All Forum Posts by: Fernando E.

Thanks @Ryan Blake

Yes, I did receive a quote from HML at 100% financing but I thought I used 60% LTV in my calculations not 85%.

And ye's, I'll be leaving quite a lot of money in the house, maybe because I'm just building my portfolio / resume with the lender and as I have more in my belt, I can get a higher LTV .

It definitely can be better, thanks for reaching out Ryan and taking a look at this. 

When I invest in Texas, will definitely reach out and maybe we can do biz together. 

I will DM you sir

Thank a lot!

Fernando 

thanks @Nathan Gesner I just dm him, much appreciate the response! 

Hi BP PRO fam,

Hope you are all well

Wanted to get your insight on the BRRR calculator, I analyzed a hypothetical deal with the following info. using hard money lender numbers

Acquisition

• Purchase price - $55K
• Rehab cost - $30K
• Total loan amount from hard money lender - $85K
• ARV - $100K
• Closing cost - $1500
• Hard money lender points - 2
• Hard money lender additional cost - $600
• Monthly interest rate - 1.25%
• All fees from hard money lender are paid out of pocket

Rehab

• Rehab in 2 months
• Refinance in 3 months
• Refinance 60% of ARV - $60K
• Refinance rate - 5%
• Refinance for 30 years

Refinance

• Rent is $1200
• Closing cost and points for the refinance - $2500 wrap in the loan
• Expenses are 10% capex, 10% property mgt, 5% vacancy, 5% repairs
• Property tax $1461

Did I use this calculator correctly? Any comments on the deal? 

Very much appreciate it guys!

Fernando

Hi BP family,

Wanted to get insight from you guys on how you separate your LLC checking account and your personal account at the early stage of your business where basically the funding that goes to the LLC checking comes from me as an individual business owner. I opened a Business Checking for my LLC in the same bank that I have my personal checking and saving accounts and I funded the LLC checking via an initial over the counter deposit. I plan to place around $3-4K to "jumpstart" the business and moving forward, the business should survive on its own. I will consult my tax person on this but wanted to get you guy's input on how to make sure that the accounts are separate and well managed, any best practices and experience will be much appreciated. Thanks all!

@Michael Warinner i understand that your see the 5 semesters as an opportunity cost, i see the drive and fire in you man! However, like some wise folks here said, real estate will be here after your 5 semesters and you have a degree that will give you options, opportunities to network, make $ for your investments, etc , so my recommendation is go back to school and finish it. Also while schooling you can keep working on REI on the side, maybe as realtor, wholesaler, part time gigs. Any case, hope this helps!

Thanks @Ned Carey, really appreciate the response!  cheers and happy new year! 

@Ned Carey

Happy new year!! 

This is an old post but i wanted to reach out as I just finish the LifeOnAire book and wanted to know your experience about the coaching program and if you have any reference materials outside the book.

Great episode as Steven provided valuable insights and profound mindset of doing whatever it takes to make the deal work and get it done no matter what! Love this! 👌

@Aurus J. Sanchez, I like the house hacking! When you buy your first property, rent out the other units and save your $ saved from rent, tax return and your salary and get into bigger deals. The book “set for life” by @Scott Trench will be perfect for a young smart ambitious man like you my friend! Best of luck, you can do this! 👊🔥

@Hooman Ghaffari congratulations! This is an amazing deal, i love the BRRRR strategy you used here and getting back your initial investment and some. Question, can you expand on how you finance this? You got $800K from chase loan and the $900K from where? Also how did you find the property? Nevertheless, great deal & execution! Cheers to that and more success in 2019!