All Forum Posts by: Christina Merlo

Awesome Tim, thank you for your response! I didn't even think about cap ex that way but you're right. I need to make more in my budget for that expense. I have one sfh here and the landlord insurance for it is $120 a month and it is 888 sq ft. I assumed that was standard. You are getting it for $40-60? Wow. And yes I am PM myself since I have so few properties so I don't add in that expense right now. 

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*This link comes directly from our calculators, based on information input by the member who posted.

Hi guys! Quick question. I use this BP calculator all the time and I analyze multiple deals a day. I still feel fairly lost with what some of this stuff means and was hoping just to get some insight on it. First does this deal seem reasonable. I "hopefully" underestimated the ARV quite a bit and was very conservative on the costs. Also, in most of my calculations of the last month or so of deals the cash on cash has just shown the inf% sign and I am not sure what I'm not doing correctly to process that result. Any help would be much appreciated.

So with the market the way it is deals are flying off the shelves in under 12 hours. How are people able to pull the trigger so quickly? For example: house gets listed on a wholesaler, zillow, etc and is pending in under 12 hours. How can I even go about trying to put myself in the mix? How do people move so quickly? 

Side note: Going about finding my own deals is obviously preferred and I do all of the suggested driving for dollars, cold calling, etc. 

This post is about listed properties. I can't seem to even type fast enough before it is gone. I'm trying not to be discouraged but as a first time investor and using hard money, the deals have to be analyzed, so there is a delay in my ability to move quickly, forget about even a conventional loan, I've given up on that method because of the need for speed. I'm just lost on how to even be competitive and get any deals. 

@Whitney Hutten it definitely does. Thank you! 

I am a new investor currently analyzing deals to find my first BRRR. I would be using cash/hard money for the first deal but concerned about refinancing the deal. My debt to income isn't great because of my current job (self employed) and qualifying for a conventional loan is a no go unless its very low. I am nervous that I won't be able to refinance because of my debt to income and don't understand how all of our BRRR investors do it? Do you just search for a lender that will take a higher debt to income or does your experienced portfolio help? I feel like BRRR would be very easy for me to do but this is the sticky point for me. Any advice is very much appreciated.

@Jennifer A Barry oh my goodness, you are a lifesaver. I spent all night going over what you sent me and looking up the guidelines for Freddie Mac and Fanny Mae and I've worked up an email showing  them that the calculation they are using is wrong. I am on an income sensitive repayment plan and they were trying to take 1% of my total debt to use even thought that is no where near what I pay a month. You guys have helped me advocate for myself and hopefully they will see this and it will help me get pre approved. Fingers crossed. And if they don't I will use this knowledge to go to other lenders just like y'all suggested. Thank you! 

I've recently tried to apply for an FHA loan and because of student loan debt can't get pre-approved. I don't have anyone that I know that I could partner with. I'm feeling so discouraged on how to get started in real estate. I was hoping to house hack my first home then use it as a rental but feeling pretty stuck.