All Forum Posts by: Chad Dickenson
Chad Dickenson has started 6 posts and replied 12 times.
Post: Looking to meet local investors in Olympia, WA.
- Posts 13
- Votes 6
Hey Kevin!
We’re in Olympia. Haven’t been to this meetup but thought I’d send you their info. Search in Facebook for Olympia Real Estate Investing Happy Hour...
Welcome to the area! We love it here!
Chad
Post: Lender for BRRRR Refinancing before 6 months?
- Posts 13
- Votes 6
Originally posted by @Andrew Syrios:
We've had a few, but we're usually close to six months anyways because we package properties together before refinancing them and it's only with banks we've worked with a long while and have a really good relationship to find. It's possible, but will be tough to find. A six-month turnaround on a BRRRR deal isn't terrible though.
Thanks. I agree. 6 months isn't bad at all. Appreciate the insight.
Post: Lender for BRRRR Refinancing before 6 months?
- Posts 13
- Votes 6
We are in Washington State. Thurston County to be exact.
Post: Lender for BRRRR Refinancing before 6 months?
- Posts 13
- Votes 6
Hey BP Family!
We've got a property under contract that we would like to BRRRR. We are doing a hard money loan for acquisition and rehab. All of the Lenders we have spoken to (3 local ones now) have said that in order to do a cash-out refinance to a conventional loan, title must be held in our name for a minimum of 6 months (12 months for Freddie Mac).
Has anyone had any luck with a lender that allows cash-out refinancing before 6 months or is there simply no work around?
Thanks for any help or direction!
Chad
Thanks everyone! This is really helpful. For clarification, this would be under a LLP not an individual. Couple follow up questions:
1. Am I not able to do a 1031 exchange and roll it into another property which would be a rental?
2. If I can't do that, how much should I expect to pay for Capital Gains if this is the only flip I do for the year and the profit is between $50-60k?
Thanks again! I really appreciate this community and all the help!
Chad
Hi BP Family!
We are close to purchasing a Fix N' Flip property with the numbers below. The "All-In Cost" works well with our ARV but I am wanting to make sure I am not missing anything that could make the costs go up. We are doing a 1031-Exchange to avoid Capital gains. Below is a screenshot of a portion of my evaluation spreadsheet.
- - Materials & Labor = Rehab Costs
- - Purchase Price = Cost to purchase from owner
- - Purchase & Sale Commissions = Our brokerage fee (partner is an agent)
- - Down Payment = 10% of Loan & Loan Needed = 90% of Loan
- - We will be paying 2 points on the loan needed.
Thoughts? Am I missing anything big?
P.s. - Once I iron out this excel sheet and the calculations I would be happy to share it on FIleplace r send it directly to you if you'd like.
Thank you!
Chad
Hey BP Friends!
Looking to connect with wholesalers in the Olympia, Lacey, Tumwater area... really all of Thurston County. We have cash ready for the right deal. If you're a wholesaler or have a good contact, let me know!
Or, if you're not a wholesaler but have a property in the area that you can't flip yourself, we'll pay a finder's fee if the deal pencils out.
Thanks!
Chad
Thank you, PJ! That is super helpful! Appreciate you taking the time to spell that out.
We are ramping things up on our fix n flips AND buy and holds. What bookkeeping software do you use to track income and expenses... profit and loss? Quicken, Quickbooks, Excel?
Would love to hear!
Thanks!
Thanks Reginald and Alex. While the deal went under contract a bit too quickly for us, I have now added you to my list of contacts for possible lending in the future.