All Forum Posts by: Lisa Misuraca

Wow great !

I've  got Larry Loftis book in front of me right now.Its still relevant now.

I'm sorry maybe I'm missing something.If your getting a loan for the purchase price of 72,000 even with 20% down of 14,400, you'll have many other costs for getting the loan.Closing costs title insurance,escrow fees etc. In 6 months you'll have only made 5 or 6 payments towords the loan which will be mostly interest payments.If you wanted then to refi hoping for a higher appraisal of maybe 95,000 you still owe the 70,000ish to the bank which means you'll be asking for around 25,000 which would then also have closing costs appraisal loan fees etc.then you'd now owe 95,000 for the house.So you did all this for maybe 10,000.

I'm going through the same thing.Truely the only way to do it is with the units vacant.For instance how if the units only have 1 bath do you retile the floors,install new tubs etc.You can't leave them without a bath or toilet.How much do you intend to hike the rent?Or I guess you can do 1 unit at a time and move the tenants to the rehabbed unit if they are agreeable to your rent increase.In my instance my only choice is to give 30 day notice because my after rehab will be a increase in rents from 450.00 to 650.00.Not many tenants would be happy with that.

Yes thank you Brandon and Biggerpockets!

Sound more like what they call house hacking. You buy a fixer-upper that you live in with a regular 30 year loan.Fix it up to add value.Sell for more.Pay off the loan and buy another.With a home mortgage you only pay interest and principle until you pay off the loan.

I believe for the fifth you need to go to a portfolio lender.

Has anyone done this?I'm purchasing a multi where the tenants pay all utilities and There is not any landscaping. This property is in the desert, could I use the laundry grey water to irrigate the landscaping?

The concept behind brrrr is to buy with cash or buy really really well so when you go to refi your value is much higher than when you bought.Another example is your buying distressed properties which you rehab to increase the value this is how you get your money back out after you've added value.

Usually 2/1 are preferable adds up to higher rents and more stable tenants.But your area may be different single retirees or retirees in general on fixed budgets near amenities hospitals shopping etc.