able to refinance the full $285k hard money loan within a few months of purchase after I move in?

So - Here are the details of the deal and what I'm looking to do along with questions. Please help!!!!

I am under contract on a property to purchase. I am going to do about $10k in renovations after closing. The purchase price will be $275k for a total hard money loan of $285k. It will only take about 2 weeks and then I plan to move into it. After I move into it, I'd like to refinance the property as a primary and refinance the whole $285k. I will have about $100k in equity at that point putting my LTV at about 74%. I am being told that I cannot refinance at the newly appraised value for 6 months??????? Does anyone know the workarounds to refinance using the newly appraised value? I don't need cash out, just a refinance. Thank you!

I thought I remembered David saying on a podcast that the 6 month rule only applied if there is a deed of trust against the property so I thought I could give a deed of trust against a different property and buy the new property without a deed of trust......

Hello!

Does anyone have any good advice or resources on how to determine an expected vacancy rate for short or medium-term rentals in any given area? My original thought was to basically just triple what the normal vacancy rates were in the area, but I know that would not be super accurate. We are analyzing a potential property as a short to medium-term rental and are struggling to pick a vacancy rate figure. Thanks in advance!

I am looking to purchase software package that offers multiple different calculators and evaluation tools. What do people have and what do you like/dislike about it.

@Stephan Kraus

After seeing the appreciation we have seen in recent years, I would be cautious of purchasing a negative cashflow property.

I remember reading a line in a Kiyosaki book where he says "Ill give you your price if you give me my terms". I just dont know how to value 'terms' like I would like to.

This brings up a great conversation, which is really the question you are asking, which is "How do I accurately value financing terms?"

That being said, just reading between the lines, it sounds like maybe you have found a house that you would like to own/live in, cant qualify for a loan right now, and are maybe justifying the purchase.

@Brandon Sowers

It may come across to your clients that you are trying to charge them additional fees for services that they are already paying for; leasing and managing the property.

I love your simple fee structure however, I would set a minimum monthly charge.

This won't affect most of your clients so it will mostly go unnoticed. If you lose customers it will be low rent properties which require as much work (if not more) as high rent properties and most likely generate 25-40% less revenue.

Might not be worth the risk if the majority of your properties are low rent.