All Forum Posts by: Nicholas Lohr

This may vary from state to state but here in CA you can call the Assessor's Office and ask them.  You just have to give them the address and they give out the registered owners first and last name and mailing address.  They don't give the phone number but if you Google the person and hunt around you can usually come up with a number.   

I see you're in Philly so here you go...    good luck. 

http://www.phila.gov/OPA/Pages/PropertyInformation...

How about the podcast? I've done 2 BRRRR deals and by far the majority of my knowledge came from listening to the podcast. There's hundreds of BP podcasts so you can search "BRRRR" in the search bar under the "Your Library" tab. (if you use iTunes)

Yes you're supposed to live at the property for at least one year as your primary residence which means at least 51% of the time. 

After just a 3 minute glance nothing else sticks out to me one way or the other. Looks ok from a numbers perspective I suppose.  But it really is all relative and there's a bunch more factors beyond the numbers that are important that I have no knowledge of.   Sorry I can't be of more help. 

maybe pad the rehab time too a little bit? i know you said it doesn't need much but 1 month goes by pretty damn quick, you'd be surprised!  

it took me 2.5 months to get the new appliances I bought from Home Depot to finally be delivered once. 

I see a loan on there but no down payment? How are you figuring that?

ah that 80% seems really high!  70% or 65% is more the norm. Are you sure about that 80%? You actually have a bank lined up for that? 

yeah ill help you. I've done some BRRRR deals and I use it a lot. Which parts of the calculator? You can message me too if you want.

I'd say the bank. You're totally free to walk right into a bank and ask them all the questions you want. 

If you go talk to a bunch of different banks and ask each one the same questions you'll start to see patterns in their answers and then you'll know what to expect. 

yeah it's called the "BRRRR" method. Just search that on this site and you'll get a ton of info and examples.

According to your numbers you'll most likely get around a 420,000 loan from a new bank against your first property, assuming you want to take 70% of the value, you could always take less if you want.  70% is a pretty common amount though. 

(600,000 * .7 = 420,000)

Then you take that 420,000 that the new bank loans you and pay off the first loan which you still owe say 205,000 on?  (this is my guess that you still owe about that)

420,000 - 205,000 = 215,000 left over  (again this is a rough number as there will be closing costs etc)

then you can use that 215,000 towards your new 450,000 house.  The 215,000 will be way more than enough for that actually. Maybe buy 2 houses or a small apartment building?!  Depending on your location that could be enough.