All Forum Posts by: Kristin Riker

In NY, looking to invest OOS, I have capital but it seems like every time I find a deal that could potentially work, that deal is pending another offer before I can even speak to my lender about getting an offer in! I am looking mainly in Tampa and greater Tampa area but I am worried that market is too saturated for what I'm Looking for. I'm hoping to BRRRR a single family or small multi family LTR in a B neighborhood with a 10%cOc return. Is this too much to ask for Florida? I'm open to other areas, I would like to keep purchase price around 200K. I really want to get started and just when I think I've beaten my 'analysis paralysis' and get excited about a deal, its gone. I look on MLS for listings that have been up 60 days or more, and foreclosures. Any tips on better ways to find deals or branching out and considering different markets? I'd like something with a strong rental projection, I am not too concerned about appreciation as I would look to hold this property long term.

Any insight would help, thanks

@Jaron Walling

Purchase price $235

Rehab estimate $20k (I calculated with 25k as I know rehabs tend to go over budget)

Future rents $3000 (total from both units)

Cash flow $385/month (after budgeting for PM, CAPEX, repairs, vacancy and utilities I would be covering)

ARV $299

thank you @Nate Sanow! I bought my first (primary) house with a conventional 30 year fixed so this is all new to me.

Hey @Ash Hegde I have enough capital to finance rehab so that isnt a concern for me

Hello All,

I'm looking to do my first BRRR deal in Tampa and the lender I have found is suggesting a bridge loan (I would pay for rehab separately) then refinance into a 30 year fixed mortgage in approximately 4-6 months. I don't know ANYTHING about bridge loans....Pros/Cons?? I understand they are typically a higher rate and you must refinance within a year. Is this common practice for BRRRRs?

Thanks for any insight...

Hello All,

I'm looking to do my first BRRR deal in Tampa and the lender I have found is suggesting a bridge loan (I would pay for rehab separately) then refinance into a 30 year fixed mortgage in approximately 4-6 months. I don't know ANYTHING about bridge loans....Pros/Cons?? I understand they are typically a higher rate and you must refinance within a year. Is this common practice for BRRRRs?

Thanks for any insight...

Very helpful, thanks @Kristina Kuba !

Hello,

Currently interested in a house in tampa that has an ADU in the back. The front is a 2/1 the back being a 1/1. There is no separated water/electric meter, I'm going to have to calculate it into potential rent. Does anyone have a formula they use? Square footage? Or number of occupants? Trying to think of the easiest way to do this. I was hoping to use both as LTRs. Or I could turn one into a MTR. Just wondering how others calculate this.

Thanks

@Lien Vuong Thank you, its been a maze trying to find the right person to present this offer to. 

Hello,

I am looking to make an offer on an off property house in NY.  House is abandoned, boarded up but had to do quite a bit of digging and finally got in touch with trustee who said to make an offer and he will present it to his client.  I contacted previous home owner who stated he has "nothing to do with that house".  

My question would be when does the title search happen? Before I submit my letter of intent or after (and if) they accept but before going into contract?

Thanks!