All Forum Posts by: Wayne Holliman

This last Dec 2016, our tenant left a space heater on and burned the rental house to the ground. The insurance just paid off and we now have approx 3.3 acres of land that we own out right. Question: What would you build back here? Note: Property value is approx $250,000

Thanks Mark and Alex. WE did pay cash for the house. rehab will e cash also. Can we get a mortgage for the $35,000? Most of the standard mortgage folks will only go as low as $50,000.

I ran the numbers thru the BRRRR and they looked pretty good. The monthly net cash was only $165 but i would have the $50,000 to buy more houses.

My wife and I just bought our first property. It is a HUD home we got for $24,600. It has a lot of work that needs to be done. We are pretty handy and will be able to do most of the rehab ourselves. We are putting in new floors, total paint job inside and out, new kitchen. The comps for this 2/2, 1025 sq ft house are $65,000 - $80,000. The estimated total refurb will be $7500. Like i said, we are doing almost all of the work.

The total cash invested when we go to rent will be $32,100. We will be asking $700/mo for rent based on the rental comps in the area.

QUESTION: Should I refinance this property with a $50,000 30 year mortgage?

Excited to get involved with BP!!!