All Forum Posts by: Anthony Brancato

I had dogs for 13 years and rented the entire time in multiple houses. If there was any damage, I would always repair before moving out. But I might be the exception.
I agree with Alex, remove all carpeting in houses that you plan on renting out. 

If there is somehow substantial damage (replacing drywall or flooring) you can take it out of the original security deposit. 

Originally posted by @Angelique F.:

Because I love dogs I did allow a dog, but I did enforce a breed and weight restriction.  

I'm curious on the weight restriction. I ask because I had a weimaraner and a jack russell for 13 years and the jack did more harm than the weim (peeing).

Why don't you have one? lol 

I'm about to get started flipping when I move back to Chicago and I couldn't imagine losing 5-6% on every house I flip.
Is there something I'm missing? 

Why don't you have one? lol 
I'm about to get started flipping when I move back to Chicago and I couldn't imagine losing 5-6% on every house I flip. 
Is there something I'm missing? 

@Douglas Guerrero

I Agree with affordability.

I rent in coconut grove, Miami now. 1 bedrooms in this neighborhood and surrounding areas are $1850-2500 for 1 bedroom. My 1 bed condo goes for $2000/month and for sale is $300k.

Even the lower priced neighborhoods house price are very high.

If you end up finding a cheap place, make sure you go check the neighborhood out extensively first.

You should get preapproved to see what you can afford then go from there.

@Benjamin Hurwitz do you hard money lend in Cook County?

Hey guys, 

The $230k arv is the minimum they require.

On this particular house, arv is going to be $255-270k. (I am my Realtor)

I'm more concerned about fees and interest

Originally posted by @Al Wilson:

$11,300 is a lot for fees. What is the breakdown?

This is the first time I will be using a hard money loan lender. I was hoping to get some thoughts on the proposal i received. Thank you! I’ve attached the ​​ loan proposal for you with a summary of the numbers below: purchase price: $ ​100,0 00 rehab amount: $ ​70,000 est. value(ARV): $ ​230,000 ​ (min value req'd for rehab budgeted) loan amount: $ ​153 ,000 monthly interest @ 12.99%: $1, ​656 down payment: $1 ​7 ,000 fees at closing est: $ ​11,3 00 (see proposal for details) escrows est: $ ​3 ,700 Est. cash to close: $ ​32,0 00 ​The closing costs and escrows can't be rolled into the loan so the est. $32,000 has to be paid out of pocket at closing, however the seller can contribute towards some/all of the closing costs. To approve the loan we will need to verify that you have $45,000 in total cash reserves, this is to insure you have at least 6 months of payments left in your account after closing. We do not defer the payments. In order to provide you with a proof of funds letter I just need the name of your business/LLC that will be purchasing the property. Thanks!​

Sorry about that. Fees attached.