All Forum Posts by: Nicholas L.

@Ryan Arsenault then you have no loans, and you did not buy this property. You would be eligible to take out an FHA loan provided you intend to live there and abide by the terms of the loan.

@Grant Doyle can you post the expenses detail?  

@Ryan Arsenault I'm confused.  Did you co-sign the loan with your girlfriend?  And did her family co-sign the loan?  Or did they just provide funds as a gift or loan for the DP?

@Jennifer A.

-When is their lease up?

-What is market rent for this unit?

You're not looking to "evict" them because as far as we know, they haven't breached their lease.  You just want them to leave.  That's different.

@Sean Jones the best way is to go to local REIAs and find them in person.  Alternately you can also find them here in the BP directories.

Keep in mind that hard money is expensive.  You pay points to buy the loan and interest to service it.

@Sean Jones it's a good question. Most people use conventional financing - i.e., a mortgage - to buy their primary residence, and so a "cash" purchase of an investment property seems a lot different. There are actually different ways to buy with "cash"... the best, and the best way to BRRRR, is having 100% your own, literally sitting in your own checking account. When you close, there's no bank, no points, no appraisal - you just close with your own cash. But private money and hard money are cash-like - they're just more expensive, because they're actually loans, and you have to pay interest on them.  They're just potentially faster than conventional financing.  Make sense?

@Sean Jones what are your specific questions? The B in BRRRR is tough, because you have to "B" a good deal with a lot of room to increase the ARV.

@Jayden Hamilton hire a property manager.  At least temporarily.  It's not permanent - if you want to go back to self-managing in a year, or 5 years, you can.  But it seems like this is a good solution for you in the short term...

@Kiel Martin is $15k to $40k your down payment, or the entire purchase price?  If it's the entire purchase price, that is likely going to buy you something in a challenging area.

@Jaiwoo Kim as @Aaron F. pointed out, you would not usually build up to a rent price with your expenses, since this may or may not be market.  Say for example 2 BR properties in your area are renting for $1500.  If that is the case, it doesn't matter how much it costs you to carry your property - that is what it will rent for.

You can ask a real estate agent to pull rental comps for you or just look on Zillow, FB, CL, etc. for your own comps.