All Forum Posts by: Brandy Carrero

Hello! Looking for different refinancing options as I will like to refinance a current project once completed. I looked into using sprout and they’re charging about 11% to refinance which I think is pretty high.

Anyone know of good refinance companies with lower interest rates?

Thank you!!

@David Robertson wow! Thank you so much David. I actually considered walking through Home Depot prior to reading this. I have a pretty idea of how much toilets, floors, etc would cost due to my prior experience with owning my home. I do understand that I do not want higher finishes in a rehab as i will not get what I’ve put into the project, but suggestions on reading the book, using the templates, and calling sub contractors is very useful. Again, thank you so much for your response!

I’m new to investing/real estate but I pretty much know how to complete my proformas to ensure the investment is worth it or not, but I do not have a dedicated contractor as of yet. I’ve been going to showings for properties I’m interested in and I can tell what needs updates, but I’m not familiar on how to quote these repairs. Can someone send any useful tools/information?

Note: I do understand that this can depend on the contractor and their prices/resources. But if I can come up with my own first estimate - I think that will come a long way

Thoughts? Ideas? Suggestions?

Thank you everyone!

@Ryan Pozzi That’s exactly it! I’m a new investor myself so I struggle with these same questions, but what I’ve learned is everyone’s journey is different. Some come into this with less leverage, or better - it’s definitely about life style prioritization and what your goals are. If you want to be aggressive, then it may take living below your means but it’s a “sacrifice” for now, to enjoy your money later. Again, some of us work a 40hours + a week job and has money invested into our 401k for retirement, but some of us do this to have that retirement money because they’re doing this full time and have not invested into a 401k. Big take away, is that everyone’s journey is different so taking a look at where you see you and your wife in the next 5-10 years will be is important :)

@Chris Mason thank you so much! This makes total sense and actually what I plan on doing (option 2). I may need to request a new appraisal and have that information readily available. This was great information and once I provide it - I think I’ll feel more comfortable with what we receive back because I did my due diligence.

@James Galla I do understand and agree that we may have put in more money than we should have, but being as though this is our primary residence - we are ok with that, but the appraisal was most certainly lower than our expectations. Thank you for your feedback.

So we purchased a foreclosure using a hard money lender and completely gutted the home, remodeled it with high end finishes. We are now looking to refinance the home (it’s our primary residence). When we applied for a refi and appraiser came out, but he appraised our house using the same comps as in the area. The comps in the area are nothing comparable to our new home. We have quartz countertops, bifold aluminum doors (4 large open doors), beautiful new kitchen with crown molding cabinets, waterfall kitchen island, ancient stone wall in our living room, all hardwood floors, etc. they are comparing my house to houses with carpet, old cabinets/kitchen, etc.

Is this fair?