All Forum Posts by: Scott Wolf

Hi BiggerPockets Community!

I’m David Blanchard, an investor based in Aventura, Florida, where I live with my wife and two kids. I’m focused on building a portfolio of long-term rental properties, with a goal of acquiring 20 properties over the next 4 years. My current plan is to buy 4-5 properties in the next 6 months, targeting markets with a good mix of appreciation and cash flow, like Tuscaloosa, AL; Warner Robins, GA; Columbia, SC; and Little Rock, AR.

I’m focused on B-class neighborhoods with solid school ratings and low crime, looking for homes that are move-in ready or need light renovations. I’m aiming for properties that can rent for $1,300 to $2,000 a month, while keeping expenses manageable.

I’m excited to connect with other investors, share knowledge, and find great opportunities together!

David

Hi all,

I am looking to invest in Jacksonville, FL while living in Boca Raton, FL. Looking to purchase in the 32208, 32209, 32206, or 32254 area, just wanted to ask for those who are familiar with that area or perhaps work in those zip codes. My buybox is <150k, as turnkey as possible, 3 bed, prefer 2 bath but will do 1 bath for the right deal, neighborhoods with lower crimes than the nearby areas, rent at <1.5k. Also, any tips y'all would give to people who are just starting out, also I am open to other nearby areas where barrier to entry is still relatively low. Thank you in advance, all advice is welcome!

I purchased the investment property in May and was told that I have to wait 6 payments before I can refinance. Why do I have to wait if I am only doing a rate and term refinancing.

I found a lender offering 100% OF PURCH AND REHAB. But they dont want down payment or percentage of loan amount, they want 3500$ FEE UPFRONT. It does not go toward the property, and it does not get deposit in escrow. They want me to send $ for loan and guidance, and will return 1250$ after repayment of loan. IS THIS LEGIT?

Hey guys I am a Landlord out of Metro Detroit area. I am wondering who has done the BRRRR method as an investor and what institutions are investor friends for multiple BRRRS. Should I check into local smaller banks here or Credit Unions?

@Scott Wolf

my FICO is low 800s. And with a 7.75 % interest rate and after remodeling this property  it will cash flow $1,671 after accounting for maintenance, repairs, property management, capex, earning a 6.90% cash on cash return

Hey everyone,

Exploring financing options for a duplex in New Haven, CT. The lender my agent put me in contact with is telling me that rates for an investment property are currently low 7's with 2 points. 30 yr fixed no Interest Only.... Can anyone confirm this? Thanks!

How do you feel about a 

$700k purchase price with a non owner occupied 4plex DSCR loan 3yr prepayment penalty, 10yr interest only 30yr fixed after

$560k loan amount (20% down)

7.750 par rate with no costs. monthly payment $3,616.66

Or pay $22,295 in closing costs and get a 6.375% 

Monthly payment of $2,975

The monthly payment difference between the two is $641.66

And when you take $22,295 in closing costs and divide it by $641.66 that will give you 34.5 months (2.89 yrs) to break even if my math is correct

How do you guys feel about taking a lil less than 3 years to break even on $22,295

And the seller is giving me $15,500 in seller concessions 

thanks for the advice guys!!