All Forum Posts by: Natan Gutt

Hi everyone!

So I just put in offer on my first investment SFR. From what I understand I should be opening a separate bank account for everything that has to do with the rental financials.

My question follows; is there a bank that is preferred for this?

Thank you for your help!

Natan

@Evan Kraljic

Thank you for taking the time to respond first of all!

The number I put there was based on spending about 15-18k a unit plus left over for anything that may come up. My realtor, having grown up with a dad that flips gave the range 80-100k.

Either way, my realtor made the call to see what the details are of the property. It has back taxes not paid and there has been consecutive years of water damage on the top units.

As much as I would love to take on this project and go for it, dealing with all that on a first property might be a bit much.

Either way though! I got a lot of good information from everyone here.

@Ye Cheng

Roughly $2500 I believe

 Thank you! 

 So is your best advice to get a singular loan to begin with? 

Or is it still doable to get a conventional loan, rehab money, and then refinance afterward? 

So the Comps in the are that are rehabed are roughyl 500-600K. Again I am new at this, but 200k for the property plus upt to 100k for the rehab would make it a pretty good deal I think. The rent in the are is about $550 a room. So $4,400 gross cash flow. 

For context here is the situation. I have a quadplex in minneapolis, in a solid area, for 200K. The seller is selling as is. Obviously the place is going to need to be rehabed. I am still a newb here so i apologize if the answers are obvious. My two questions are as followed. 

Firstly, I am investing for my first time with a partner that has 6 rental properties. We are in the middle, and almost done, getting pre approved for a conventional loan. Once we are approved, how would we get the necessary 80k or so to rehab the property? Hard money? credit line? is there a way to refinance the property to pay the initial mortgage and the money used to rehab?

or

Should we from the beginning use the brrrr strategy to accomplish this? 

Part of the reason I'm asking is becuase the process for this mortgage is very time consuming and i dont want to lose the opportunity if it means i have to start over with a different lender for the brrrr strategy.

Thank you for your answers!

I am at the point of my real estate where I am about to apply for my first loan for an investment property. Either an SFR or a duplex with a partner that has a few properties and the financial backing. As I start going around from broker to broker as they get recommened to me what should I be looking for.

For context my partner and I are looking to use the property right away as a rental. I am aware its is a 15-25% down for the loan.

I know that My goal is to grow to 10+ investment properties of the same caliber. Are there certain questions I should be asking? Are there certain banks or lenders I should be focusing on? Is it true that if I get multiple brokers for pre approval within a certain time that it's only considered 1 credit hit? 

Any and all advice is helpful. Thank you!

Hi, is this event still canceled or is it going to be over zoom possibly?

@David A.

If the rent looks slim, what would you want too see for that same setup for rent?