All Forum Posts by: Bhanu Kuna

@George Despotopoulos sure thing. I will check them out.

@George Despotopoulos I financed it with conventional financing. Based on everyone else's advice I think it's best to go with a SoFi Loan(or similar service) at this point

@Jimmy Lieu thanks for the response. Will hard money lenders cover all the rehab? Most lenders I've seen seen do minimum loan of 50k. I don't think my rehab will be 50k.

Hi Everyone!

Recently closed on my second investment property! My intent is to BRRRR this deal. I'm doing some research and trying to understand what the best way to finance the rehab portion. Would it be a personal loan from SOFI or a similar company? Or is there a lender who would pay for the Rehab and funnel that straight into the cash out refi?

Deal Facts(Located in Philly)

85k Purchase Price

40k - Rehab

170k - ARV

Expected Rent(Per Rentometer) - 1350

@Dan Powers

Hi Dan! I went under contract on a property in Haddington sight unseen and I'm about to close this week. No major road bumps so far.

I will add, however, that I had access to a very detailed inspection report. This was available because the previous offer has fallen through. This gave me a lot of confidence to move forward.

@Whitney Hutten thanks for the confirmation! I've already informed my lender I no longer want the discount points.

@Wayne Brooks thanks for the advice. That was my thought as well. It's about 1560 for 1.5% discount on a 68,000 loan. Even if I have to wait 6 months to refi the math would never work out.

Hi Everyone,

I'm in the process of executing my first BRRRR. I'm obtaining financing for the property and will then do a cash out refinance.

Should I be buying Discount Points on the first loan? To keep overall costs down it seems like something I should only buy when I refi.

Thanks,

Bhanu

@Victoria Pham thanks for the advice. Appreciate it. I'll try to match the quality of my build as close as possible to the 180k ARV comps.

@Damaso Bautista thanks for the advice. I'll take this approach and be as conservative as possible with all my numbers. I'm going to meet with the contractor this week I'll have a nice better idea of the numbers work after then.