All Forum Posts by: Amine E.

@Steve M. Yeah, i did not like the green when it was set and done. My painter had it from a previous job and sold me 10 Gl for $35. So i could not pass. Its pretty ugly though.

On the numbers. I usually try to get really close to the 2% rule on rentals. But the closer i get to the 2% rule the less equity i get. I m happy with 20K in equity and a little cash flow especially with 0 out of pocket. I have not refi'ed yet. I will consider a 20 years term when i do. Thank you for the comments

@Linda Weygant

 Thank you Linda

@George P.

I could get a lower APR if i go conventional or FHA, Maybe 4% or so....This time I m doing a bank loan. The bank i use charges 1% origination, $ 125 drive by appraisal and a small fee for a title report.

@Darren Budahn

 I use a line of credit to buy the property cash. Rehab it, Rent it, then refinance it long term with a bank loan. Bank loans have way less rules than government secured loans. No seasoning, no full appraisal...my bank can underwrite and fund the loan in three to four days.

Acquisition numbers: (Cash Purchase from Wholeseller)

Purchase Price 31K

Rehab Costs 23K

Total cost 54K

Equity position

AVR 73K

Equity +19K

Refinance Terms (I m pulling all my money out)

54K loan, 15 yrs, 5.5%

PITI $520

Rent $850

Cash Flow after PITI $330

I self Manager.

Assuming low maintenance costs over the first 3-5 years since this was a complete remodel.

Let me know what you think. Thank you BP

Thank you @Scot Howat. I m able to hold on to the property. I bought it cash. It does make sense to refi and get all my money out. I would still have $366 left after PITI. Thanks for the input.

Hello BP'ers,

Please help me rank options A, B and C below by order of ROI.

 I Just completed a rehab on a house and have three exist strategies:

Here are the numbers:

Purchase 31K

Complete Rehab Rehab 21K

Total Cost is 52K.

A- I can sell the house for 67K (After all closing expenses). Still have to pay taxes

B- I can lease the house for 800 per month (possible low maintenance due to complete rehab)

C- I can seller finance ( Sell price 79K, 5K Down, 715/month for 15 years) Buyer pays T&I

THANK you

@Kevin Fitzgibbon

 Welcome to BP. There is a real estate club called Millionaire Possibilities that meets once a month. First time is free then its about $20 per month or $175/ year. Check it out online. its a great place to network.

@George P.

who is responsible if the tenants does not pay Phone Bill and Child Support...

Also based on your reasoning, they should go after the Bank as well....  Banks should enforce utilities are paid...where does this stop? SMH.

My Why: To have 100% control of my time. To enjoy and spend it however I want with whoever I want with no reservations.

Welcome Aboard Justin. More than anything, BP has given me the confidence that I can do this. By far the best resource out there for REI investing. Contracts on finding PB.

"Best hidden secret"

When I meet new investors and ask if they are on bigger pockets, It offends me if they are not.