All Forum Posts by: Waleed Asad

So, rather than hiring a contractor myself, what if I buy a house and do repairs on it myself. Ie laminate floors, maybe replace some drywall, paint, etc.

Do I need permits for this or a license?

I have lots of experience with fixing up houses so I know I'm able to do it.

What legal hurdles may I run into?

For example, in CA, you have to own a house for a year before you do repair work on it YOURSELF, meaning without a contractor.

Do all states have this requirement?

Hi all quick question

If I buy an empty lot, put a manufactured or modular home over it, install plumbing and electric, and convert it into a home, is this a good investment.

It should appreciate like a regular home, correct?

So if all the houses in a neighborhood are around $300K, and we buy a lot in said neighborhood for $150k, buy and install a kit home for $80K for a total of $230K, we should be able to sell this home for around $300K, correct?

@Will Fraser

Thanks you Will. That's very helpful. I suppose I just have to get my credit up then.

How do I purchase a property that will appraise significant after repairs are done?

Also, will be credit score be taken into account when getting a refinance loan?

Hi so I'm a beginner investor and have ran into some roadblocks.

(1) Me and a neighbor who is also a contractor are wanting to invest 50% each in real estate, not to exceed $30K each. So total 60K.

(2) My credit score is only 550, 610 if I pay off 3K of my debt, but I'm hearing it will be difficult getting a loan unless my score is above 720. My credit history is only 2 years old.

(3) In this case, I've thought about the BRRR method, where we pay for a property in cash, fix it up and refinance to put a down payment on another house. However, this would require me to quit my job which I don't want to do yet.

Maybe in 2 years when I'm making enough to be able to quit my job, and enough in savings to invest in a new home with partner.

What is the best thing I can do with our money of $60K?

Sidenote: let's say you buy a fixer upper for $40K, fix it up for $8K, now the house is worth $80K.

Also what are the advantages of BRRR vs Traditional?

You refinance it and take out a loan to purchase a second home. 70% of 80K is $56,000. So you buy another fixer upper for 50k, fix it for 6K, and refinance again to buy a new home.

This is how BRRR works, right? Am I describing it correctly?

@Kris L. Hi Kris.

It's sort of old buy refurbished. We installed new floors and a new roof totalling about $10,000.

So how does equity loan work? Like if I pull out $50,000 from my mobile home I can use that as down-payment on purchasing another home?

Is it possible to pull equity from a fully paid off mobile home?

If I become a co-owner of my parents house, how will that affect me buying a house? I have less than 2 years of work so I don't know if I will be able to get a bank loan.

If I am a co-owner of a paid off home how will that affect me getting a loan for a rental home?

@Sylvia B. Hi Sylvia. What state do you invest in mostly? I'm in CA and houses here cost at least 400k and the rent would be no more than 2k a month.