All Forum Posts by: Zach Gallagher

 I'm glad it worked out for you as well!

Thanks for all the help guys. Someone had contacted me through BP and I was able to work through them to secure the deal. We should be closing in 2 weeks!

We ended up going with a broker at US Capital. They beat Visio's interest rate, so that was a good deal for us.

If anyone is interested in their contact, please reach out and I can forward it!

 We would be using this as a buy and hold property.

Hey guys, I came across Fairmount funding here on bigger pockets when looking at lenders. Looking at Visio lending at an option as well.

Visio seems more established and longer time in business. Fairmount is a newer entity which is a little concerning. Both guys are very nice and easy to talk to, quick to respond. Both companies seem to have better rates at the 75% LTV ratio.

We are trying to close on a triplex using a DSCR loan under our company. Verbal offer was all good, now we are working on the written offer. Need to get our preapproval and term sheets in order. Purchase price of 250k.

Thanks for any input!

Thanks for the advice guys. With the numbers I was running, I was getting negative returns, which is what led me to post here. Thinking maybe I was doing something wrong with cash/HELOC combo or something.

Just seems like its not that good of a deal in the end!

Hey Everyone, the my name is Zach. My wife and I live in Florida and have had a SFH as a rental for about 6 years there.

In Jan 2021 we ended up moving in to the rental and for about 2.5 years now have not had any rental. 

We have been reading a ton of books and watching the podcasts trying to learn different strategies to get back into it. 

Currently interested in the FL, GA, NC and PA areas. Ideally trying to break into multi family properties, but we were under contract for 2 of them and the inspections came back horrible and scared us off. Things like asbestos and foundation issues. Big ticket items we did not want to deal with as an out of state investor.

Hoping to learn more and grow to at least have some financial independence, have a family and live life on our terms!

So I apologize upfront if this is the wrong section to post to, but it seems most fitting.

We came across an off market deal for 3/2.5 townhome, they are asking 189k cash. ARV is estimated 260k. Repairs seem to be cosmetic only, paint, carpet, counters, etc.

Rent is estimated at 1900/month once its updated and there is an HOA of 480 a month which includes trash, water, sewage, landscape, amenities and cable. My initial thoughts is to just bill back the whole or partial HOA fee to the tenant.

We have +/- 130k saved, and we also have access to our HELOC somewhere around 250k.

Where I'm lost is trying to run numbers on the rental trying to figure a cash/HELOC ratio. Or should we just be looking at using the HELOC only since its OPM and keep our cash for another deal?

Then once the place is fixed and rented, we could refinance immediately since its not a mortgage correct? And once you refinance, your monthly P&I payment will go up making your return less?

The world of BRRRR is all new to me. I've read a few of the bigger pockets books, and we have had a single family rental for about 6 years.

Any insight or thoughts would be greatly appreciated for the newbie!