All Forum Posts by: Sam Bromano

Are you getting a proper home inspection on a house that is as is cash before going into contract just to know where everything stands?

@Jason D.

Income less the new ballooned mortgage amour after i borrowed up to 75% against it. The rent I’m charging is under market though. If I raise it to market it’ll be slightly above so I may just do that..

@Jason D.

Well it wouldn’t be negative but I’m leveraging the hell out of it.. in a year I can prob get it to net0

With the money I take out I can double my original cashflow via 2 mode properties and have 3 working for me in total

@Joe Villeneuve I’d say 3? But i don’t really understand how it connects to my Q?

@Joe Villeneuve I think the appraisal was a bit overvalued. If I sold it I could prob net $270k

I may have enough money left over after buying the other 2 properties to come back to this one and renovate the basement and add a bath which should further increase long term value but also allow me to be at $500/m positive cashflow on that

property.

How do people generally decide when to refi vs sell? This property is by NYC and has doubled in value in 10 years with almost no work put into it so I think it’s a good long term hold...

I have a SFR that I put down $50k on about 10 years ago. It's been cashflowing $500-$600/m. I have the opportunity to cash out refi now and receive a max of $180k cash out after fees . That would put me negative $150/m in cashflow though. However, I could purchase 2 more properties and be at $1200-$1500/m net cashflow after all work and rented out

I’m confident I can increase the rent ok the first and make back that $150/m so it’s neutral in 1-2 years too.

Is this not a no brainer? Does it matter if one property is in the negative if the portfolio is positive?

I’ve read many posts about people being able to do cash out Refis under the 6mo seasoning period but w/o much detail of actual banks/lenders

Can folks post specific banks/lenders (non portfolio) who are known to do this?

I'm looking to BRRR and debating on 2 different houses. I have ~180k to play with

The first is a small turnkey small for $150k, already renovated that would yield 2k/m rent. I believe it would appraise at 220k in 1 year and hopefully get my money back and do more after that. At that point it would still cashflow at least 500/m. The problem is it’s small 3br 1bath no basement. Over the long term I don’t think it would appreciate well, but it is on a large parcel of land, and it’s in a C area about an hour from me. There are many of those homes available now but they’re selling like crazy

Then, there’s the 350k short-sale cash only deal that would be a stretch to make work (need to add hml) but will easily appraise for 450k after putting 30k Reno into it. It would rent out for $3200/m. It’s in an A area in my neighborhood , great schools, long term appreciation potential is very high and it’s sort of a steal - nothing is available like this. After refi though I’d be leaving 60k in the house, but it would still cashflow well at $800/m

Do I go for the house that will appreciate better in a safer area but I only get to take back 50-60% of my original $$, or the turnkey that gives it all back to me?

When obtaining a 203k rehab lawn how does the bank know you’re actually going to occupy it? Do they come and check?

I’m looking at a rental property purchase that is a short sale and requires cash only or a rehab loan. I only have about half of the available cash so am trying to explore options. My goal is to fix it up and cash out refi in 6mo and rent it...

I’m looking at a single family home purchase for the purpose of renting it out long term. The owners owns the adjacent lot and I could get a decent deal on it as a bundle.

What are people's thoughts on this scenario? I want to BRRRR mostly so I don't see how this lot will provide any cashflow or any value besides selling it one day or building on it. Can you borrow against land? How are they appraised?