All Forum Posts by: Chris Janis
Chris Janis has started 2 posts and replied 3 times.
Post: [Calc Review] Help me analyze this deal
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@Brandon Roof thank you for your reply. If I am able to find a regional/local bank that would front the purchase and repair, would it be worth moving forward. This residence im looking at has only one owner (back in 1982) and is currently being sold as an estate sale. Im sure this residence is paid off and they are only paying taxes on it, and the family probably just wants to get rid of it. It needs a lot of TLC and wondering if I can pick your brain about this property? I am recently interested in rental properties and have been reading the books recommended by BP's and trying to ascertain as much experience/knowledge from successful investors. Thanks!
Post: [Calc Review] Help me analyze this deal
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*This link comes directly from our calculators, based on information input by the member who posted.
I am looking at financing this using the BRRRR method, however I have a question regarding the refinance loan. If I initially ask a hard money lender for the 135k (purchase price) plus approx. 18k (repair amount) (Total loan amount of approx. 153k), and then after repairs are complete and it gets appraised for approx. 170k, then I get a cash-out-refinance loan for 70% of the 170k which would be 119k. There would still be 34k remaining balance on the hard money loan. Is this just a bad decision to move forward with the BRRRR method or is there another way to (or is there something im missing) knock down the remaining balance needed to pay off the hard finance loan? Thanks in advance!
CJ
Post: [Calc Review] Help me analyze this deal
- Posts 3
- Votes 0
*This link comes directly from our calculators, based on information input by the member who posted.
This is a foreclosure residence and they are listing it at a purchase price of 129,900. I have a realtor that is looking into if it is a pre-foreclosure or if the bank owns it and if there is currently a renter (which I don't believe anybody resides inside). I am very new to this, and would love experienced advise from others (I hope this is allowed, if not please take the post down). I also have a good contractor lined up, and if this is a decent deal can take him to the property and have him go through a detailed analysis of what he thinks the repairs would be. Any advise is greatly appreciated.
Respectfully,
Chris J.