All Forum Posts by: Darren Budahn

@Dennis Elverman@Michael Henry

The house has been vacant for 15 years? Wow. Looks like it's in a great part of Washington Heights though. What do you guys peg the ARV at? 160-180k if updated?

@Dennis Elverman

Is it the duplex on 57th St. in Washington Heights? 

I'd consider it a D class area.  It has all the problems that you would associate with a D class neighborhood.  I know there have been some attempts at revitalization in that area, but I don't think it's changed the overall perception of the neighborhood. 

David Lauka I'm a bit confused. You said you wanted to do use the HELOC for down payments. Then you also said you want to do a cash out refinance. With the line of credit you have, I would probably be buying in all cash with the line of credit and then refinancing as soon as I could after. You don't want to buy using a loan and then cash out refinance shortly thereafter as you will be paying closing costs twice. If you want to grow aggressively, I would buy properties at a discount with the line all cash, and then find a lender that will let you cash out refinance based on the appraised value with no seasoning. Then you can pay off the line and use the same money over again

Many investors use Summit Title, particularly on non traditional transactions 

The area you are referencing is very depressed, blighted, and crime ridden. There aren't many worse areas of the city you could pick. Metcalfe Park is an extremely rough area. I don't know who the tenant is in this particular commercial deal--you mention it being occupied and stabilized--but there's a good chance you are going to have numerous boarded up buildings in your immediate vicinity. So definitely not a stable area IMO. 

Shawn Ackerman Just curious what lender you are using to refinance properties is n Milwaukee at this price point. Feel free to PM me

Good to see you on BP Nick!

If you have no experience and are out of state I would highly suggest staying away from these kinds of investments.

Those 30-40k houses can actually rent for $900-$1,000. Lol