All Forum Posts by: Sam Chance

@Jaysen Medhurst I definitely see what you mean. I guess this only makes any sense if I get it a a significant discount. 

Thank you for the tip on management as well.

@Jaysen Medhurst , Thank you for all the feedback. I think the property needs a lot of work on the exterior. The parking lot in particular. Bathrooms could use work, and there are 3 units that haven't been Remodeled. I didn't account for Market rents as the current rent is below Market.

UNIT    UNIT TYPE    CURRENT RENT       MARKET RENT             NOTES

   A          2 + 1                 $1,795                       $ 1,850                   Occupied Remodeled

   B         1 + 1                 $1,300                       $ 1,595                   Occupied

   C         1 + 1                 $1,300                       $ 1,595                   Occupied

   D         1 + 1                $1,495                       $ 1,595                   Occupied Remodeled

   E         1 + 1                $1,495                       $ 1,595                   Occupied  Remodeled

   F        1 + 1                 $1,495                       $ 1,595                   Occupied Remodeled

  G        1 + 1                 $1,495                       $ 1,595                   Occupied Remodeled

  H        1 + 1                $1,300                        $ 1,595                   Occupied

• As far as the repair expenses, I dont have a good idea of what the actual cost would be. I'm not sure how to get an adequate repair quote from a Contractor. I would be able to figure a lot more out if I had a better idea of what APV would be. 
• The expenses I took from the Financial statement. I would be taking care of the management so I dint account for that.
• Not sure what the Closing Cost would be. If I'm smart I should eliminate the closing cost and pass that on to the seller.
• My plan is to use a HML and then refinance after the repair to pay the hard loan back.

@Yisroel N Moebus  

No, I havent done that. How would I go about checking?

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*This link comes directly from our calculators, based on information input by the member who posted.

Hello BP,

I'm working on my first BRRRR deal using Hard Money. I've been looking around for some creative strategies in order to refinance quickly into a conventional Mortgage. Preferably within a year, as that is how long the Hard Money term is.

If anyone wouldn't mind providing some insight. It would be greatly appreciated.