All Forum Posts by: Alisa K.

I have been advised to have an attorney look over the BP rental property lease before I use it. This will cost hundreds of dollars. Does anyone know how these forms are generated and what processes they have gone through to be state-specific and legit? Can I trust them? Will they stand up  in court? 

I need one too!

I can be back up

Please sell me your unused ticket.

Thanks!

Alisa

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Jack, How is it going? Where did you buy?

Hi All,

I am also interested in Brownsville. Checking in, William. Have you bought your first property yet? How is it going? Would you, and anyone else, share your thoughts on future development and where a good neighborhood to buy SFR is?

Thanks,

Alisa

I bought a home with cash. I did not have it appraised at the time of purchase. The house has appreciated even though it has not been 6 months and I'd like to get my cash back to purchase other properties.

First, do I have to wait for 6 months and why? Second, can I pull out the cash based on the newly appreciated value or do I have to use the original amount I paid? Third, are there loans available for 80% LTV in this situation. Calling all lenders...I'm looking to refinance this baby!:)

Thank you Teresa. Yes I did run the numbers but I made a mistake by not running the numbers on the refinance part. At that time I had not finished my BRRRR book yet! I'm learning as I go because I did not want to stay on the sidelines without investing because there's no way I could ever learn all I need to know before I took action. I have 30 K in cash that I was going to put into the place to rehab it. Honestly, after reading your post, I'm getting more comfortable with settling for less cash out because the rehab will be a lot of work and not much reward (17k but potential loss of long-term tenants). I'm beginning to think my 30 K would be better invested in something else. My rent would still be below market value but I could keep the tenants and slowly get there. Even though they may be disappointed that I am not going to fix the place up as originally planned, I'm sure they will be thankful that the increased rent that would accompany a rehab will not put them in need of a home. Please share any additional insights that you might have for me :-)

Thank you Brandon. Just saw your post.

Hmmm. Maybe I just need help with what makes sense when I look at the numbers? 

I paid 113K cash. (100K came from my 401K.) I was planning to put in 30K for rehab making my all-in number 143K. ARV would be about 200K, and 80% of that is 160K, leaving 40K (20%) but giving me an infinite ROI and an additional 20K. I would break even with the refinance and not make a lot in cash flow until a few years out, but gain 20K.

Back to your question, yes I could get delayed financing now but it would only be about 90K vs if I BRRRR'd and got 160K. But I would have the 30K in addition that I would be saving by not doing the rehab, so 120K, 40K less.

Are my assumptions making sense?