All Forum Posts by: Brian Mcmenamin

@Michelle Dunn I think it depends on how bad you want this place. Its an ok deal, but not great. I've rushed into some deals with numbers a little better than this and they always end up being a headache. I'd recommend waiting or drop purchase price to make the numbers work. Also, I have never done a rehab for $5K unless they are move in ready. You will probably spend more than that number to get this place performing. Good Luck

@Account Closed If I plan to keep the tenants, then I will draft new leases. I would recommend conducting a full re-screening on them as well. I usually ask to have the tenants vacate the property with the sale, so I can conduct repairs and re-rent at a rate more in line with market values. 

@Danny Lambert if you download numbers on your Ipad, they have some good pre-created excel sheet. You can calculate all the prices for approx. material costs (I inflate these numbers), and get with a contractor to give you a good idea of labor costs. I can send you what I am working off of. PM me with your email and ill try to shoot it over to you

@Daniel Morgan You can look on lendingclub.com  or you can talk to local banks who might have some good resources for where to go.

@Kirti Patel Thank you so much for sharing your story. Some valuable lessons to unpack in that one. I hope that at some point you will give real estate investing another try even after this horror story. I wish you the most success if you do decide to continue.

@Maya Torres If I know that I am going to live in an area for at least 2 years I will try to buy something. I usually get it all fixed up and sell it at prior to moving again. That process has worked out. I also don't like paying other peoples mortgage and with my family we can't live in a 250 sqft apt like I used to when I was alone-hahaha. Good Luck Maya!!

Welcome to BP!! @Srini Ramkumar This place is wealth of information and a great community. Ask lots of questions. Good luck

@Todd Leicht Could you take out a HELOC on the wife's house? You could use that to maybe pay off the second and get a second HELOC on the rental. I'm pretty sure you would only be able to take out 65-70% equity on the rental since its not your primary residence. Its a great question...

@Alexander Felice Can you PM me with any good GC's that you use in the area for rehabs?

@Paul Schu can you message me the realtor info? thank you