All Forum Posts by: Cindy West

@chris 

@Chris DeTreville Hey Chris, it’s right in Columbia,

@Greg Kasmer Thanks Greg, it looks like a major factor will be the renovation and not being boots on the ground. I definitely might try and partner up with someone locally!

@Justin Moy Thanks Justin for your input! Great point on distinguishing both budgets as one will likely be more of a challenge than the other

Hi all, I'm working on 2 separate deals that pencil out well but I'm not sure which to do. For reference, I've only got funds for one. 

The first deal is a  value add 7 unit (1/1) in South Carolina, B class with lots of upside and is seller financed. One thing to note is this isn't in my current market (NC).

Purchase Price: $625,000

DP: $125,000 + $40,000 in 15 months

Current Monthly Cash flow: $1175

Proforma Monthly Cash flow: $1900

Renovations: $80,000 (entire building)

CoC: 10%

ARV: $980,000

The goal is to increase NOI over the next 3 years and cash out refi in order to get my down payment out of it.

The second deal are 6 units across 3 duplexes in my town in NC, C class neighborhood. I'd be using a hard money lender & intend to refinance into a long term fixed rate loan. 

Purchase price: $390,000

DP: $64, 200

Current Cash flow: $628

Pro forma: $1483

CoC: 22%

Renovations: $15,000

ARV: $480,000

I appreciate any feedback!

Hi Bruce, I am new to investing in Ft. Myers as well. I just purchased my first rental in the area. Would love to connect!

Hey everyone! I am currently a law student at UM. I came across biggerpockets earlier this summer and fell inlove with real estate. I decided to jump into it by buying my first property and becoming a wholesaler in the last 4 months. Now I'm looking to gain practical experience through an internship. I have an interest in large multifamily investments and developments (residential and commercial). I have tried calling a few companies down here but haven't gained much traction. I am willing to do a variety of work with no compensation. I am also willing to work virtually if the opportunity is outside of South Florida.

Any suggestions or tips out there for real estate companies looking for an intern? Hoping this post could further connect me in some way!

If the property is no longer in probate you can wholesale it. If it is still in probate you can still wholesale it but you would need approval by the court (typically 2-3 weeks). Oh and make sure the person who is giving you the home has the authority to convey the property to you. That authority is called letters of administration/letters of testamentary.

Following this one. 

Thank you both. Is there a specific bank that specializes in VA loans that either of you recommend? @David Pere @Erickson Sainval

Hi everyone. I am new to real estate investing and have spent a little bit of time listening to the bigger pockets podcast, forums, and reading! I came to the conclusion that I would like to do a buy and hold strategy and focus on multifamily units. My goal is to start with a duplex, here in Florida! I have a few financing options and hopefully can get some feedback on these options. I have little money (10K) to start but I am committed to finding a way to make this happen. I have been prequalified for a VA home loan if that makes the analysis any different.

1) Buy a MFU with a hard money lender. Refinance 6-12 months later with a conventional loan. OR use my VA home loan to refinance (would love to know people's opinions on refinancing with a VA loan).

2) Buy a MFU with a 203K loan or a VA + VA renovation loan at the end of 2022 (due to the fact my apartment lease expires November 2021 & this would have to be my primary residence).

I am open to house hack but I am also fine with having tenants in the property.