All Forum Posts by: Grant Nash

Each time I try and run my numbers for a cash-out refinance, the numbers don't make sense. 

If I'm required (by the bank) to leave 30% in the property...who is finding properties where they can make these numbers work?

I'm looking in Southeast Florida (Delray Beach/Fort Lauderdale/West Palm Beach) and Columbus/Dayton, OH

Many of my properties are coming from the sheriff sale/bank-owned auction and I STILL can't squeeze these tight enough...maybe someone can show me what I'm doing wrong?

Showing property of interest below: This is what I'm understanding...

Property price: $210,100

Rehab: $30k

ARV:$270k

To please a bank, they will ask me to leave 30% in the property when I try and cash out...that's going to mean if it appraises to the expected $270k, I need to leave $189k in (270 x .7) However, I've already purchased it for $210,100...is anyone seeing the difficulty here? even if I got the bank to say I could leave 25%, that's $202,500. 

I have to be misunderstanding something in the BRRR process because people are making this work.

Please help!

Thank you!

I will flip 2 more properties and complete a BRRR on one other.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $97,500
Cash invested: $7,500

Have rented by room for a total of $1,500/month

What made you interested in investing in this type of deal?

Was a good street just off Linden Ave. with 4 bedroom of space and a garage (which we rent for $103/month)

How did you find this deal and how did you negotiate it?

Mom actually found this and we moved on it pretty quick. I think the seller was a realtor trying to move out quickly.

How did you finance this deal?

Conventional Mortgage

How did you add value to the deal?

I rented everything I could on this thing. All 3 beds, finished attic space and the garage.

What was the outcome?

Great cashflow. Good tenants are hard to find.

Lessons learned? Challenges?

Tenants are always tough to keep.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Worked with local realtor that didn't impress.