All Forum Posts by: John Otradovec

My wife and I own a 3 family in Pawtucket. Recently there has been an increase in petty crime in the area with one of our tenants cars being broken into. Long term I want to fit a security system to the property, however in the short term I would like to add fake cameras and signs around the property as a deterrent until I have sourced a permanent solution. Now would having fake cameras make me liable in any way if my tenants property were still to be damaged, broken into or stolen. As I have heard that a “failed security system” could potentially lead to liability for tenants property. If anybody else has any advice I’d be greatly appreciative. 
Thank you

Hey Bp,

I wanted to share my situation with the hope of recommendations or suggestions. I currently have a home in Augusta, Ga listed for sale. Originally this was supposed to be fix and flip, but I am pivoting this to a BRRRR. I am planning to rent out the home refinance, and pull out some of my cash from the deal.

I am looking for a 80% DSCR LTV loan for this deal.

Here is some quick stats of the deal: 

Purchase Date August 11th, 2023 
Purchase Price: 80K
Renovation Cost: 60K
All - In : 140K
Estimated ARV: 180k
Estimated Rental Rate: $1,400 - $1,600
Current Loan Balance: $111,000

My Stats:
- 720 + credit score

Here is a link to the property for more information. 
https://www.zillow.com/homedetails/2730-Antler-Dr-W-Augusta-...

Does anyone know any lenders or small banks in the area that will lend up to that LTV for a cash-out refi?

I have a duplex in Illinois that I'm thinking about selling with owner financing as it's a free and clear property.

Where would you post that? And would you do it on your own or get a broker involved?

Both units are rented out but upstairs said she is moving out soon. 

Downstairs 2/1bth $600/m

Upstairs 2/1bth $500/m

Property needs work and am asking $120k

What down payment would you suggest? And at what interest?

Was thinking $25k @9.5%. But what do you all say?

Thanks!

I went to school at Ohio State for engineering and have a minor in business and computer science. I used to work in consulting for the robotic division at DHL Supply Chain. When I was working in the corporate industry, I began investing in real estate. I house-hacked a duplex in Southern Orchards next to Nationwide Children’s Hospital.

While working, I shifted my focus and started doing BRRRR projects on the side while maintaining my 9-5 job. At a certain point, I fell in love with real estate and wanted to be a part of a team that was finding the deals. I became an agent and began working with investor-focused agents. Now, I own 9-doors here in Columbus and am aggressively scaling my portfolio. I aim to be at 25 doors by the end of this year.

I have a 6-unit complex (not in Detroit, MI) I am looking to pull cash out of. I purchased this property and have completely rehabbed it, and looking to pull out cash. Would prefer to go the DSCR route, or something showing lease agreements. Property is owned in an LLC w/ one partner.

One more question please - with the BRRRR strategy I understand that the term to cash out refi is around 6 months. Are you expected to make payments on the hard money loan during that time ?

thanks again for your time !

Hello! Looking for contractors for a rehab that we are doing in Kansas City on the Missouri side, any and all recommendations are greatly appreciated! Thank you!