All Forum Posts by: Blair Wilson

@Jeff Neikrie 

@Eric Goldman can do this for you. 

Hey Sarah, I use At Your Disposal LLC and he has been good work with.

Hey Raymond, I invest in Akron with hard money. I sent you a PM. 

Hey Brian, I invest in Akron from out of State. PM me for recommendation. I would include it here but do not want the message to be taken down. 

Thanks @Eric Goldman. 

@Caleb Ryan Eric is a great resources for lending. I think $46k would worked based on rehab & ARV. I would ask your realtor to confirm the ARV and contractor to confirm the rehab once the property is under contract.

Hey Caleb, I currently do BRRRR deals in Akron. Below are a few steps I would take:

1) On the % ARV question, Purchase price = (ARV*LTV Refi) -All Expenses (Rehab, holding cost, closing cost, etc). For LTV Refi, I typically use 75%. For you analysis, the actual loan amount with an ARV of $115k and LTV of 75% will be $86.25k. You will plug that into the refinance loan amount instead of the $115k. When you rerun the numbers, you purchase price is going to be lower than $65k.

2) A few notes from the pictures: Basement looks wet ($5-10k to fix), water heater looks older ($900), roof repair ($1200), cosmetic updates ($15-$20k). Assuming the bones of the property are good (Electrical, plumbing, HVAC). 

3) Make an offer based on your BRRRR analysis contingent on inspection. During this inspection period, have a property inspection and get actual contractor quote.

4) Adjust offer price or move forward with existing contract. 

Good Luck, 

Blair

Hey Steve, I have used Creative Business Strategies in the past. They did a good job, but I moved out of state so use a different CPA now. 

@Arthur Clark - I recently closed on a duplex in Akron with FHA financing. If you have any questions about the process or just want to bounce some ideas around, I would be happy to help.

-Blair

Hello BP,

I closed on my first duplex on March 31st. Rent from both tenants is due on the first of each month and late fees start after the 5th according to leases I inherited. One of the tenants has not paid this months rent yet; however, their lease is up at the end of the month. I already gave the tenant the 30 day notice that we will not be renewing their lease. Do I just let it go and keep the security deposit or is there any other action I can take to collect this months rent? 

Does anyone have advice on how to handle this situation?