All Forum Posts by: Briley Roe

I purchased a property that needed a lot more work then intended. Can someone tell me if this is a good deal?

here the numbers

144k, 2556 sq ft, decent area.

put 30,000 into remodel.

Annual cash flow, 1,737

cap rate, 7.82%

coc returns, 2.82%

monthly cash flow, 144

grm, 92.9

total roi, 16.26%

Not sure if I am doing good in real estate or not,  just want to find a way to make it.

I am interested in learning more for sure. How where you able to buy a house w a  cc?That seems like it would be a challenge.

https://www.zillow.com/homedetails/818-Derstine-Rd-Merkel-TX-79536/446777153_zpid/?

I have a trailer house for sale, but I have need the money out if it faster. I have another property from a family friend that is being sold  for 150k, and the estimated value is 340k. 21 acre road front property w 3/2 bath. It is a cash only deal. I want to find a way to get a revolving line of credit, or hard mony loan for this trailer house w 4 acres above. Anyone have any creative financing ideas?

I own 1 rental outright, I paid 70k rents for 1000 monthy. I am in the process of refinancing for 100k to purchase a second property. I am using a dscr loan. what I cant understand, is why are my closing costs so high. above is the numbers on the refi. Below are the numbers on the second property I will purchase with the refinance.

The second property will need 25k in repairs, and rent for 1350-1450 monthly.

1. Does property 1 with refinance seem like a normal refi cost?

2. Does loan 2 below,  seems like a good deal?

3. Are the closing costs on both of these two high?

I am currently enjoying my 1k monthly income with no debt, and I am nervous about leveraging.  

I bought 1 House out right, I am refinancing for 100k. had 1 renter paying 1000. using the refinance to purchase the second property, and putting renter for 1400. it will also need 25k in repairs. The closing costs without payments are around 27k

If any of you would like to reach out to me and assist me with these numbers, it would be greatly appreciated. Novice investor  previously only used cash.

my interest rate is 7.75, and 8.25. I will have 2 closing in the next 2 weeks. I am getting to the point of wanting to back out due to the 27k combined Closing costs, not including down payment. seems like a I should look into finding a new loan officer. I just don't want to waste my realtors time with backing out on 2 deals in 1 month

what would be a reasonable closing cost for a dscr loan on this amount. 

I am buying a property for 144k that appraised for 247. the property was lowered to this number after sitting for a year. needs 25k in repairs, and will rent for 1350-1450. The dscr loan is requiring 25% down, and 13000 in closing for a total of 48. I feel like the initial investment is a little inflated. Is it normal for closing to be 13k? and does this seem like a good deal? take into consideration I am getting a decent deal, and this property could Easily be worth a 100+ a sq ft within 5 years

property pictures below

https://www.zillow.com/homedetails/1072-Fm-126-Merkel-TX-79536/62562011_zpid/