All Forum Posts by: Sam Mathew

Yes, I've already maxed out my 10 convention loans. Going forward, only private lender is possible.  It's a good problem to have though.  

Please let me know if there are any private lender who offer:

1) Delayed Financing Private Lender
2) 70% LTV based on Appraisal (up to full purchase price/costs)
3) No Seasoning required

Conventional Lenders allow this, but not sure if any private lenders do so also.

Thanks Jack.  I see you do private loans also.  I might reach out separately.

BRRRR with Delayed Financing definitely works, yes, but all deals done with $0.00 out of pocket after you refi??? Is this realistic (full cash back) most of the time for other Bigger Pockets members? Meaning true 100% Full Cash Back (Purchase + Rehab costs)

I have built up my rental portfolio using BRRR and Delayed Financing, immediate refi within a month to capture 70% back of Appraised Value (this is the max on delayed funding refi cash out, unless you want to season your property for 75% of Appraised Value).

About 30% of my BRRR deals, I have gotten 100% of my fully invested and rehab funds back (as I pay the rehab costs at closing table so it counts for refi cash out), but the other times I am usually out of pocket $6k-$12k after my delayed financing refi cash out.  This is still really good and still within 1.5 years make my full cash back.

Just curious if others have found the same issue, that you don't fully get 100% of your investment back but end up a little short of your full investment.

Again, this is only for cases that you use BRRR strategy with Rehab Costs included.  Let me know...thanks.

Thank you Greg. Yes, ideally I would like to do that. And yes I live in Florida but this property is in Michigan. The issue is the furnace is in the basement and the original pulse furnace did not require venting for it. So to switch it out for a newer furnace seems like it will not be an easy task and will require significant work to the house to put the proper venting in that will be needed. 

But again, thanks for the guidance. 

Sam

Thank you. Any particular person to ask for?

Hello Bigger Pocket Members,

I am trying to learn what potential options that I might have with a home and land that I purchased. 4k sq ft home on 5 acres in Ann Arbor, Michigan.  If possible, I would like to keep for the long term, generating maximum long term rent.

Current Options with the Home:

1) Rehab and Flip

2) Rehab and Rent (BRRRR)

3) Rehab and turn into Airbnb (never done this yet)

4) MOST PREFERRED: Obtain proposals to increase property value; add tiny homes and/or additional short-term rentals on the grounds.

Would you happen to know who I can work with to obtain ideas how best to maximize the land use and profitability of this project.  

Although a seasoned investor, I am trying to learn how to maximize the rental value of this property.  Please let me know if any advice.  

Thanks!