All Forum Posts by: Henry Adewale
Henry Adewale has started 4 posts and replied 5 times.
I am currently building at Detached Accessory Dwelling unit (DADU) behind a property I am about to rent. I am building it to improve the cashflow of the property overall. Although there are new single family builds nearby, there hasn't been a house with a DADU that sold in the last 12 months, making it difficult to come up with an ARV for it (DADU). Outside of hiring an independent appraiser, any advice on how to find the ARV for the DADU? Just want to do some quick preliminary math.
Post: Rent or sell and start again with experience
- Posts 5
- Votes 2
It's 9% cash on cash ROI
https://www.biggerpockets.com/calculators/shared/2476945/4cb...
Post: Rent or sell and start again with experience
- Posts 5
- Votes 2
Question, first year investing. I Bought a property for $130,000. Rehab budget was suppose to be $125k, this would fix the main property and build a 600sqft ADU behind it. ARV of both properties in total is 410k. Got played by a contractor, he walked away with $100k and now I have to spend another $140k (all in 240k) on the property (almost done with the main house and about to start on the ADU). Cash flow now will be $800 after vacancy, repair, cap-ex etc, but I would have to leave $100k in the deal, instead of a clean BRRR, At a 9% cap rate. Should I sell for a $20k profit, get my money back with experience and start fresh, or should I just hold it and leave the 100k in there. And move forward with better experience and cash flow. Thoughts?
Breakdown: https://www.biggerpockets.com/calculators/shared/2476945/4cb...
Post: Refinance strategy as extra income
- Posts 5
- Votes 2
Hi, say you have a single family that you force value on. When you go to refinance after renovating and forcing value, If the property can still cash flow, do you take out more money than needed to pay off the purchase price and renovation cost as debt free income?
I need extra income, as I will be walking away from my current business next year.
Post: Total cash invested meaning
- Posts 5
- Votes 2
I am having trouble understanding what the total cash invested means. does it mean I'll have after the refinance and I have pulled all my money out, this will be the equity left in the deal? or does it mean if I pull all my money out, I'll have to come with an extra 88k to make the deal work? Numbers breakdown here