All Forum Posts by: BJ Everson

Are you wanting to BRRRR the multi-family as well? If so, you probably dont have enough for down payment plus rehab $$ for a multi-family. $30k is a decent amount to work with on a SFH if you are buying at or below $100k acquisition cost.

@Noah Wood You can look at a hard money lender (I use ReCasa Financial), but with only $10k in repairs their points they charge might not be worth it, but something to consider. I also know of Huntington offering a Hoe-Style Renovation program that is also open to investors. You might need to ask around at Huntington as not all employees know of the program. But they offer a loan for purchase and rehab up to 85% of future ARV and require 15% down at closing. From what I've heard though, they will not put the loan in an LLC's name. Good luck!

@Bruno Demir agreed. And I've had tenants say they are going to come when I setup a time that works for me and no show. So leaving it open to them for when it works for their schedule and your contractor will be there and doesnt mind almost gets the house shown more. But I think this only relates to a certain level of rental/tenant base. This worked for me with lower/mid class tenants. 

Can you tell your HML that you plan to submit your offer on the property 2-3 days from now so they can order their inspector?

Other risks is that you get your offer accepted but due to valuation by the HML they could say no and you now have a contract you need to execute with no financing in place. Or the HML might not provide enough for the rehab and you dont have the $$ to cover the rest yourself.

I've done both (had potential tenants go through pre/post rehab completion) and had mixed results. I waited till the rehab was mostly complete so the tenants could see what they were getting as far as a finished product goes. With that, doing showings was easier for me as my contractor would be there working and would let them in to take a look around. All things considered, it worked out fine. 

I have also waited for completion and didnt get a qualified tenant for 30-60 days, leaving me with that as vacancy costs and that hurt. 

I believe ReCasa Financial does business in IN like they do here in OH. Message me if you would like to get a direct contact there. 

I've been heavily involved in the OZ program and think it'll help inject capital into the areas that need it most. You have to have capital gains that you are looking to avoid/defer paying in order to benefit from the program. So this really isn't a beneficial program for the normal REI. If, however, you have a portfolio or large multi-unit you are looking to sell then this would be a great program for you to get into.

Please DM me if you would like further details. 

I've been heavily involved in the OZ program and think it'll help inject capital into the areas that need it most. You have to have capital gains that you are looking to avoid/defer paying in order to benefit from the program. So this really isn't a beneficial program for the normal REI. If, however, you have a portfolio or large multi-unit you are looking to sell then this would be a great program for you to get into.

Please DM me if you would like further details. 

I've been heavily involved in the OZ program and think it'll help inject capital into the areas that need it most. You have to have capital gains that you are looking to avoid/defer paying in order to benefit from the program. So this really isn't a beneficial program for the normal REI. If, however, you have a portfolio or large multi-unit you are looking to sell then this would be a great program for you to get into.

Please DM me if you would like further details. 

@Brandon Sturgill @Mason Traylor First mention of Opportunity Zones Ive seen on BP! I've been heavily involved with the OZ program and it should make pretty large movements in low-income areas in the years to come. The reason for the slow start is that the IRS finally released further guidance on the program in late Oct/early Nov. And even that still needs further clarification. But I have been looking into OZ areas to be ready for the influx of investment that it will bring.