All Forum Posts by: Brian Sanchez

@Armond Wright thanks for the recommendation

I am in immediate need of referrals and recommendations for a RE attorney for state of Indiana. Thanks.

Has anyone used Dynamic Equity Partners as their Hard Money Lender? I am looking for any reviews. Thanks

I am looking for referrals for someone to paint the interior of a 888 sq foot home. 3bed/1bath on the west side of Indy. Would love to hire within next week and have job completed by 11-1.

Hello BP. I have recently had a very interesting situation fall into my lap and would love to lean on the advice of all of you to figure out the correct steps to take. 

My family and I have a 97 year old family member who has done well for her age. However, her health is beginning to be a factor and her time is not too far away. At the risk of sounding insensitive, she owns a home outright and valued at about 850k. I know I have 2 partners who would jump at the opportunity with me to purchase this property. The rents are very good in our area for this type of home and it would cash flow nicely for each of us. 

My current understanding is that this home is not going to be left to anyone and no trust. I would absolutely hate for this home to get tied up in probate and with all the red tape. 

So, does anyone have any good advice to try and get this home under contract before her passing? I don’t want to come off insensitive but this would be a great opportunity. I have thought about approaching the deal from a typical investment side and enter a contract that upon passing, the home shall be turned over to me and then notarizing it.  I have also thought about making an offer now and allowing her to live there for free until she passes. I just wonder if there is any other creative ideas or things to consider I haven’t already addressed. If anyone has any experience or advice I’m all ears. 

Thanks BP. 

Will a bank do a HELOC without a first? Will I need to refi and split between a first and a HELOC?

I have been told banks will not provide a HELOC on a investment property. Does anyone have experience with this? I am doing a BRRRR and I'm fine with doing a CO Refi but HELOC might give me more to reinvest. Seems banks willing to provide a HELOC are hard to find.

Absolutely, I am sorry, I just didn't have a lot of time to post the details and thought I would just get to it later.  So now is as good as time as any.  As you can see with the numbers below, I am in this deal for $12,500.  But my COCROI is 20%.  What are the thoughts about investing $12,500.00 to gain almost 2x my equity by year 5 at a 5% property value increase each year.  I know I am probably missing some important details or considerations.  This is why I am reaching out.  Thanks

Purchase Price: $40,000.00

Refinance

$800.00 Monthly Income

$582.66 Monthly Expenses

$217.34 Monthly Cashflow

8.23% Pro Forma Cap Rate

$6,584.00 NOI

2 months Time to Refinance

20.87% Cash on Cash ROI

16.46% Purchase Cap Rate

What factors should I co spider when leaving money in a BRRRR deal? When I look at the overall cash on cash ROI and equity I'm building it seems minimal and worth it. However, I ideally want to leave little to no money in the deal. Please provide me with some education. Thanks

I had an absolutely awesome experience with Brandon Kroon. He took really good care of us and was very attentive to all of our questions and/or concerns. Fund and Grow has been great. Highly recommend them!!! We will be using our BLOC to fund our down payments and rehab costs. It is a great alternative to a HML if you are trying to do it yourself. Just make sure you ask tons of questions so you are well educated with the process and how this works, you don't want to create financial problems for yourself. My wife and I will be going back for more funding in a second round, once we finish our first deal.