All Forum Posts by: Alex Nein

I am currently getting out of my first deal as a flip hoping to net around $80,000.  We have found a Mixed-Use property for $200,000 on an off market deal.  Total SQFT of the property is $2178. The bottom floor is a barbershop in great condition and the residential property above is A 2 BR 1 BA.  Based on Fair Market Rent we believe we could get around $1100 for the residential space.  

However, we are trying to figure out what would be appropriate for the commercial space.  Where can I access information pertaining to commercial space rent/SqFt? 

Additionally, we are looking to put between 20-25% down. I am a loan officer myself and after checking guidelines on Conventional financing the property would not work Conventional. I have a DSCR investor but was curious if anyone else had ideas pertaining to the financing as the DSCR rates will be close to a 9% and throw the initial cash flow off a little. Any ideas for less money down or a product that allows for more seller concessions as DSCR is only 2%?

The property also has a detached garage - any idea on market rent for a garage/storage space. 

Thoughts?

Thanks Dave, love the feedback. 

BRRR definitely seems like the right path at this time.

Now it is just a matter of determining what type of asset to go after next!

Hey All! 

I am wrapping up my first fix and flip deal and am set to net roughly $100k. 

I am looking to scale efficiently towards the multi family space. 

Looking for advice on two things: 

1.) Maneuvering through a 1031 exchange and options to be able to extend the timeline. 

2.) Do I go big or go home on a bigger deal? Or go for multiple doors? 

Any feedback pertaining to similar circumstances please let me know. 

Looking forward to expanding!!