All Forum Posts by: Adri Jusczak

Hi Ray! Great to E-meet you. I'm invest in the midwest and I'm happy to help if any investing questions come up! 

Hi Yeury! I usually get a solid surface countertop. Laminate is a cheaper option but you'll have to replace it often. 

Quote from @Jeyo Punnakottil:

@Adri Jusczak i think i am getting everone confused.. there is only one couple we are talking about

1applicant is a male

2nd one is a female.

Both came in a car to see the property so i assumed they were a couple but they are not,as their application says they are single. They are applying together but only the male qualifies and female donot. Both are currently living in 2 different apartments and want to live together in my rental.They both work at a same location. I donot know what relationship they have but that is non of my business. My concern is the female character .

The female potential tenant is the one with the bad rap from her previous landlord? If that’s the case, I would not let her live there. Even if you did a larger damage deposit, I’d still have a hard time sleeping at night because I would constantly be questioning what she’s destroying in my house! 

Quote from @Jeyo Punnakottil:

@Adri Jusczak My thought was to have the lease drafted in the 1st applicants name only with the 2nd applicant as an occupant in the property so even if they split the lease is with 1st applicant and he will have to pay rent no matter what.What are your thoughts on that?

That sounds like a great plan! If they tenants are fine with that, I would go that route. 

The first couple seems like they are the best option. I would add into the lease with something along the lines of if they split up, rent is still due. That might be a conversation to have with them, they both will stay on the lease if they break up and if only one stays in the property, the eviction process will fall on both of them if they fall behind on rent. I wouldn't rent to someone that left their previous place in bad condition- they'll do the same to yours. 

Josh- I'm in a similar position. My parents are my PML. I borrowed 59K from them with the plan of repaying after my first deal. I'm paying them 6% interest only payments. I wanted to purchase another investment and they didn't need the money back. They are making more money from me than if it were just sitting in the bank. I am constantly searching for my next deal so I don't refi with the bank and have to cut into my cashflow by paying the bank and the interest only payment. Depending on your private money lender, you might be able to work out a deal. Once I scale more, I plan on paying my parents back and using my funds from there. 

Thanks all! I'll keep my options open. Buying SFH with cash and refinancing has been a simple process so far, but I will keep funds available for the right MFH if it comes along. I have some lofty goals for 2022, but willing to put in the time and effort to make them happen.

Hi All- I am in the process of refinancing my 2nd BRRRR. I'll be getting a check for roughly 68k. My goal is to buy 4 doors this year and double that number every year until I hit 15K monthly cashflow. Right now I'm at $750 monthly cash flow. How is the best way to scale from here? I can buy another SFH cash potentially and do another BRRRR. If I were to get a MFH, I would have to finance that and then BRRRR. I'd like to get one MFH this year, I just don't know what order I should do it in. Any tips would be appreciated!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $66,000
Cash invested: $15,000

2nd BRRRR investment property. Just closed 12/6/21. I'll fix it up over Christmas and hopefully be ready for a refinance first part of the year and get tenants in there.

What made you interested in investing in this type of deal?

I had refinanced my 1st BRRRR and the appraisal came back about 10k higher than I had expected! I just used the cash from that refinance to purchase another property and keep the cycle going.

How did you find this deal and how did you negotiate it?

This was on Redfin. It had been on the market for a while and I came in with an all cash offer.

How did you finance this deal?

All cash from private money lender. I will refinance in January/February.

How did you add value to the deal?

I will finish half the basement, turning it into a 3/2. Also just cosmetic finishes around the house to make it rent ready.

Lessons learned? Challenges?

This is my first rehab while being out of state. It'll be an interesting process going forward!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My agent was amazing! Danielle Moldenhauer.

Investment Info:

Single-family residence private money loan investment in Albert Lea.

Purchase price: $55,000
Cash invested: $15,000

A small 2 bed, one bath SFH purchased outside of my normal market. Asking price was $69,900 but was able to get it for 55k due to it needing new windows and the owner was out of state and no longer living there.