All Forum Posts by: Nate Burgher

How long would the lease option be for? What would the buyout be at the end of the lease option? How much is the PITI (Principle, Interest, Taxes & Insurance) each month? Are you in charge of CapEx and Maintenance / Repairs, or does that fall on the owner / seller?

Oh, wait! I read it originally as PMI (private mortgage insurance), which is charged when your down payment is less than 20%. Your P&I (Principal & Interest) is correct on a $1.6M property. So the calculations are correct.

There's a separate tab for PMI on the last page where you put all of your expenses. You're not putting anything there, are you? Does it show some number in there?

Welcome, @John Gammon Anderson! Sounds like you've had some great experiences in RE so far! Keep it up, I'm sure there are lots of investors on BP that would love to see Cleveland improve.

Hey @Jessie York, the term BRRRR is shared with lots of investors, but most others don't know about it. I'd recommend just telling your lender that you plan on buying and rehabbing a property, and once it's rehabbed you'll want to refinance to pull some or all of the initial capital out. They'll definitely understand that.

@Devante Boll, looks great! I would add something like "If you're interested feel free to give me a call at (xxx.xxx.xxxx). We can also set a time to meet up in person once you get in as well!". Just an idea, but might help! I'd also say in there what they are responsible for and when move in date would be. The more information, the better!

@Jonathan Taylor, sounds like you just answered your own question. It's risky, it's a lot of money, it's negative cash flow. You're basically saying it doesn't sound like a good idea, especially for someone that is new(ish). If you like the long distance one and you're comfortable with that one, do that instead. You don't want to be stressing about your property. You invest with money that you don't need. Sounds like you're trying to go too big, putting yourself in a negative situation. But as @Thomas S. said, sounds like a personal decision.

Hey @Lisa S., get a realtor and / or a lawyer, plain and simple. If this were your 100th sale, I'd say otherwise, but you need people with experience with this kind of stuff. Their commission is your protection.

Welcome, @Roberto De Jesus! 

Hey @Alex Lambert, that's a great question! I hope others respond to this as well, would love to hear what people are using!