All Forum Posts by: Devon Deda
Devon Deda has started 3 posts and replied 5 times.
Quote from @Richard Pastor:
Hi Everyone!
I am just starting out in my BRRRR adventure. I do own one paid off rental with a value of $450,000 that brings in $2,100 a month. Rent should be $2,800 and I am working on getting the rent up to that amount. I will use this property to finance the deal. I am looking at a townhouse with a asking price of 300k and the ARV of 415k. Area has new construction mixed with older homes. Decent schools and great public transportation. Rent should be around $2500 to $2800. The problem I am running into is how do I budget for my reno? I have read the book Estimating Rehab Cost but I feel its not right for my area or outdated. Basically I have no idea where to start and have no idea if my estimate is even in the ballpark. I am thinking 60k. Here is a link to the property. https://www.realtor.com/realestateandhomes-detail/6645-NE-6t...Thank you in advance for any info.
Hi Richard,
Are you planning on doing the work yourself or hiring it out? I think there is some good input thus far, gather all of the info you need. The book on Estimating Rehab costs should help you but there are alot of missing details.
Also one question for you and anyone else, I had a similar situation on a property I used to own where the rent jumped in the area faster than I raised it. At one point I figured I could be getting $1600/mo and was only charging $1100/mo.
The question is how do you spring a large percentage increase on your tenants without them leaving? Or do you just take the risk assuming that high rent means tenants are replaceable?
Post: Best resources for using a home equity to fund real estate
- Posts 5
- Votes 1
I’m thinking about using my equity in my primary residence to fund some deals but would like a few recommendations of the best resources out there
Quote from @Vince Craig:
Hey Bigger Pockets Family. I'm a local Realtor since 2005. Over the last year I've learned A TON about seller Financing. I'd love to share knowledge with the community AND learn and collaborate with you all! I look forward to connecting, Let me know if you have any questions or want to share anything, deals, knowledge, or simply want to connect. I am doing a Zoom meeting to talk about The Power Of Seller Financing in February if you're interested.
I would also be interested in listening in on your Zoom call. Thanks
There are a lot of stories of people jumping into real estate by any means to establish themselves financially and there are many that recommend staying away until you meet some criteria of financial stability. What’s your stories/recommendations?
I am thinking about using a HELOC for down payments/holding money on hard money or private money loans to fund flips? Please poke holes in my thought process! Thanks!