All Forum Posts by: Justin Nahas

Hello Everyone, I hope you are well! Does anyone know the price per sq ft it takes to build a detached ADU in the St. Pete area? Im looking to build around a $500 sq ft detached ADU.

Also, how are they appraised?

Hello,

Does anyone know any handymen in the Tampa Bay Area that does flooring, bathrooms, etc?

Hey @Charles Carillo thank you for the reply! That is one of my worries so that is why I am seeking input. I currently don't have a private money lender to help fund the down payment and I only have so much capital saved up. So i would be limited in my ability to scale, so that is why I was thinking about getting the personal line of credit to help fund more deals. I just need the down payment, the rehab will be funded by the HML

Hey @Michael Glist, thank you for the reply! So would my credit score be affected each and every time I draw the money out? or is it just once when I apply for it?

Hello Everyone,

I hope everyone is doing well!

I am wondering if I can or if it is smart to have an unsecured personal line of credit and use that as my down payment when I use HML to fund real estate deals. Essentially, that would be my "private lender" instead of me putting up the cash or finding another private lender to lend me the down payment and other costs.

I have the credit score, income qualification, and no debt, so I think I can qualify for one!

Do you think it's a good idea? 

@David Robertson Hey David, is there a resource/spreadsheet that you use to calculate your flip profit?

@David Daily Hey David, I included the interest payments already in holding costs!

Hello,

I hope everyone is well. I am a newbie investor, and I am trying to setup my spreadsheet to calculate my profit estimation on house flips. I will be using a hard money lender to partially finance the purchase of the property and to fully finance the rehab costs. In this example, the down payment is 10% and I added $5,000 to include the wholesaler's fee. I have an example below: 

Does the estimated profit seem right based off of the numbers? I am confused on how to estimate my profit when I have to put a down payment. 

Hey @Jaron Walling,

thank you for the advice!

I also have another question for you!

When investing using the BRRRR method, can I finance it through the bank and get the down payment and rehab costs from my own capital or a hard money lender or do I have to have the full purchase price in cash? (either using a hard money lender or my own capital)

For example,

Let's say I found a property that has an ARV of $300,000, and lets say it needs $30k in rehab. If I use the 70% rule, I should purchase it for roughly $180k. So all in, it would be around $210k. Would I need that all in cash from either a hard money lender (or my own capital) or am I able to put $36k down (20% of $180k) and then rehab it and do the BRRRR method that way?

Hello All!

I am trying to learn about the BRRR strategy and was a little bit confused

I live in Tampa, Florida and will be investing here (for the time being). 

When investing using the BRRRR method, can I finance it through the bank and get the down payment and rehab costs from my own capital or a hard money lender or do I have to have the full purchase price in cash? (either using a hard money lender or my own capital)

For example,

Let's say I found a property that has an ARV of $300,000, and lets say it needs $30k in rehab. If I use the 70% rule, I should purchase it for roughly $180k. So all in, it would be around $210k. Would I need that all in cash from either a hard money lender (or my own capital) or am I able to put $36k down (20% of $180k) and then rehab it and do the BRRRR method that way?

*I made a mistake in the title. It's supposed to be Buy, Rehab, Rent, Refinance, Repeat* had a minor brain fart hahaha

Hello Everyone, 

I hope everyone is doing well. I am new to this community and am seeking some help/advice. I am looking to use the BBRRRR strategy using OPM. Does anyone know any private or hard money lenders that are willing to lend to a newbie and what advice could you give me so I don't make any mistakes on my first deal? Thank you so much!