All Forum Posts by: Tracy Graham
Tracy Graham has started 12 posts and replied 31 times.
I"m thinking I just need my rental dwelling coveraged but not the furniture. In one house I have a stove and another I just have a fridge. I don't want to pay for additional ins premiums when i don't have any furniture in the home. I just want the house covered, not the contents. Any help will be appreciated .
Post: Adding value to a BRRRR....
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- Posts 31
- Votes 7
Quote from @Malcomb Stapel:
@Tracy Graham another option could be add a double sliding barn door/ french doors, or something to that affect. Then the renters could decide if they want it to be a 4th bedroom or a tv room. But with a large double door configuration you would have enough access to make it flow as a family room but could close it up for a bedroom.
Post: Strategy for comps in your area
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- Posts 31
- Votes 7
anybody heard of this company or software ?
Post: Adding value to a BRRRR....
- Investor
- Posts 31
- Votes 7
Quote from @Malcomb Stapel:
Quote from @Tracy Graham:
I am about to put a bid on a foreclosure. its a 3/2 but the single car carport and been closed in. Studs are up, siding is all completed on the outside, front and back door is installed, no duct work into that room yet, there are still steps that go down to this new space. I want to finish this space obviously - its about 250sqft. Needs sheetrock and insulation. Should I look into making it a BR turning it into a 4/2 or more of a den/sitting area? What would bring most value?
I plan to offer 65000 and I'm thinking it will pull $100/sqft on ARV. its right at 1400sqft with the added space.
That's kind of a tough question because it will depend on other factors in your market and what your exit strategy is. For starters is this a flip or a rental?
rental. There are not a lot of 4 BR homes in the area. didn't know if that would be a bad thing or would it really add value? But if I don't go thru the added expense of putting in a closet it could be used as a den and still add value due to heated space
Post: Pulling all of the equity ?
- Investor
- Posts 31
- Votes 7
Quote from @Malcomb Stapel:
Quote from @Tracy Graham:
just making sure I"m on the right track... If I can pull all of the equity (85% LTV of the ARV) and cash flow around $100/mo I need to vs leaving money in the home??
Totally up to you. What does it cashflow leaving the equity in it? How does that compute for your ROI and CoC returns? What's the value of the money if you pull it out? As in what would you do with it?
I would use some of it to purchase another property. Some of it would go into a capital account for furture expenses. Would cash flow about 130/mo if I pull all the equity
Post: Adding value to a BRRRR....
- Investor
- Posts 31
- Votes 7
I am about to put a bid on a foreclosure. its a 3/2 but the single car carport and been closed in. Studs are up, siding is all completed on the outside, front and back door is installed, no duct work into that room yet, there are still steps that go down to this new space. I want to finish this space obviously - its about 250sqft. Needs sheetrock and insulation. Should I look into making it a BR turning it into a 4/2 or more of a den/sitting area? What would bring most value?
I plan to offer 65000 and I'm thinking it will pull $100/sqft on ARV. its right at 1400sqft with the added space.
Post: Pulling all of the equity ?
- Investor
- Posts 31
- Votes 7
just making sure I"m on the right track... If I can pull all of the equity (85% LTV of the ARV) and cash flow around $100/mo I need to vs leaving money in the home??
Post: Refi portion of the BRRRR
- Investor
- Posts 31
- Votes 7
Quote from @Jeremy Horton:
I buy in cash and don't want/need the property paid off. I also want that cash back in my hand so I do a cash-out refi. I only use a heloc for an initial purchase or funds for a rehab, which I would complete then do a cash out refi, then pay off the heloc and hopefully have some remaining
Run some numbers and see what gives you a comfortable cash flow/ROI/mortgage payments then do into a conventional loan. You want fixed payments here
I wouldn't leave money in a property purposefully to do a heloc on - I would take smaller heloc on several different properties plus cash to make up what I need to do a BRRRR
AS you are doing these cash out re-fi's, are you placing this money to the side? ex..... You buy house B with the cashout refi money from house A ?
Post: Refi portion of the BRRRR
- Investor
- Posts 31
- Votes 7
Conventional
Post: Refi portion of the BRRRR
- Investor
- Posts 31
- Votes 7
@Andrew Postell using that money to buy another, when the next property gets rehabbed and ready to “refi”, I pull those funds to pay off the previous Heloc.