All Forum Posts by: Conte Cuttino

Burst frozen pipes in my property, Im looking for a reliable plumber that can help. 

Appreciate it @Mohammed Rahman decided to sell and move on to the next deal with more knowledge. I decided to look into an official duplex or triplex putting 150K down that has value add with renovations and potential unit add but it wont have as much equity because it will be an on market deal. 

Quote from @Andrew Freed:

@Conte Cuttino - I think you are onto something. If you sell the property, a lot of the $107K cost will be eaten up in transaction cost. You want access to equity but you also want access to the full profits without safrificing it to expenses to expand your business. Are you able to move into the property and make it your primary residence? That will allow you to build the additional legal space further amplifying the value of the proprety (more HELOC money). It will also allow you to pull out a HELOC in the 90% LTV range since it will be your primary residence. You will be accessing a majority of that equity without having to pay transaction costs. Not sure your living situation but something I would definitely consider if possible.

I wouldn’t move into the house because I currently own in a better neighborhood close by.
Have they made it easier to get heloc’s for investment properties. I’ve heard David Green mention it in a podcast recently.  

if so does anyone know how much is the typically LTV you can takeout?  

Quote from @Andrew Freed:

@Conte Cuttino - I think you are onto something. If you sell the property, a lot of the $107K cost will be eaten up in transaction cost. You want access to equity but you also want access to the full profits without safrificing it to expenses to expand your business. Are you able to move into the property and make it your primary residence? That will allow you to build the additional legal space further amplifying the value of the proprety (more HELOC money). It will also allow you to pull out a HELOC in the 90% LTV range since it will be your primary residence. You will be accessing a majority of that equity without having to pay transaction costs. Not sure your living situation but something I would definitely consider if possible.

I wouldn’t move into the house because I currently own in a better neighborhood close by.
Have they made it easier to get heloc’s for investment properties. I’ve heard David Green mention it in a podcast recently.  

if so does anyone know how much is the typically LTV you can takeout?  

Quote from @Conte Cuttino:

Makes sense @Andrew Freed so say if we I can make it additional legal space, do you think the 107K left in the property for the return is worth it or should I sale and move on? 

I won't be able to make the cottage legal rental without living in the primary home myself.

Makes sense @Andrew Freed so say if we I can make it additional legal space, do you think the 107K left in the property for the return is worth it or should I sale and move on? 

Property is in C+ area but in a different School district that’s B-

If I sale I’ll get 30k profit after 9 months.

If I keep as a Long term rental I’ll have to convert the garage into a illegal 1 bed cottage at an additional cost of $35k leaving a total of $107k left in this deal after 70% refi and closing cost.
NOI: $49,536

CoC ROI: 16.57% / CashFlow: $1488/mo

Pro forma cap: 8.26%

Purchase cap: 11.79%

Check out breakdown below 👇🏾

https://www.biggerpockets.com/analysis/rentals/6c76954e-deb6...

***Update Here***
Should I keep Or Sale Gut Flip in B- area.

If I sale my new flip best I’ll get is 30k after 9 months.

If I keep as a Long term rental I’ll have to convert the garage into a 1 bed cottage at an additional cost of $35k leaving a total of $107k left in this deal after 70% refi and closing cost.
NOI: $49,536

CoC ROI: 16.57% / CashFlow: $1488/mo

Pro forma cap: 8.26%

Purchase cap: 11.79%

Check out breakdown below 👇🏾 
https://www.biggerpockets.com/analysis/rentals/6c76954e-deb6...

Quote from @Nathan Gesner:

Quote from @Conte Cuttino:

My advice is very basic: always hold a property unless you can sell and invest the money in something that provides a greater return or moves you closer to your goals. Only you can answer that.

 OHHH what a brain scrambler Nathan, just when i thought i was gonna sell you hit me with this lol. Thanks alot for the advice it really got me thinking. 

Hello guys

Reno got costly on this last BRRRR deal. I'm a Buy And Hold type of guy but the sale is calling me after running the numbers. FYI: If I keep I will be sidelined for 8-12 months until I can buy another deal. Selling I save 30k on the Reno budget resting in a 107k sale.

What you guys think Keep a fully renovate home for 66k in a C+/B- area or sell for 107k for the next deal?

KEEP

- Cash Flow: $664

- CoC Return: 12%

- Equity: $175k

- Total Left In Deal: 66k

SALE

107k profit

https://www.biggerpockets.com/brrrr-calc/1809608.pdf?c=17117...