All Forum Posts by: Wayne Warren

I don't know.  It's on the last page of the calculator's report as a stand-alone item.

Thanks for the help, Jaysen!! This is two properties that have to be sold together. Geographically they are blocks apart. I got tired of trying to analyze them separately so I added them together. I tried to do BRRR at first and then switched to Renters Calculator. Don't remember the expenses you mentioned on the calculator but they're probably there. I will go look for them. I offered her $200K cash for those two houses. We'll see what happens.

What does GSR stand for?  Google says there are 1,400 matches for that acronym.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

PLEASE DISREGARD MY PREVIOUS POST.  I FORGOT TO INSERT THE CURRENT RENT .  $1890 is not current rent, $1550 is current.

This is two houses paired together for a total of $440K so I have assumed they are each $220K.  The current rent for one of them is $1550.  I need to know if the other numbers I have used seem reasonable because right now the calculator is telling me this is not a deal I want to do.  $220 x .7 = $161K minus $30k rehab = $131K purchase price.

"Holding Costs" - could someone define those for me?  I see nothing on the calculator that does that.  A SUGGESTION FOR THE CALCULATOR.

Thank you for your help.

View report  

*This link comes directly from our calculators, based on information input by the member who posted.

The asking price is $220,000 (actually it is paired with another house and the total asking price is $440,000 (renters are in both)).  70% loan on $220K using BRRR = $161,000.  Minus $30,000 rehab = offer of $131,000.  Using the BRRR calculator.  Looking at the numbers, trying to make things work.  It is currently occupied by a renter who pays $1,550.  At that rent, assuming my other numbers are reasonable, this deal doesn't work.  I would have to raise the rent and I would think they wouldn't allow that.  Agree?  Can you think of a way this deal would work at the current rent?  Thanks for your kind help.

"Holding Costs" - there is no definition of them anywhere on the calculator that I can find.  Can someone define those for me?

SUGGESTION FOR CALCULATOR:  On the last page put a * next to "Holding Costs" and give a definition.

Thanks for the insight and advice, Jaysen.  Much appreciated!!

Alex,  What is the contact info for lenders in the Dallas, TX area that will work with this scenario (cash buyer plus 75% delayed financing)?  If the lender that will do this for you is your employer, will they do this in my area of the country?

Alex, I'm looking at the BRRR calculator. When you get your loan in BRRR essentially you've put no money down to get the loan. Doesn't the monthly P&I eat you up?

I'm talking about buying at 75% ARV for cash and then, once it is rented, getting a 75% ARV loan to, as Alex advises, include an invoice for prepaid rehab costs and, there was something else but I can't recall it, it may have been closing costs, so that the loan will repay me all the cash I laid out to do the deal. I tried to make that as clear as I could. Hope I succeeded.

Now, I think I recall Alex saying, "do the HUD" so I probably miss interpreted what he said. I did put in in ' '. Sorry, Alex. My question is, "When you 'do the HUD,' physically what are you doing, step by step. I'm a newbie so I need each individual step of "do the HUD" explained to me. Sorry, I don't mean to be a pain in the arse. I'm just trying to understand so I don't make any stupid mistakes. Thanks so much everybody!!!

I'm sorry, Alex.  What do you mean by "they will check at appraisal per guidelines) and a signed lease, you can start underwriting.?   

What do you mean by the bolded words I've underlined?

What's been driving me crazy, as a Newbie, is finding out after I've bought the house who to go see to get a "HUD loan." I've listened to the Alex Felice podcast but he just says 'go get a HUD loan.' Where do you go to do that?