All Forum Posts by: Ari Hadar

I strongly recommend you talk with Swanny..........He was very instrumental in advice on what to do to find good solid investro focused Realtors in Cleveland before I started investing out there.  This may rub some the wrong way but I actually did not find the realtor and lender on PM that I ultimately worked with here on BP.        

Believe me, I tried.

Currently looking to refinance a duplex and seeking any advice or opinions on moving forward with trying to decide on doing a cashout refinance or just refinancing the loan to a lower rate. Current rate on the mortgage 4.75% with a balance of 255K. The new max loan amount would be $276,500 so able to pull about 20K out. The rates and cost are below from the lender. 

2.875% = $5,575 cost

3.0% = $4,261 cost

3.125% = $3,085

3.25% = $1,585 cost

3.375% = $105 cost

Hi Guys/Gals

I'm ready to take the plunge to buy my first investment property outside of my current home which doubles as a short term rental. I want to go the route of the BRRRR method. I want to use a Hard Money Lender using monies from a HELOC of my current property as a down payment. My question is, should I find a HML that will work with me prior to finding the deal? My thinking is that I don't want to find a good deal and then have to hunt down a lender that will work with me. I'd rather have all of that lined up prior to so that I can close the deal faster. Does this sound like reasonable thinking?

thank you

Hey Guys

I'm looking to pull the trigger on my first BRRR this month.

I have a great agent, and will be filtering through deals.

My # 1 concern is the contractor as this will obviously be a bit make or break for the deal.

I'm curious what kind of process you guys use to pick your General Contractors?

Thanks

Cameron

Hey BP peeps! My name is Melanie and I am a realtor/investor living in Houston, Texas. I will be investing OOS in Cleveland, Ohio this year and I am looking to build my Core Four all-star team! My number one priority is cashflow to replace my current expenses and then I will shift my focus to appreciation.

Any recommendations for:

• Investor-focused realtors

• Lenders (hard money & conventional)

• Property managers versed in section 8

• Reliable contractors (not necessarily the most affordable)

All thoughts are greatly appreciated! I am headed there at the end of next month so I would love to meet in person. If there is enough interest I will organize a meetup!

I would like to add value to you in return, so if you have any questions about the Houston market I am happy to discuss! I have been a realtor for over 5 years and have invested here myself.

Thanks a million!

@Ari Hadar

Who cares about the garages and parking if the numbers are good! It’s all about the numbers. Anyplace will rent and quick for the right amount.

Know your criteria like the back of your hand and stick to it. Just deduct from the offer price until you are satisfied and if the offer is not accepted you still win. An accepted offer on a bad deal is a dud through and through.

24 yr old Cleveland based Agent/soon to be investor, bought my first rental in October.  I wanted to get some feedback from you guys to see if I'm on the right path to Brrrr, as I sometimes second guess my first deal...   Here are the numbers!

117,000 Purchase Price. (conventional loan)

133,000 Appraised value (before renovations) 

17,550 Downpayment (15%)

20,000 in rehab (still rehabbing) 

I bought in a very established/trendy part of Cleveland (Ohio City).  I could easily rent out my place between 1300-1500 making 300-600 passive per month.  Big investing goals ahead, looking forward to the feedback!

What is the ARV?

Here are some pieces of advise:

Call real references for your contractor.  Some who has done multiple jobs with them.

Come to Cleveland and check on the project.  Pictures can hide ALOT! (Assuming your are OOS)

Ask for as much detail as possible.  Include actual materials. Are you getting bottom of the barrel junk or items with good warranties and quality.  The price sounds reasonable for a big rehab but that’s assuming you are getting just about everything done, both interior and exterior.  

Make sure your insurance covers the property while the project is going.  

Get a copy of the contractors insurance and make sure they are registered with the city you are buying in.  If something goes wrong the city is going to be no help if they aren’t registered.  

I would negotiate more and smaller draws so that if something doesn’t go right you aren’t out as much money.

Get an independent inspector to check on the work.  Some appraisers will do this for a few, maybe you can try to find a property inspector who would do this for a reasonable rate.  

Good luck!

I tend to take a barometer from a number of different places. I use Zillow, Craigslist, and Facebook marketplace but I also have a premium subscription with Rentometer, which has proven to be really helpful. Not to be a sales pitch for Rentometer but the premium reports as pretty customizable. You can change the radius of the search, whether it's a house/duplex or apt as well as how far back the search goes.Nothing is perfect, but I think taking a look at a number of tools is helpful. 

Also, while I LOVE BP and their calculators have been really helpful, the rental estimator is not very helpful at all. It doesn't seem to have enough data to make an accurate assessment and it needs the ability to change more of the search parameters. Maybe BP should buy Rentometer and improve on it.

Then there's also other landlords. This can be kind of hard because some people get a bit cagey about telling rent prices, but if you know other landlords in the area, you can ask them what they're actually receiving in rent. These are my go-to tools.