All Forum Posts by: Aaron Cook

Quick update - we completed the BRRRR and finished the refi process.

We ended up getting a $160,000 valuation on the appraisal and we’re able to pull out 50k on the cash out refi. After closing cost we walked away with approx 44k so we absolutely covered our rehab cost and are leaving little to no money in the deal.

COVID ended up helping us a lot actually as we got a lower interest rate on the refi meaning we will still have a $400 gap between our rental rate and the new mortgage payment.

We were expecting this first deal to be an experience building “single”, but it’s turned out to be closer to a triple/home run! We are pretty excited!

Hey Upstate Investors,

Just closed on a flip deal. We will be replacing kitchen cabinets during this rehab.

Who is your source for affordable cabinets and countertops?

So far we are getting quotes from:

- C&A Home Improvement

- Upstate Cabinetry

- Home Depot

We are planning to do white shaker cabinets and quartz countertops. We thought it would be simplest to use the same vendor for both cabinets and countertops.

Any thoughts you could share would be appreciated.

Thanks!

#Upstate #SC #Greenville #Spartanburg #Greer #Anderson #yeahthatgreenville

@Hamid Sedaghat - 10/4 that is understandable. Thanks for following up!

@Hamid Sedaghat do you lend in SC? I bought a property in Feb of 2020, completed the rehab and have a tenant in place. I am looking to do a cash out refi to pull out my rehab costs.

-Purchase price = 88,500

-Amount currently owed = 70,340

-ARV =$145,000 (NOTE - we have not gotten a formal appraisal, basing this off comps in the area)

-Lease= Signed 12m lease at $1125

-Current Monthly Mortgage = $617

-Credit score = 792

-City = Greer SC

Thank you! @Brian Briscoe

Thank you! @Jason Burr

@Christopher Reeder

Good idea, is there an easy way to add watermarks to photos taken on your Iphone?

I’ve never tried that before.

@Kyle J.

I had similar experience recently with scammers via FB marketplace. I listed my SFH on Zillow and FB. Had

tons of interest in both and ended up doing an open house to weed out of layer of tire kickers.

That said I did have scammers steal my photos from my FB Marketplace ad and advertise the rental for $200 less then what the actual rental price is. It was/is a pain in the butt to deal with.

My recommendation is post to through Zillow Rental Manager and Facebook groups in your area specifically dedicated to real estate sales and rental properties. These groups have a layer of screening in them to prevent scammers from accessing the group.

I won’t post to the Marketplace again due to the scammers and even though there was a significant amount of interest, they all seemed to be crappy leads.

Thanks @C Coley Mitchell and @SallyCade Holmes! 

@John Underwood - congrats on the flip! Have you owned property that since its last sale 1986? Seems like you might have gotten the best of both worlds. Long term rental income and massive appreciation over time. 

Thanks @John Underwood!