Savannah, GA · Member since 2016 · 58 posts · 108 votes
8y
@Darrell Carter
Looking at recent sales of similar homes in the past 6 months. I have had many appraisals over the past 2 years. I have studied each one in detail so when I am calculating arv for a new project I think like an appraiser would.
Rental Property Investor · Los Angeles, CA · Member since 2016 · 137 posts · 80 votes
8y
@Rashad Luckett nice work!!! Just a question about the plumbing. I notice the pipes were on the outside. Did that help contribute to the lower cost or is it typical in the area to have the pipes run outside with insulation?
Savannah, GA · Member since 2016 · 58 posts · 108 votes
8y
@Tony Mai
It was necessary because it's a flat roof and access is limited. The funny part is we demoed all the ceilings but the slab leak didn't develop until they were put back together. We are also in a very warm climate so pipes outside is not uncommon.
Architect · Raleigh, NC and Mid Michigan · Member since 2014 · 106 posts · 16 votes
8y
Thanks Rashad...
So 85% of $130K is $110,500 (minus closing costs). Your all in is at $100K (purchase, rehab). That leaves < $10,500 for down payment and rehab of next property?
Savannah, GA · Member since 2016 · 58 posts · 108 votes
8y
@Terry N.
Actually, I have all of it to use. I have been recycling the same money over and over for a while. It would take a long post to break down in detail but basically I used none of my own money on my first deal and it had enough equity that I have been able to finance everything else since without adding any funds other than extracting equity from my properties. Hope that makes sense.
Rental Property Investor · Plainfield, IN · Member since 2018 · 16 posts · 8 votes
8y
@Anthony Petrozzella It took me 8 years. It’s nearly impossible for me to get a mortgage because I live outside the US. I got mortgages for the first three. It was a very difficult, stressful process. I was in the middle of the mortgage process on #3 in Sep 2008. Suddenly it became even more difficult. I had to pay cash for the last three properties because most banks just won’t even talk to me when they hear I don’t live in the U.S.