All Forum Posts by: Vee Vu

Hi everyone,

Is it possible for a new investor (with no experience and have no job) to get a business credit line? The only thing I can show is the money I have in my checking account. I am planning to use BRRRR strategy, so I want to get a credit line to make sure I have enough money for rehab.

If yes, where can I apply for the credit line?

How to find out if a loan company is legit? Do they ever require an upfront fee?

Thank you!

Hi everyone,

Is it possible for a new investor (with no experience and have no job) to get a business credit line? The only thing I can show is the money I have in my checking account. I am planning to use BRRRR strategy, so I want to get a credit line to make sure I have enough money for rehab.

If yes, where can I apply for the credit line?

How to find out if a loan company is legit? Do they ever require an upfront fee?

Thank you!

Hi, I'm going to use BRRRR strategy. Should I walk through a property with an inspector or a general contractor, or both? My purpose of this step is determining all the damages and cost of rehab. What is the average cost of the inspection being done by inspector or contractor?

What are the things I should focus during the inspection to make sure the inspector/contractor doing their job properly?

Thank you!

Hi, I'm going to use BRRRR strategy. Should I walk through a property with an inspector or a general contractor, or both? My purpose of this step is determining all the damages and cost of rehab. What is the average cost of the inspection being done by inspector or contractor?

What are the things I should focus during the inspection to make sure the inspector/contractor doing their job properly? 

Thank you!

Thanks @Jorge Ruiz for a very detailed answer. So If I buy by cash, then rehab to increase the house value, put in tenants and wait for 6 months. Can I always cash out 75% ARV?

Thanks @David Fernandez. Did you talk to lenders/banks about the refinancing before you actually buy and rehab a house, or after rehab and rent it out?

Thanks @Ola Dantis . I just moved to Baltimore, I should update my profile :D But you are absolutely right. I can see that Baltimore is a very tricky market. I need to do more networking and build a team with people who know more about the market than me. 

Hi @Evan Roberts . Actually, I Just moved to Baltimore to do real estate. I'm going to update my profile :) And I'm trying to get a job now, hope this can help with the refinancing. 

Do you know if the lenders will let the investors know which parts/ zipcodes they won't lend money? I am planning to do networking with lenders, and not sure if this is an appropriate question to ask them.

Thanks @Sean Baker , I will do more research on NON-QM Non-Owner Occupied Investment lenders.

Hi @Matt K. I will buy by cash in the first place, then do the refinancing. Did you mean that in this case, I can refinance as soon as I rent out the place? (no seasoning period)

Could you please explain a little bit more about the "Delayed financing option"?

Thank you!