All Forum Posts by: Noah Kellar

@Fernando Figueroa

Fernando, thanks for your response. I said 400k I'm a conservative sense. There is a road extension that will partially come onto the property & the state is paying market value for the sliver. Also, DOT says the road the home is on will turn into a dead end street. Home could be worth mid 400k to high. Just not sure on the ARV & that's what worries me. Any tips on finding a little more accurate ARV when analyzing? Comps look good in the area for 3 bed 2 bath single family.

@Nicholas L.

This is great info going forward, thank you.

@Mitch Davidson

Mitch, thanks for your response. I went with the FHA because I planned to live there at least a year & putting 3.5% down was ideal so I could also remodel. Rehab funds would come from a private lender not charging interest or require monthly payments, just paid back in full during refi. My credit is excellent, but still went with FHA for the lower rate at 6.5%.

@Nate Sanow

It has already been appraised by the lender at 310k. Was hoping to rehab & remodel to max out potential & have reappraised during refi period.

@Nate Sanow

Absolutely! This is a strong market & comps seem to be over the 400k range. A couple homes across the street with similar square footage are actually above the 500k range.

@Nick Riccio

Nick, thanks for your response. That repair range is based on the retail quotes I received, but I plan to do a lot of the work myself. When it comes to the conventional option, I have considered that but my lender has told me there will be no problem refinancing out of FHA when the property is complete & interest rates come down.

@Christian Longacre

Christian, thanks for your response. Yes, the home has passed inspection & is within city limits.

@Nate Sanow

Nate, thanks for your response. The seller actually had the listing price at 475k for almost 100 days, hence why it didn’t sell until it came down. The home as already passed inspection. The main costs include additional support to the structure to make this a long term home.

@Bob Stevens

Yes, it is amazing. As for the question, I am really asking if this sounds like a solid BRRRR deal?

Hello,

I am currently under contract for a home in Asheville, NC at $290,000. This property was built in 1905 & needs some rehabbing along with some cosmetic improvements. I have received retail bids for the work with a total ranging from 70k-80k. We believe the 3 bed 2 bath property would be worth 400k+ in good condition. I plan to do a FHA & pull roommates. I would refi when the property is complete & when interest rates come down. My long term goal is to make this a STR when I move out (great market for tourism). I would appreciate all thoughts & inputs. I want to be able to refi & purchase another property. Thank you!