All Forum Posts by: Rigo V.

1 -What kind of terms can I expect to get on an 8-plex I am looking at? Financials below. Right side is today and left side is after I do a few changes to it.  Its listed at 499K (too expensive) and I dont plan  on paying that. 

2- The owner has also stated that he might be willing to hold a partial note but he has a mortgage of 350K. I can't figure out how I can make this deal work and how to calc any potential balloon payment.

@Brian H. yes I have! I start the prelim convo but I think I'll need to get more hard numbers and actual commitment. Thanks for sense checking my thought process.  Its really appreciated. 

@Brian H. I’m a realtor so I know what the rents it’s at now is low and it still cash flows either way. I do agree that banning on futures isn’t a safe to base an analysis on. 

As for the numbers:

I will have about 27k in as a down payment and 10k as my rehab. The septic update is made by the seller 30k. 

Mortgage loan -108k

Down payment is- 27K

Rehab is 10k 

Closing costs 5k

Total is 150K

Arv is 170k. 

I plan on getting 80% ltv so I would get back 136k  so I'd leave about 14K in the deal.

New septic will be installed by the seller. The first unit needs paint and flooring and the rent will be increased. The other unit will need cosmetic as well an is vacant so it also will need to be rented. All in I would say 35-40K- (10K of that being my investment).

I am trying to BRRR but I am realistic that I wont get all my cash out.

I am looking at a property that I think I can get for $135K and its should appraise around $170K. I was thinking of going in with the 20% dp (Mortgage would be for $108K) and purchasing it. I would then do a cash out refi at 80% ltv  fixed to get back some of my cash. Property would still cash-flow well. 

Is a LOC a better option? I am trying to avoid silly fees but dont want to leave my dp into the deal. I also don't want to run the risk that the interest on the LOC will skyrocket.

Any advice? 

Anyone do Airbnb’s for these markets?

I am considering finding a LL that would allow me to sign a lease and list their apt on Airbnb or a short term rental website. 

Looking to see if I can get a 80% ltv cash out refi? Hoping it would allow me to get back some of my cash for a property I expect to appraise much higher than the purchase price after a few changes/updates.

I currently looking for a property to purchase to make my first rental. I evaluate everything that comes on the market everyday and made a few offers but have not been able to land a deal yet. Should I sit on my cash and continue looking? Send out mailers?

I can't help and feel like I am missing something and even though I am actively looking I feel like I am sitting idle.

Property is listed at 109K. I offered 90k knowing that the property needs a bit of work esp on the mechanicals. Bank countered at 107k

Can’t go much higher than maybe 5k. What are the odds we can strike a deal?

I think I have also heard of the strategy of submitting the same offer week after week which shows the bank the house is sitting. Might need to try that eventually. 

@Ryan Blake so my ads are mainly focused on renters. I put a dummy ad on craigslist advertising a rental and have not more than a handful of replies. I think the area my not be a good rental market.