All Forum Posts by: Ryan Bonheyo

We currently have a 2-unit property under contract and we are trying to determine its ARV. SFH properties around the area are worth 240-275k. Since our property is 2-unit, should we assume that the ARV would be higher since it is an income-producing property (after we renovate the property)?

Also, if we increase the rent for both units, would it impact the ARV?

I have an investment property that is almost ready for a cashout ReFi. However, my wife and I would like to move to a new house sometime this summer. We're trying to figure out if an additional mortgage would hurt our credit score or it wouldn't make any difference?

@Scott Trench Baltimore, MD

My BRRRR property is currently in REHAB phase. I know REFINANCE comes after RENT. However, I'm wondering if it's possible to refinance before our tenant moves in? That way, the appraiser will see a sparkling clean & renovated property. Or it doesn't make any difference?

Thank you everyone! I've decided to go with HVAC. 

I have a 1,750 sq ft property in Baltimore and it's currently in "Rehab" phase of BRRRR project. I just found out that the boiler needs to be replaced. Since there's no A/C in that property, I'm trying to decide between installing a brand new HVAC system/ductwork for $8,500 or replacing the boiler for $5,500. I'm not sure how much value would a brand new HVAC system add to the house. What would you suggest?

@Caleb Jordan Do you know any lenders who I could work with?

I own two rentals in Baltimore. I’m looking to refinance both properties without using my tax return since it showed “loss” only because of deductibles and expenses from my current flips. So, I’m looking for lenders who can use my bank statements as a proof of income. Any suggestions?

Here’s a question for you, BP! I’ve bought my first rental property recently for $51,500. The appraiser appraised the property at $105k. The property is already occupied and cash flow after all expenses will be approx $300/mo. With my lender, I’m allowed to make a loan up to 75% of appraised value ($78,750). So, I’m going to use the extra money from my loan to cover closing and repair costs (if necessary). Then, I’ll use the remaining money as down payment for my next rental property. I would like to know if anyone else did the same thing? If so, I would like to know what’s the pros & cons?

Here’s a question for you, BP! I’ve bought my first rental property recently for $51,500. The appraiser appraised the property at $105k. The property is already occupied and cash flow after all expenses will be approx $300/mo. With my lender, I’m allowed to make a loan up to 75% of appraised value ($78,750). So, I’m going to use the extra money from my loan to cover closing and repair costs (if necessary). Then, I’ll use the remaining money as down payment for my next rental property. I would like to know if anyone else did the same thing? If so, I would like to know what’s the pros & cons?