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All Forum Posts by: Nicholas L.

Nicholas L. has started 3 posts and replied 5272 times.

Post: How much I offer: does it really matter?

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,335
  • Votes 4,371

@Danny Lambert

a few things

yes, what you offer matters.  and there's no way to know in advance whether 10k is going to make or break a deal until you have a specific deal.  it might depending on all the numbers.

also, not sure if you've been looking yet, but it's extremely unlikely in today's market that you are going to find a house on the MLS listed for 100k that needs 50k to be worth 200k. those types of deals are usually found off market.

finally, be sure to include all costs in any eval you do.  a lot of the transaction costs get overlooked on BP and they are non-trivial.  a live-in flip is a great way to reduce risk but if you buy with financing and then refi that is still two sets of closing costs, probably with lots of delicious fees for the lenders.  include these costs in your analysis!

hope this helps

Post: How to decide rent amount for a single family house

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,335
  • Votes 4,371

@Sean Fraser yes - ask an agent.

Post: What Topics on BP Get Everyone Riled Up?

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,335
  • Votes 4,371

@Jeff S.

I'm not sure if this is narrow enough to constitute a "topic," but it frustrates me when beginners are told to start with some of the the toughest strategies!

like - flip houses to generate capital!  lend your life savings out to random local flippers!  invest in profitable syndications! 

this seems to me to be terrible advice... beginners have no business doing any of these things.  they should house hack or buy 1 rental and make sure they want to be landlord.  HNWIs can do anything they want - become a private lender or put it all in crypto.  but not beginners!

does this count? =)

Post: Out of State Investing

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,335
  • Votes 4,371

@Bob Stevens shouldn't beginner buyers work with agents?  Not necessarily to find deals, but to transact.  You're saying you're an expert and no longer need to - that's great.  But IMHO, OOS beginners should start out working with an agent...

Post: Insight on mortgages using BRRR method with investors

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,335
  • Votes 4,371

@Angela Orecchio I'm not saying BRRRR doesn't work right now, I'm just saying that's it's difficult. I'm still glad I did my deal - I just needed the funds to cover the shortfall in the appraisal, which I had. I'm looking for my next one and hoping to improve! So that was my point - using partner money to do your first one seems risky to me because you'll be liable to your partners whether it goes well or not.

Post: New Member looking for Education and Growth

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,335
  • Votes 4,371

@Ryan Beckham yes:

-Save up some money

-Go to REIA meetings and network

-Call lenders

Post: Insight on mortgages using BRRR method with investors

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,335
  • Votes 4,371

@Gina Shumway OK. No offense intended... but I think it's pretty difficult to BRRRR right now. You really need everything to break your way - you have to find a great deal, you have to have contractors ready to go, materials prices are up and it's taking longer to get everything, and then you have to refi with the higher rates that are available. I just finished one myself and I got everything right except for the appraisal - it was low and so I "left money in the deal." And I was able to refi at 6.5% which I don't think is available anymore.

So, I get nervous when people who have never done a BRRRR before are using tons of leverage, which it sounds like you are.

Just my two cents.

Post: Insight on mortgages using BRRR method with investors

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,335
  • Votes 4,371

@Gina Shumway

I am just curious, have you ever done a BRRRR before? Or will this be your very first one?

And, I am not an expert in any of what you're asking, but a lot of it is going to depend on whether your partners want equity in the property or not.  If not, and they're just looking for a return on their money, it's going to be simpler - you pay them back when you re-finance, and they go on their way.  But, if you are all going to own the property together, it's going to be more complicated.  These are questions for an attorney and CPA.

Post: Hard money lenders near Erie Pennsylvania for out of state flip

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,335
  • Votes 4,371

@Angel Celis Lopez

will this be your very first flip?  do you have other team members lined up - contractor, agent, etc.?

Post: New Member looking for Education and Growth

Nicholas L.
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 5,335
  • Votes 4,371

@Ryan Beckham

awesome!  what are your questions?