All Forum Posts by: Dan Sto

just used hard money. virtually the same as cash. of course, not quite as good or as easy but with the right HML you can close quick without much hassle

Have no idea what hard money is haha. I assume it's loans from private investors?

0 Votes

Quote from @Bob Reinhard:

As to only 1 point, having reno experience is not the same as doing new construction ... at least from a lender’s perspective.

Already spoke with a lender. They just said to keep invoices/receipts from renovations to help with appraisal.

0 Votes

Quote from @Nathan Gesner:

Looks nice!

You could purchase with a hard money loan, finish the renovations, then refinance with the bank and pull out 75% of the equity. If you buy it for $145,000 and put $25,000 into it, that's $170,000 spent. If it appraises for $200,000 then you could pull out $150,000. If it appraises for more, you can pull out more.

Time to start talking to a lender!

Thanks Nathan!

Our offer got accepted. Yay!

My first investment property.  

I was just worried if I put up my own funds if I’ll be able to get them back without selling.

Will update how it’ll go soon!

1 Vote

Here's an image of the property.

0 Votes

So I'm looking at the property, very old, needs work, but owner is currently living in there. 4 bedroom (debatable), 1 bath - 1350sqft.

Needs new roof, new kitchen, leaking basement, etc. Needs at least ~$25k in renovations, willing to do most work.

Asking $145k

However I spoke to city planning and they're saying I can subdivide the 1 acre and potentially build another duplex on the other 1/2 acre.

Agent says I can rent out for around $1,500 after renovations.

Have experience remodeling, would do most work myself. Would be my first property.

However seller wants cash...

Would you do it? Why/Why not? And can I get equity out later, to build the duplex?

0 Votes

All Forum Posts by: Dan Sto

Dan Sto has started 1 posts and replied 5 times.

Post: Potential first rental property - 1350 sqft, 1 acre, 84 years old

Post: Potential first rental property - 1350 sqft, 1 acre, 84 years old

Post: Potential first rental property - 1350 sqft, 1 acre, 84 years old

Post: Potential first rental property - 1350 sqft, 1 acre, 84 years old

Post: Potential first rental property - 1350 sqft, 1 acre, 84 years old