All Forum Posts by: Bobby Paquette
Bobby Paquette has started 65 posts and replied 190 times.
Post: What data are you most looking forward too?
- Real Estate Agent
- Charleston, SC
- Posts 220
- Votes 87
Quote from @Abel Curiel:
Jobless claims.
Reason being, not sure how reliable the unemployment data is. I am mainly curious to see if/how joblessness/unemployment will impact RE inventory.
Looking forward to the other input on the thread.
Great question, @Bobby Paquette!
Love it! You think it will increase inventory?
Post: What is the Best BRRR you have completed?
- Real Estate Agent
- Charleston, SC
- Posts 220
- Votes 87
Quote from @Ryan Fox:
@Bobby Paquette- This isn't a traditional BRRRR by any means, but I'll share anyways.
Purchase price: $109k
Tenant-occupied at purchase paying $950 / month
Financed with: securities-backed line of credit @ 2.49% interest-only fixed for 7 years
Monthly interest payment: $250 / month
A year after purchase, a drunk driver drove into the property, causing $107k worth of damage.
Luckily, no one was hurt and the insurance covered all damages.
The existing tenant moved out.
After the insurance-funded rehab, the property was worth $160k.
New tenant moved in at $1225 / month.
I haven't refinanced out of the line of credit financing because I'm hanging on to the 2.49% fixed rate.
This was in Independence, MO.
Oh wow, different for sure. So your only monthly payment is the $250/Mo interest payment on the line of credit?
Post: What is the Best BRRR you have completed?
- Real Estate Agent
- Charleston, SC
- Posts 220
- Votes 87
Where do your BRRRs stack up? What is your best BRRR, what were the numbers, where was it?
Post: Bought first fixer upper with HML, considering refinancing with DSCR loan
- Real Estate Agent
- Charleston, SC
- Posts 220
- Votes 87
Quote from @Tim Braun:
Hello all, I just closed on my first fixer upper single family home last week and am planning exit strategy B. Strategy A has been to sell this house when its finished then invest in a rental in a "better" location - ideally a duplex if I can find the right one. But I also wanted to consider keeping this home as a rental as it could work both ways.
I purchased this home with hard money through my LLC, and I'm thinking a DSCR loan might be a good option if I am going to refinance out of the HML. I can go into details about the flip if anyone is interested in that since I am pretty new, but I'm also trying to figure out how I go about finding a good broker for the DSCR loan so I can assess all options. What is the best way to go about doing that? From what I have gathered through posts, it sounds like using a broker might be a good idea for where I am at right now. Any tips, tricks?
I would be curious ro see the numbers on the refi/rent vs the sale/purchase next. I love keeping mine as rentals!
Post: What data are you most looking forward too?
- Real Estate Agent
- Charleston, SC
- Posts 220
- Votes 87
What data are you most looking forward too from now until the end of the year and why?
Post: BHG Financial, has anyone used them before?
- Real Estate Agent
- Charleston, SC
- Posts 220
- Votes 87
BHG Financial, has anyone used them before? If so, how was your experience, and is there anything to look out for?
Post: Thoughts on New builds for Investment properties?
- Real Estate Agent
- Charleston, SC
- Posts 220
- Votes 87
What is everyones thoughts on getting a new build right now for investment purposes? Rates are 5.25% for primary, Cash flow not there, but holding for 10+ years & betting on appreciation. I currently have one in the neighborhood, I would move to another on VA Loan, use my commission as down payment, and essentially be breaking even on rent/mortgage payments for the 2 properties if I moved out of the area. I am looking at about 10-15 year holds. Just looking for others thoughts!
*I know a lot of people dont like to bet on appreciation
** I know it i market dependant
*** I know it depends on my risk tolerance and if I can afford it if something happens
Post: What are you doing in this current market?
- Real Estate Agent
- Charleston, SC
- Posts 220
- Votes 87
Quote from @Kenny Smith:
I think new builds are a great option these days! If you work with their in house lenders as well, you're able to get way better rates than most traditional lenders.
I am all aboard house hacking, and specifically non-conforming duplexes. Everyone needs a place to live, and why not do it in a creative way where you live in a portion of your home, and rent out the other.
This market is all about being creative right now. Those that are creative are finding the deals and getting ahead. Those that are not, are sitting on the sidelines hoping a traditional deal falls in their lap. You have to be willing to get outside your comfort zone right now, and try something new. Thats my take on it.
Best of luck!
Kenny
I like it!! Thanks for sharing
Post: Primary in the Path of Progress
- Real Estate Agent
- Charleston, SC
- Posts 220
- Votes 87
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $230,000
Cash invested: $6,000
Sale price: $349,000
Primary Residence on my VA Loan, House hacked 2 bedrooms(Covered my mortgage), sold just over the 2 year mark for 6 figure gain tax free!
What made you interested in investing in this type of deal?
I knew it would appreciate
How did you find this deal and how did you negotiate it?
Boots on the ground
How did you finance this deal?
VA Loan
How did you add value to the deal?
House Hacked and Time
Post: What are you doing in this current market?
- Real Estate Agent
- Charleston, SC
- Posts 220
- Votes 87
What strategies are you doing in this market? Warren Buffet is betting on the homebuilders, mainly DR Horton and then Lennar, what are your thoughts?