All Forum Posts by: Amit G.

Thanks @MJ Edwards!

Thanks @Jorge P.! I actually got the condensed appraisal done right after I finished and tenants were in place, so was expecting it to be in the range it came to be. I think that was a good move, as it took the stress of the unknown away!

The bank is investor friendly and I didn't compare shop a lot!  I have it refinanced at 4.5% for 30 year.

Thanks @Randy Dickerhoff!

@Michael McManus It was a mix of HELOC (50%), Private loan (20%) and some of my own money (30%).

Thanks @Nick Deutsch!

@Account Closed It's 6 months for residential refinance, but I think there is no seasoning requirement if its commercial.

Totally agree @Michael Noto

@Michelle D. I am glad you asked that and I'll be happy to share with everyone. So the short answer is No, I wouldn't have! At the time of buying, the comps that were given to me by realtor were at $140k, so of course I did my calculations based on that: 81k (acquisition) + 25k (rehab) = 106k which is 75% of 140k and was ideal candidate for BRRRR strategy. I wanted to get things done the right way so overspent on rehab, but it was essentially a major rehab.

So with my second project, which is a 5 unit Multifamily, I am starting things the way it should have been. I have clearly defined Statement of work for my contractor that we both agreed upon.  I also have detailed price listing based on SOW from my contractor.  I hope this time it is closer to +/- 10%.

Thank you! @Amy Kendall @Kurt Phillips @Victor Hill @Account Closed

Thanks @Brenton Way!