All Forum Posts by: Walter Lee Bandy Jr

@Daniel Kupper

Hi there!

I'm pretty new myself and am located in Sherwood, AR. I'm starting out with a SFR, house hacking, simply because of the deal I found. I was in the market for MFR but I couldn't find a deal that was in my favor. I suppose what I'm saying is that it is up to you and what you are actually looking for.

If you can live\ work anywhere then move to where the deals are. If you need to work\ live in a certain area then there is your answer. I'm not suggesting that you simply buy something. I'm just letting you know that there are more questions to ask than SFR or MFR.

If you have it set in your business model that you need a MFR then save and wait for the right deal that has the right numbers for your goals and cashflow. It is easier with a MFR. It will also give you a taste of being a landlord instead of just a roommate.

I wish you all the luck out there and I hope you find what you're looking for!

@Mark Rogers @Damon Cluck

I appreciate both of your advice and will be looking into both locations, thank you.

Originally this property was going to be a rental that I lived in for a short time but the more I think about it it'll make more since for me to live in it, period.

@Suzie Remilien

I appreciate you reaching out. It means a lot!

I'm not sure of the exact percentage but they will be covering the mortgage almost twice. 

I haven't started screening yet either so right now everything is out of my pocket. 

I will take my time and find the right roommate, hopefully within the first try. I still have repairs to be made and I'm thinking I may give them a shot myself. I'm pretty handy in my own right and worst case I don't have to pay a contractor full price because I've already done some of the work, haha! Or I suppose worst case is a contractor charging extra because I did work on it! Either way I'm going to try it myself first.

Investment Info:

Single-family residence buy & hold investment in Sherwood.

Purchase price: $52,000
Cash invested: $8,000

Contributors:
Rachel Fazio

This is a property I will be house hacking with roommates. I will force appreciation and attain a HELOC for my next venture.

What made you interested in investing in this type of deal?

I like what this property offers for me specifically. I travel for work so owning a home, with a roommate, seems like the only way to go. Buy and Hold appeals to me.

How did you find this deal and how did you negotiate it?

Rachel Fazio actually found this property through HUD and saw it's potential. She then showed me and I jumped all over it! She was even able to assist me in attaining this property from her travels. Now that's a mentor!

I won the salient auction through HUD with the help of my real estate agent Jerry Wood with McKimmey Associates Realtors. Jerry did all the footwork while I was in California for work. He really went above and beyond.

How did you finance this deal?

I went through The Carroll Group. Jasmina Jakupovic, Mortgage Loan Officer at The Carroll Mortgage Group assisted me with a conventional loan with 3% down and 3.8% interest. She was very helpful and I will do business with her again.

How did you add value to the deal?

I brought cold hard cash for the down payment from my own pockets.

Since then I have added a new roof to the dwelling and the shed. I have also had the inside drywall repaired and freshly painted. I am currently working on the electrical upgrade to three prong and replacing some damaged subflooring.

What was the outcome?

I closed with the help of Rachel, Jasmina and Jerry! Not to shabby considering it was a conventional loan with hoops to jump through. Overall it wasn't to shabby.

Lessons learned? Challenges?

With Rachels help I understand how important networking is and building actual relationships. Jerry Wood is a god send and I found him through Rachel. I also found Jasmina through Rachel.

The hard part were the contractors. Turns out I'm to nice and was taken advantage of. I now know where to keep them and how to treat them. Respectfully but firm. I've moved past it now and am ready for the next one! It is ok to say no and put your foot down. You are the boss.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jerry Wood with McKimmey Associates Realtors. He was an immense help and I literally couldn't have done it without his help and expertise.

Jasmina Jakupovic, Mortgage Loan Officer at The Carroll Mortgage Group. She made the process as painless as she could.

@Kris Mead

I appreciate you reaching out Kris! I will reach out to my local credit unions and see what I can turn up. 100% LTV would be excellent!

Hello Bigger Pockets!

I'm reaching out today to hear what you have to say about HELOC's in Sherwood Arkansas and where and how to attain one.

I'm a very new real estate investor that is starting out in a single family residence, 3\2, with the goal of house hacking. My goal is to attain a HELOC to purchase my next property. I want a multi family residence. I'm just green and am looking for guidance from multiple pools.

I have excellent credit and am currently remodeling to force appreciation for a HELOC. I am using cash for the remodel. My question is, what percentage and where can I find the best HELOC?

Everything I have read has said that 80% is about the max. I've heard rumors of 90%. I'm reaching out now to help shorten my return on information. Just wanting to know the best place to start.

I welcome any information the subject. All suggestions are very welcome! I'm currently on episode 48 of the Bigger Pockets podcast. Told you I was new, haha.

I look forward to hearing all of your advise Bigger Pockets!

I have a three bedroom two bathroom and plan on house hacking. I intend on renting the two larger bedrooms out at 450 - 500 a month utilities and internet included. I have already furnished the common areas and the largest bedroom.

What I'd like to know is how/ where can I make more money but still have renters want to rent from me?

The home is newly renovated and updated. It will have a mod to high refrigerator, washer and dryer. It will also have a nice large television with surround sound and a nice sofa and love seat.

I just want to make sure I'm in the right market. I have a three bedroom two bathroom on Sherwood Arkansas.

Hiw can I do it better ?

@Michael Evans

I appreciate your advice and time.

Also, does everyone use basic white receptacles/ covers? Or due you want them to blend into the paint?

@Pat L.

I appreciate you reaching out and giving me some solid advice about the primer trick.

That seems obvious but I still hadn't thought of it. Thank you!

@Judy Best

I appreciate you reaching out and giving me some helpful advice with the rest of Bigger Pockets.

I sure will let Rachel know you said hello!