All Forum Posts by: Christopher Malone

@Mark Ainley I will be there without a doubt. Excited to hear and learn from some of the best minds the industry has to offer.

To add to my above recommendation, make sure to pay close attention to the sold date as well and try to stay within 3 months of the date the comparable closed. 

@Jessica Brown

I would recommend going to Redfin and typing in the address. Scroll down to near the bottom of the page and take a look at the "Nearby Sold Homes" and look at similar homes as close to the subject property as possible. This should give you a good idea of what the homes in the area are selling for, and what finishes are being used to capture that price. Hope this helps!

@Danny Maller

Your unit and any common areas will only need to be re-inspected if the tenant is up for re-inspection (CHA recently changed this to bi-annually) or if you have a new tenant that is a voucher holder selected as a tenant. CHA/HUD will automatically stop the payments with notice to the property manager, but it is odd that the tenant did not put in their 30 days notice, as in order to move they must request their moving papers from CHA. They would also have to serve a "Notice to Vacate" form to the property manager or landlord at least 30 days prior (if on a month to month) and have them sign off.

I highly recommend GC Realty. 

Adding @Mark Ainley

@Patrick Britton I highly recommend Lima One Capital. I just finished a rehab using them in the same zip code. 

@Jonny Morris

- BRRRR is best suited to cash buy, rehab and then pull funds out with a rifi?

IMO not necessarily. Granted you have access to all the cash upfront, a HELOC is still a form of leverage. I used leverage as I did not have the cash up front. Now it definitely will make the deal more comfortable not having monthly or a balloon payment hovering over your shoulder, but either way the goal is to get the money you have in the project back as soon as possible for the next deal.

- Did you elect to pay interest only (knowing you would pay in full after project was complete)?

I actually pay Principle and Interest on my HELOC. I pay about $180 a month, lets just round up to $200. Multiply by 6 and factor the $1200 into the expenses of the deal. Once the project is complete, everyone is paid back, HELOC, Hard Money lender, Credit Cards, etc. 

@Rogers Williams 

@Robert Leach may be able to assist. Him and his team does great work. 

Congrats on your first deal! Keep the momentum going!