All Forum Posts by: Su Pak

 Thanks. That will probably be the best place to share the story. 

Yes, feel free to DM. 

 Yes, it still cash flows. It would've cashed flowed more if I didn't run into my first shady contractor. Learned that lesson the hard way. His name is Dale Schenk. And I've been waiting to put him on blast in BP and tell my story for a while. 

Hi Martti, I've just completed my first BRRRR in Canton. I'd be happy to share my resources if you're interested. DM me. Good luck! :)

Good luck! Would love to connect! 

Thank you to the amazing BP community for their insight. Really appreciate it and will pivot based on the advice I've received. Special shout out these these guys for taking the time to respond: @Austin Steed@Nick Belsky@Nick Belsky@Nick Belsky@Nick Belsky

@Nick Belsky

Hi, I'm looking to refinance my Canton, OH (44714) BRRR property. Assumptions I provided to a mortgage broker is below. Below that was her response to a 30 yr fixed rate DSCR rates, plus origination and underwriting fees.

I would appreciate this community's thoughts on these rates, origination and underwriting fees. Thank you!

Assumptions:

Credit 720

Single Family Investment Property

Property Value: $120k

Amount financed: $90k or 75% LTV

NO Pre-Payment Penalty (not allowed in Ohio)

DSCR Ratio 1.25+

30 YR Fixed Rate DSCR:

• 8.250% with $2475 in discount points. P&I payment: $660
• 8.125% with $2148 in points. P&I payment: $668
• 8.25% with $1800 in points. P&I payment: $676
• 8.375% with $1462 in points. P&I payment: $684
• 8.875% with $0 points. P&I payment: $716

Origination Fee: $4500

Underwriting fee: $1395

 Thanks for taking the time to provide your input @Nicholas L. Just needed to hear it from someone. 

Hi, reaching out to the BP community about this one. What do you think about this deal? I'd appreciate any suggestions. 

3/1.5/1,056 sq ft SFH in Akron, OH
Estimated ARV: $130k - $145k

Rehab estimate: $30-40K

-  Entry Fee (assignment included): $22,000 + CC + TC ($12k of the entry fee goes to seller)
SUB2 Mortgage takeover details. Deed is transferred to the buyer's name.  Mortgage stays in seller's name but is paid by the buyer through a promissory note (aka contract)

Mortgage Balance: $102,000
Interest Rate: 4%
PITI: $531/month

SELLER FINANCE PORTION:
Seller Finance: $300/month to seller for 53 months (4.4 years) = $16,000
Total House Payment: $831/month (PITI + Seller Finance)

NOTE about CLOSING and seller: Seller would like to remain in the house until November 12th, 2024. He is waiting to be transferred into a nursing home. Buyer could either, purchase the house now, while seller continues to make all mortgage payments until he is out, as well as NO Seller finance payments to be made until seller is out. Seller would also only receive half of down payment at COE and other half after he leaves on Nov 12th. OR, buyer waits until Nov 12th to do the deal...

Any other ideas?

 Hi @Ricio Montes I also own a rental in Claremont, off the 10. I grew up in the area so I'm familiar with the demo and renting potential. I thought renting rooms out in the area had potential. I want to suggest MTR or STR. I get quite a few hits for traveling nurses looking for private entrance as one of their requirements. An ADU could be a great option and could help with cash flow. Good luck!

Thank you all for your replies. Love the BP community!