DSCR Loans: The Shocking Truth About Qualifying Without Income—and Why It Could Make or Break Your Next Investment Deal
Ashley:
Yeah, I’m literally pitching the trim not matching up completely put not perfectly. Or the tile isn’t perfectly square, it’s a little off center. That’s what I think at least far as finish quality. So on the point of the contractor, Tony, is there a contract in place and is there any way to go after this contractor, whether it be in small claims court or to just sue this contractor because the property is not completed
Tony:
And that’s an option as well, and maybe another way to recoup some of the funds that you guys might lose on this deal. But I was with Dominique Gunderson who we interviewed on the podcast recently, and I was asking her about her flips that she does in New Orleans because she’s also remote. She’s right now in California. All of her flips are in New Orleans. And I said like, Hey, how’s the market been for you? And she said, Hey, it’s also shifted for me. She’s like, but what I’ve found is that the way that I’m moving inventory is I’m pricing slightly lower than all of the other comps that I’m finding. So if I have a comp at 300, I’m going to list it at 2 95, I’m going to list at 2 2 90. And that’s how she’s been getting her inventory to move. So I think the lesson for a lot of our rookie investors right now is whatever comps you’re seeing, because we know that we are moving maybe more so into a buyer’s market, you have to decrement whatever those comps are by a certain percentage. Again, I was in OKC yesterday and I saw comps and I was not using those numbers as my arv. I was knocking off five, 10, $12,000 to try and make sure I had some cushion built in for whatever fluctuations the market might have. And I didn’t know that. Had I not talked to a more experienced flipper or had I not myself had flips that have sat for a long time. So I think you learned some of those as you go through the process.
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