All Forum Posts by: Account Closed

Congrats on the adventure Joe. It was definitely worth it!

And thank you for sharing.

I look forward to learn with people with greater experience than me and also pay forward by helping ones with less.

About the colleagues, I guess anyone who discussed or wants to discuss anything with me and we're in good terms.

Hello Lin,

So if you want to use the BRRRR strategy you main focus is cash-flow, right?

I'm glad to help you figure out if this is a good deal or not but we will need extra info on the deal.

Then we can calculate the yearly cash-flow of the property; and then we can compare that to the invested capital so you know what COC return you will get.

So, to calculate the yearly cash flow we need to know every monthly expense (including the loan, or loans, payment) and every monthly income and then subtract one from the other. Do you know this already? Are you as the landlord paying the bills of the house or is that the tenants responsibility? Is your only expense the property tax plus the loan payments?

There's already a lot of great advice here so I'll leave this one:

You already seem to have studied and picked a strategy, so I think you should choose a house and go.

Analysis/paralysis.

Hello Zach,

Not sure I understand your question.

The difference is the amount of money down. Also, the interest rate will be higher, the more cash you ask for. So the 90/10 will probably have a bit more interest on the loan than the 80/20..

Hello Derek,

I think you can. There's a lot of people asking for a line of credit or "second mortgage"; that's basically an equity loan.

But there's nothing better than talking to the lender and asking.

Hey Chris!

Congrats to you and your wife!! I'm curious to see the pictures when it's done. ;)

Hello Colten!

I'm not sure if this would be easy to discover but you could check references at the college (assuming it's a college). Like asking for a teacher's name and talking to him or even try and see their scores to see if they are responsible students or just want to party.

So ultimately yes, the surrounding similar houses being sold estimate the price of yours when it's rehabbed.

If your confident on your budget (ask a second opinion), the neighborhood is good, and you've kept in mind the holding costs of the house while it's being repaired, I would go for it! Maybe you'll hit a home run on your first. ;D

What's the worse case scenario? Plan for that.

Hey Marcella,

I don't have any experience with hard money but I heard a podcast about it. Hope it helps.

Also, I'm pretty sure there's a lot of lenders here in the forum so maybe you can ask one of them directly.

Cheers!