All Forum Posts by: Luis Sosa

@Alec Ta i know its not in your area but in the midwest you start at around 220 a square foot now a days to custom over 275 hope it helps. Good luck

Hello all thanks in advance…. I am rehabbing a home in the midwest 2 story bungalow. Decided to keep the old black uba tuba granite that the home had. I am trying to make a statement with the kitchen while keeping that granite. Looking for a modern look that pops! To add… cabinets are getting painted so open to cabinet color suggestions. Will have gold hardware gold sink faucet.  Anyone think the black granite with a matte black hexagon tile with white grout and all the gold hardware would look good? Thanks again, designing and color picking is not my forte. 

@Donald Krenzien everyone so far has great ideas....... Definitely keep your SFH, Look into a Home equity loan or line of credit while it is still your primary residence to potentially get funds for a down payment on a investment property. I will piggy back on what most have been telling you... I would look for aside by side duplex, live in one unit and rent the other. positive cashflow!!!!

@Joshua Land I am not an expert nor a lawyer so just stating my opinion. To me, it sounds like you are over thinking it. I get that you can never be too careful specially now a days that everyone is suit happy but You can always have any contractor sign anything you want, including a release of liability. My experience has been that if I hire a "legit company" the company will and should have all necessary liability insurance, business insurance, workman comp, etc etc but this usually comes at a higher price of coarse. Sounds like this company is smaller, father and son, I am guessing price is not to bad which I'm guessing is because of the lower over head. But, I guess to answer your question yes, you can have a release of liability signed. best of luck. 

@Donald D Michna so how is the airbnb going so far?

@Cody Mitchell thanks for the reply! The area is steady and desirable. The evaluation might be at the top of the spectrum maybe even in the coming years but not 100% sure. I did do an airdna data analysis for the property for an Airbandb and it has good numbers……i am also new to short term rentals so I do not know anything or where to start. I di strongly believe this is a good fix and flip and pulling all the cash out  right away is very attractive still so i can keep buying properties. 

@Kevin Woodard thank you for the reply! I have been looking into other loan options but did not know about the DSCR. Do DSCR always go to 75% or do any go to 80%? And are they amortized over 30 years? Thanks again

Hello All,

just revisiting his again….. 

To add….. we are starting week 3 of this rehab 3 more weeks and we are done. I am able ti turn most rehabs around in 4-6 weeks. This is in part why i have not been able to secure better financing or amortize at 30 years because most if not all banks requiere a seasoning period and i am not trying to hold these on hard money fir 6 months at all. 

Hello all, 

I am a full time firefighter/paramedic and a "part time" which is more like full time real estate investor. I mostly do fix and flips but I am looking to add to my 2 door portfolio of rentals. I have zero, zip , nada experience in the BRRRR method. I did the calculation here on BP and tried other calculators as well and the numbers just do not make sense to me, seems like im complicating this more than i have to. Ao here is the deal, my numbers make sense for a flip but need to figure out if its a good one to keep.

I have purchased a property SHF $150,000. 

Rehab will be $29,000 all in ( all cash of my own money) 

Holding cost at about $15000 including initial closing etc. 
 

ARV conservative @ $250,000 to high @ $260,000- $270,000

Only loans i am able to obtain  at this time unless you guys can recommend something else is a commercial loan at about 6.2% they will cash me out at 80% so roughly finance $200,000 5 year/ amortization at 20 years. 
taxes at about $4200 per year and insurance at $900 per year

Rent for this particular property would be at $2,000-$2,200 per month with tenant paying utilities, water, and maintaining grass and snow. I will be self managing for now. 

Again, my numbers for a fix and flip make sense but do not for this BRRRR. Sorry to sounds like a complete newby but in this case of the BRRRR, i am. Thanks all help appreciated