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11 June 2024 | 0 replies
You can order a property inspection report which will show you any concerns or issues with the property.
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11 June 2024 | 16 replies
as Update to this post from 6 years ago, there are heloc's on owner occupied 2-4 unit properties up to 89.90% CLTV or combined loan to values (meaning multiple loans but all together not exceeding 90% of the value).Terms typically areinterest only first 10 years and drawable from the lineyears 11-30 its Principal and interest payment Prime index/rate + margin (this portion is fixed but prime is not)underwriting is done assume prime + margin + 2% stress test for underwriting meaning if your prime + margin was 10% then your underwriting rate used to determine your maximum line you can qualify for would be 12% rate as an example based on principal and interest payment over 30 years or 360 monthsIncome is the main determinant of your qualification and fico min 680+ is just the min score to get through the "front door,"Maximum DTI or debt to income allowed is 45% DTIMaximum lines on this product go from 500-750k so you can get a decent line size that can actually buy other BRRR's or fix flips and deals.
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12 June 2024 | 4 replies
The Washington Post calls this announcement “poised to be part of President Biden’s closing argument that he is addressing pocketbook issues.”
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12 June 2024 | 14 replies
There are two STR license types available, one is a limited use, maximum of 30 days per calendar year, and the other is unlimited but recently the full allowable quantity of proposed licenses have been issued.
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11 June 2024 | 7 replies
@Marcus WatsonWe do 20 Flips/BRRRRs per year in Jacksonville FL and we use a hybrid approach.
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12 June 2024 | 10 replies
I'm confident in my ability to turn over tenants and deal with issues.
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11 June 2024 | 4 replies
He flipped cars to bring money to the table.
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11 June 2024 | 14 replies
@Jacob Sherman I’m typically raising $100K - $400K for the purchase and repairs of a SFH or smaller MFP flip (short-term).A syndication seems like overkill, and some investors don’t want to deal with a K-1 because it’s not worth the extra accounting expenses for a short-term deal.
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10 June 2024 | 11 replies
I would ask. c) The issue as to whether they should occupy the home is largely immaterial to you.
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10 June 2024 | 12 replies
The lender I spoke with in the new area said our DTI is the biggest issue, and that selling one of the properties would solve that problem, but selling one house hack for another of a similar price/cash flow isn't something I want to do.Still fairly new to REI so any and all advise is greatly appreciated.