All Forum Posts by: Stephanie P.

@James Sargent thanks for posting.  Always great hearing from a fellow Texan.

It sounds like either we didn't have the "buy and hold" deal structured correctly or just didn't know the right lenders to get the deal done.  Even if you didn't have it structured properly....the right lenders could have shown you a solution.  

Also, here in Texas the dollar amount of your equity is not as important as the % amount.  Here we can only take 80% of our primary home out in any "cash out" product.  So if your primary home is worth $700,000 we would multiply that by 80% = $560,000.  So if you did have $300k in equity, and that was the math, then the absolute most you could take here is $140,000...and that's single family home numbers.  2-4 unit primary homes have different rules.

Anyway, getting with the right lenders is important since not every lender can do what we need them to do.

@Stephanie P. don't forget that Freddie will now require 12 months of seasoning on cash out loans.

What's up everyone. Has anyone here invested in a mentor and if so has/did it help you reach your real estate goals? I'm on the fence about paying for help so any advice would be greatly appreciated 🙏🏾

Thanks

I am analyzing a market and am taking a look at the current multifamily properties in the area for sale- using propstream. The comps have some outliers. do i remove the outliers? The comps are 4 properties at 755,000 and as low as 90,000. it actually looks like the same company bought the 755000 and another company bought the properties at 90,000 (bought on the same day) ANYWAYS, my question is do i remove the outliers? The property is for sale for $150,000. With the 750k sales the average sale is 333k, without the outliers its $103k, its such a huge difference, I want to do BRRRR, and want to make sure I'll be able to refinance enough. thanks in advance!

This will be a second home purchase for me, and I would like some help narrowing down listings and the ins and outs of multi-family home purchasing. I am a serious buyer, looking to buy within the next 3-6 months.

So I own this property free and clear in the Miami area...not the greatest neighborhood ....property estimate based on an average from Zillow, Realtor, Redfin, Homes and Remax is $400k....the lowest estimate was $377K on Zillow...anyhow I haven't spent an money to improve the property since I purchased it.... the renters really are not the tidiest folks ...grass usually needs a cut ....etc...I wanted to BRRRR this propert to acquire another property. I want the max payout. Questions...

1. Should I hire a property appraiser to see where the value is? 

2. Will this pro provide information on what I need to improve to get the most from a bank?

3. What are the best finance options in Florida or nationally to BRRRR?

Thanks in advance for all input.

The gross rent income is 80k and purchase price will be 1.2m. would like to pay less than 30% down. Could it be possible?

I am looking for my first BRRRR. I am being told if I use my HELOC for the down payment on a property the extra payment will put my DTI too high to get the loan for the property. Assuming I am buying a property below appraised value can I use that equity as the down payment or partial down payment towards the purchase? I am trying to get my foot in the door to set my self up for other ventures this year.

Is the refinancing for a BRRR (in order to get approved) based on personal finances and taxes or the asset? I know I was denied a HELOC before even though I had 300k in equity for my personal property, due to filing personal and business together. I made a mistake of selling a buy and hold due to not knowing the requirements of refinancing the income property after personal money and hard money was tied up. I would appreciate the feedback

21 Unit Apartment Building

- Location: Syracuse NY

- Asking Price $1.3M

20% down for me (I used a 7% rate)

- NOI & Cap Rate: $167,623, 12.8%

- Built 1978

- 95% occupied

- 15 x 1 bedrooms, 4 x efficiency, 2 x 2 bedrooms

- The seller has offered to still manage it for a buyer as well if interested  He offers this at 10%

- All units have separate electric and gas, water is a flat fee

- New water heaters, newer roof and mechanicals in good condition - No MAJOR Cap Ex,
Value - Add - Could possible drive another 100.00 per door.

- Located close to retail, restaurants and major employers as well as Upstate Medical University, Syracuse University and the US Army Res Center


- Some tenants have been in place for over 35 years without major rent increases

Please note projected is their Pro-forma, not mine

Good morning. I wanted to reach out to the BP community to see your thoughts on the Ohio market. What cities and communities in Ohio are good for investigating. I recently heard a podcast and the guest mentioned ohio and Michigan as places to invest. What are your thoughts. Thanks