All Forum Posts by: Bryan Devitt

 If you live there the taxes are say $5k a year. If you have it as a rental (which must be registered with the city or they'll retroactively fine you) then you pay $15k a year  

I've heard of some cities having different taxes for multi family, but never a blanket rental policy. I have most definitely never heard of 3X! That is the most greedy crap that I never could have imagined in my life. This must be from the "tax the rich" people. The fact it is in a place filled with hotels and businesses that already pay high taxes is crazy. There is no way they are they short on taxes that it is necessary

Find a new lender, this one doesn't have a clue about what you're trying to do. 

I would be very worried about dumping $300k(+) into a property that won't be done for many months right now. What are the chances it doesn't appraise when it is done? What if the realtor missed something it and costs $150k and 6 months to finish? What do your carrying costs look like for that? How much has the area depreciated in the last 6 months? How much will it depreciate in the next 6 months? Is this a flip or a BRRRR? If BRRRR what will rates be in 6 months when you refi? I personally am not pulling the trigger on anything that isn't a grand slam for a BRRRR or a 2 month rehab on a flip. The market is too volatile to take risks when you don't have enough capital to eat $50k if you need to

I might be thinking outside the box here, but *maybe* it would be easier to find the people/companies who handle these loans and just send out some quick emails and they'll get back to you within a business day on what their requirements are. Google is your friend to find them 

Well, you start off with hitting the lottery. Then you buy a lot of apartment buildings that are value add. Take the biggest loans possible on them and just keep doing that until you have a jet. I don't know why everyone here hasn't done it yet. It is by far the best fast track to just being rich with minimal work and effort 

You do not and can not toss a general rehab number based on sq ft at houses. Each one needs different things and they're at different price points. I won't give the same number for a kitchen in a $200k house as I do for a $500k house. The sq ft price also doesn't matter because a 1500sq ft 3/1 and a 1000sq ft 3/1 will have roughly the same kitchen cost and the extra 500 sq ft is generally the cheapest part of the rehab with paint and flooring 

The market is too tight right now to find them easily. Just give it time and keep running numbers so when you do find one that works you can jump on it. If you're able to, find auction sites for your area. It is a lot tougher road at first and you have to attend a lot of them before you'll find one that works, but when you do, the numbers are much better than an MLS listing. This isn't possible if you have a standard day job though

With homes that small 1 bathroom won't make enough of a difference to justify that big of a price spread. Are either of them large enough to turn into a 3 bed? That is more important than bathrooms. 

Welcome Tracy, where are you in CT? There is a northeast group that I know meets up sometimes that are great to network with