All Forum Posts by: Cole Britting

@Guifre Mora Thank you for the example, it really helps. 

So I initially need the money to pay for these holding costs, but if the ARV comes in high enough I can potentially get my money back immediately from the refinance (seeing as though I can pay off the lender in full first) and possibly even net some extra. That makes sense.

Thanks again!

@Jacob Sampson Okay I understand now.

Thank you so much for taking the time to help me out.

@Jacob Sampson In my scenario I was having the private lender cover the entire purchase price including rehab. 

In this case, if I wanted to do a deal where I had none of my personal money invested, I would have to have in the contract with my lender that they pay these holding costs (utilities, taxes, etc)? 

What happens when I go to refinance my loan, and I do not get enough money to fully pay back the lender? What if I could pay off all the principal and most of the holding costs, but say I negotiated to have interest payed at the end of the loan and could not pay that back? Then it would have to come out of my pocket?

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How do the holding costs get factored in to a deal? When you use private or hard money to do a BRRRR deal, all these costs accrue (interest, insurance, taxes) when you are doing the rehab and unable to obtain cash flow. Who pays for these costs? Does the bank cover them when you refinance or do they come out of pocket?

For example, in my deal I have almost $15k in holding costs, but the deal comes out to say I am only invested in for $6,500 of my own cash even though the refinance will not cover all of my initial loan.

What am I not understanding about this process?

@Kelsey T. Thank you for the advice!

@Martin Neal Thank you for the insight! I appreciate you taking the time to help me out.

Hi all, I have a rookie question about renting.

So I have been living in a town in Southern NH all my life, until about two years ago when I went off to college. It is a mostly residential community, and I have never heard of anybody in my town that pays rent. Instead, most people seem to buy their house with a conventional mortgage. 

I have been thinking about different real estate strategies, and was wondering about buying a property to rent in an area like this. Do all towns have people that rent? Does it depend on the local economy and jobs?

I have been trying to analyze a few deals and have seen the monthly estimated rent on sites like Zillow even for houses in my town. I have some confusion as to how sites come up with the rental numbers in places where there are not many people that rent, but maybe I just have never met someone in my area that rents. I am wondering if I am wasting my time trying to analyze these deals or trying to find rental property deals if it is unlikely that I will be able to find a tenant. 

If anyone has some more information on this please let me know.

Hope everyone is staying safe!

Thank you Howard! 

Thank you Scott! I will be sure to reach out if I ever have any questions for you. I appreciate the kind words and support!

Happy Sunday All,

Here goes my first post on the forums!

I'm currently in my sophomore year of college at Fordham University, but due to the COVID-19 outbreak, all of my classes have been moved to online. Because of this I have had to move back home (Southern NH), and I think it would be the perfect time for me to dive deeper into real estate. 

I am looking mostly looking to work in wholesaling, but I am open to many other facets of real estate investing. I would love to offer my time to someone to help them further their investing career. 

If anybody has any tips or contacts for investing in the Southern NH or Northern MA area, please do not hesitate to reach out to me.

Stay safe!

-Cole