All Forum Posts by: William Rutledge

@Pat Heidingsfelder

I currently have two properties in the Diamondhead Area. Inventory is very limited and most are properties are being sold to retail buyers. Hard to make those cash flow with the HOA Fees, taxes and insurance cost.

Would like to chat to discuss the Harrison County Area for possible BRRR Properties. My plan is similar to yours, want to find properties that need to be rehabbed, and pull my cash out for the next deal.

Looking for contractor recommendations on the Mississippi Gulf Coast. I currently have two rental properties in the Diamondhead area and am looking to expand into complete rehab with the BRRR Method. Would appreciate any referrals that are experience working with investors.

@Simon S Marthinsen

Thank you for the contact.

@Simon S Marthinsen

Would you share what credit union you found that is offering those down payment percentages and rates. I am investing on MS Gulf Coast.

Thanks

Just put a newly remodeled townhouse under contract from a motivated seller. Seller bought the property as a rental and did a complete rehab with in the last 6 months. Due to the Covid-19 lockdown they were not able to find a tenant and just wanted to get out of the property. We already own one townhouse in this development so quickly jumped on this deal when my realtor called. Purchase Price 120k, Current Value 150k. It also came fully furnished. Have a tenant ready to move in once we close on a 1 year Lease at $1400/mo utilities included. Monthly cash flow is $325/mo and COC Return is 10%.

Time to start looking for the next property.

I am looking for advice on where I should look to establish and Unsecured Line of Credit.  Goal of this project is to have enough cash available to make all cash offers and quickly close deals.  Lost out on one last week due to not having enough cash to quickly vs getting a mortgage.  

All advice is appreciated.  

Looking for advice to streamline my Real Estate Plan and purchase of next property.

Situation: Currently have two rental properties. Property 1 is a SFR cash flowing $400/month with a conventional mortgage of 50% LTV. Property 2 is a Vacation Rental Townhouse with cash flow of approximately $200 with conventional mortgage at 75% LTV. I have access to 200k cash and an 85k HELOC. Conventional financing is not a problem thanks to high income and great credit score. I am looking to build my equity position more than need cash flow. I also "Do Not" want to actively manage property. My thoughts are to keep buying property for the next 5 years and then work on paying down debt for that 5 years after that. 10 Year Plan buying 2-3 properties a year would put me at 10-15 properties at end of 5 years. I also consider cash on cash return a very important measure of my investing success.

My question: Should I stick with conservative SFR or jump to MFR with higher cost and greater returns.

@Brandon Metzler - I am interested in information on Multi-Family Properties that are turnkey and provide good cash flow.

Thanks for the responses. I appreciate the input on my investment plan. My target SFR are homes with an ARV of between 75k - 90k that should rent for $900 - $1200 a month.

Hi BP members, my name is Brad Rutledge.  I am new to Bigger Pockets and am looking for a mentor to provide some guidance on my investment plan.  Questions, SF or MF and my financing approach.  

Key facts of my financial situation. No debt except Primary Mortgage, HELOC - 100k available, 40k cash, 700+ Credit Score.

My plan is to flip 4-6 properties per year for profit of 20k minimum. Also would like to buy/rehab/hold 4 rentals per year with ARV of between 60k - 90k at 70% MPP including all costs.

My plan is to set up LLC to hold title and pay for the property in cash using the HELOC, then to put a Commercial Loan on the property to coverage purchase price and repairs.

Thoughts...