All Forum Posts by: Michael Norris

I see, thanks for the info guys.

@Kenneth Garrett thanks! Does the 2-3 year work history need to be at the same employer? 

There are no tax forms. In their eyes I am unemployed. 

Obtaining private money for a BRRRR is pretty straight forward, but getting the refinance from a bank might be a bit more challenging.

Currently, I am working "odd jobs" and certainly have not been employed by the same employer for 2 years. Will this employment position be an issue when I want to refi in a BRRRR deal or will they be willing to refi based upon the collateral in the land and house?

Thanks in advance!

Thanks for the reply. The link provided has the BRRRR numbers.

https://www.biggerpockets.com/calculators/shared/452778/26d35b36-62b3-458d-8434-0f118819951d

My buddy is trying to track down the owner in another state. He wants to start the purchase negotiations at $30k and will work up to $100k 

He is thinking about renting half of the house, estimated rent $1200. 

I really don't know what the rehab cost will be. I plugged in $100k, hopefully, this is high. Will need to research this further. 

Thanks!

@Alina Trigub great info, Thank you for the breakdown!

A friend and I have come across what we believe to be an interesting property. It is an abandoned property, with the last activity of "new construction" being in the years of 2009 and 2010. It is only studded out on the inside. 

My friend is looking to potentially borrow money to fix the property and house hack the property once finished. 

Question: Which is the best calculator to use? 

I have ran the numbers in the BRRRR calculator and they all had negative cashflow. I used the Rental Property calculator, figuring no private money, and two out of three purchase prices resulted in cash flowing.

I can provide numbers if needed. Thanks in advance

@Danielle Brown Hello, I sent you a DM 

What is a tertiary market? Does this refer to the price of the rents? I am picturing an onion and as you get further from the city center the "layers of onion" become less and less rent. 

@Davido Davido and @Wayne Brooks thanks for your replies!

At this time @Dean St hillaire is still in the stage of tracking down the owner and wants to give the owner ample time to respond to calls etcetera.  Of course, as time wears on, we will become more aggressive in our approach (ex. changing locks).

I will now go to study the SC trespass and Adverse possession laws.