All Forum Posts by: Warren Powers

Agree with one name per loan if possible. Both of our names on title and mortgage in my name only. Bank would not do HELOC for me because I already have their maximum number of mortgages. They did the HELOC for my wife in her name only.

@Sarah Hammeken great story and summary, thanks for sharing. I haven't had a flip or BRRR yet that didn't have some of these issues but you worked through all of them on one deal and made it a success. Congratulations and I hope the next one is just as successful without all of the problems.

@Dan Thomas good points, all of these have happened to me.

@Justin Brin every thing is negotiable, but you should get a higher monthly payment. We also discussed splitting the operating profit vs fixed monthly amount. I decided on fixed monthly payment with annual increase and keep the agreement out far enough to keep advance scheduling available for our guests.

@Marc Rice The best Real Estate Agents have trusted contacts who can get inspection items taken care of. A true Investor friendly agent will have all of the contacts and likely use them on their own projects. I rely mostly on referrals from my agent and my contractor.

@Justin Brin I do have a trusted, competent successful arbitrage operator for my out of state rental and it has been great for several years. It all comes down to the quality of the operator. I would not consider arbitrage for my other properties as I don't have that quality of an operator available for these locations. I do carry STR insurance myself that allows arbitrage and it costs several times as much as landlord insurance.

@Tyler Brain thank you for sharing this with us. My means and goals are much smaller than yours but I am finding more success now than ever before with flipping and private lending. I do believe with your drive and skill set, and forward thinking will lead you to meeting and surpassing your goals. Please be skeptical of those saying “can’t” and keep us apprised of your progress and success.

@Alecia Loveless I agree. My agent is integral to my flipping and helps me make money. Maybe OP has not found the right agent.

@Adam Walker I do this on one of my properties and due diligence on the operator and my comfort level with them is key. You will have to obtain appropriate insurance which in my case was much harder to find and cost twice as much. A standard rental policy will not cover short term activity and make sure the insurance company is ok with the sublet/arbitrage arrangement.

@Andres Garcia Lots of good info here! I can confirm, the balance on the credit card reporting date is what counts, not the payoff date. If I have a higher balance on the reporting date, I will get a lower fico. If I have a $0 balance on reporting date, I will have a good fico. I f I have a very small balance on the reporting date, I will have the best fico but only by a small amount. This would only matter if I was just a few points short of a qualifying tier.