All Forum Posts by: Bradley LaBrie

Anything else that has worked for anyone? Thanks in advance!

@Christopher Phillips ok cool thank you I appreciate that!

Yeah I’ve worked out the numbers and I’m confident in the bones of the property because he bought it at the bottom of the market in 2012 and did a $40k rehab.

It’s a duplex. The positive cash flow is $410/month with out paying a property management company (I’m self managing it for now).

@Martin Lindsay no problem. Charlotte, NC is beautiful. Good luck!

@Christopher Phillips I appreciate that! I apologize for my lack of understanding but just to clarify I would become a partner in the deal and his name would remain on the title. And the bank will loan me on a conventional absentee loan and I will still pay him the 20% over the three years then he will deed it to me at that point?

Again I genuinely appreciate your help!

@Christopher Phillips Will a traditional bank/broker give me a conventional loan on that? His goal is to get a chunk of it up front for another investment.

@Martin Lindsay I’m speaking to both. Generally I’m trying to either do a cash out refinance or I’m buying as an owner occupant with low down and then force appreciating it to the point where the 20-25% needed to refinance will be covered as well as the closing costs.

If that is not the case, in my opinion, it isn’t worth it to refinance and I will simply buy and hold.

@Martin Lindsay I won’t speak for everyone but I base it on the cost of refinance vs equity I pull out. Or if I House hack will I still be able to refinance without putting any money down.

If you can do that without an extensive rehab even better! I would just base it on the cost of the financing vs the cost of the rehab to determine that.

I’ve got a former partner that wants to sell me his duplex. He’s willing to “gift” me the 20% down payment and to get the loan and then owner finance that 20% over 3 years to pay him back.

The problem is my lender says the only way I can get a gift of equity is by me buying it as my primary residence.

Has anyone done this before and how did they structure the deal without actually putting the 20% down? Thank you.

@Horacio Gutierrez The Book on Estimating Rebab Costs by J Scott of BiggerPockets is a great book to have. It may seem slightly geared towards flipping but honestly it has done wonders in my buy and hold homes too.

@Hai Loc awesome man thanks! My lawyer is currently looking for solutions I was just seeing if anyone had one