All Forum Posts by: Adrian Fajardo

@Cam Jimmy got it. I'll keep that in mind. I think If I do a house hack I might do my own since I have nothing but time since I'll living in the house for a while anyway. Plus I would also like to learn how to do some minor cosmetics to a house. But if I do a BRRRR I'll probably hire out.

@Osmany Linares when I was at in-processing here I remember a guy talking about that. He said if we plan on being a resident of Alaska, we should have plans of staying here long because there was a controversy about soldiers being a resident just coz of the tax benefit and the locals didn't like it. They even might have change the rules to make it a little strict. Anyway, I think I wouldn't want to go through that trouble. The loan does sound interesting but I'm sure there are other ways to fund projects. Thank you for the idea! :D

@Stacy E. LOL. Sure will. I'm most likely going to get a "move-in" ready property for my first buy but I'll definitely get in touch with you about those contractors once I find the need to hire one. Thank you!

@Mike Gannon Hey, I am currently looking in that area actually. Thanks! I just confirmed you. I'll send you a message.

@Shanna Bechtel Fantastic information. I didn't know that existed. I'll actually have a look on that loan. Thank you for sharing.

@Osmany Linares Thanks for the tip. I'll make sure to look for those papers when taking a look at the property. Definitely, I'll post how it turns out when I get further ahead.

@Connor Maloney I just finished reading about the loan. It's a really powerful tool man. I just checked on eligibility and it states on Alaska residents though :( .. I would've liked to take advantage on it. Is your friend a resident? Thanks for the input and good luck on your projects too.

@Nathan Jabaay Most definitely, I'm dealing with the folks at Madden right now. Would you recommend them? Or is there anyone else you would prefer?

@Cam Jimmy wow! that is kinda pricey. Well I really haven't gotten the chance to walk around the property but thank you for giving me an idea. Quick question, have you been doing all your renovations yourself? I guess what I'm trying to find out is, should I also do it myself if it's easy enough or hiring out people with experience is the way to go?

@Sam Shueh gotcha. Definitely, I'll do the calculations again with a more conservative approach and once I'be gotten accurate estimates. Thanks again for your help. Much appreciated!

@Osmany Linares Welcome to Alaska! Hope you settled in just fine. Sure, yes it's in Fairbanks and on the 18th. I'm practicing my property analyzing skills but hopefully if I do find where everything works out then I'll make an offer. If you do have a deal going on, do you mind if I tag along? I mean, I just wanna shadow you and see how a deal goes on? Anyway, again Welcome and I hope you have an amazing experience here.

@John Leavelle That's very kind of you to say sir and I appreciate you taking the time to help me out.

I'll go ahead and have a look on those books.

Yes, I have a feeling what you're saying is going to happen. At the most I can only put out $5,000 but the good news is I'm not going to let that stop me. If this deal really is a diamond in the rough then I'll find ways to finance it. I'm not going to stop just coz I don't have the funds. As a matter of fact, I'm not going to let anything stop me in doing what I set out to do :) 

Correct on the rehab. I did estimate for 3 months but not till I do a thorough work around the property I won't know how much work is needed to be done on it.

Will do. I think I'll have a good idea of my area through people on those clubs.

Understood on the BRRRR points. I guess that's why the ARV is so important and must be as accurate as possible. As you've stated on your previous post, I'll get a realtor to help me get an accurate ARV.

Thanks again for all your help. I wish you luck sir!

@Joe Scaparra unfortunately not, that info is way above my pay grade. The good thing is I still have close to 3 years here and I only need 1 year. After I pay off the short-term loan and refinance, I think I have an exit strategy.

@Sam Shueh Sorry but this might be a dumb question but I don't get what you mean by "Double your estimate and time since you are green and helpers seem to have their own agenda. You almost always overrun your cost."

Yes, first things first. I would consider a Realtor and a Contractor to help with accurate estimates. Also to be clear, this place doesn't need major cosmetics. Probably new paint and carpeting. Probably new counter tops too but nevertheless I'll have a contract give me an estimate with what I want accomplished to the place. Thank you by the way with the detailed tips. I really do appreciate it.

@Joe Scaparra Oh, yes. I meant to say each one would rent out for $1,100. So a total of $2,200 Gross per month. I initially didn't consider the winter season coz the property is so close to the base that most likely my tenants (future) would be military and we don't go any where during the winter season anyway. But that is something to consider though if I do get applications for civilian tenants. Thank you for that.

@John Leavelle Oh, my mistake about the ARV. I'll definitely do that first then.

I'm not sure if were on the same page on this one but I've read J Scott's MS Word doc about estimating costs. It's like 3-4 pages so I wouldn't consider it a book but if there's a book, I'll look into it too.

I plan to use hard money. I haven't brought them the deal yet coz of course I'm making sure all the numbers work out. If that doesn't work then I'll be looking for others means for short-term money lending.

I apologize for not working it right but yes EACH of the units will be $1,100 therefore a total monthly gross income of $2,200 for both units and yes I've based it on similar rents in the area with similar properties.

Yes, I've included the closing costs and holding costs. That's the part that scares me actually only because I live on a soldiers salary and it's not the best of them all but I'm living well below my means to make this deal work.

As we speak, my prequalification on a loan is under processing. If all works out well the lender said I could use the VA loan to refinance which is kinda nice coz of the benefits that comes with the loan. I do get what you're saying though about the value and that's what I'm waiting for as I read throughout this post, the bank only finances 80%-70% of the value? am i correct? so that's another thing I'm hoping to consider that refinancing would cover the initial loan.

John, I'm truly grateful for all the tips. You brought out some important details plus some that I even missed. Thank you..

@Kyle McGee I see. That is valuable information but as for the "sitting too long" part, ironically it has been sitting for too long. According to the MLS it's been in the market for more than a year now but I do see your point and I'll make a move soon. Thank you for your quick response and valued input.

@Joe Scaparra Thank you for your input. About that, I wasn't gonna use the VA loan on this one because the loan requires me to use this property as my primary residence. If I did then that would throw the numbers off as I'll be staying in one of the units and I think I would get less cashflow.

@Kyle McGee I would definitely do that. As you suggest so would my next step be to find a local contractor, contact the RE agent for the property and request for a inspection?