All Forum Posts by: Darrin Smith

Hello all,

I have tried to use the Bigger Pockets BRRR calculator but not quite confident that I am using it correctly. Can you help me to determine if this would be a good rental or not with the information given:

Purchase: $75,000

Rehab: $10,000

ARV: $120,000

Taxes: $1,663

Insurance: $1,000

Initial Hard Money Loan details: 11% 3pts @ 70% LTV

Refinance in 6 months at 8%

Rent $1,200/Mo gross

Water: $100/Mo

5% vacancy rate

5% maintenance

No Property Management

Thanks for any help everyone can contribute.

thank you

Hello all,

I have rehabbed a good amount of properties using Hard Money and always have to come out of pocket for points, closing cost, etc. As far as Private Money I have not found that one lender who has more than 30k to lend at once. However I have several private money people who are willing to lender 10k, 20k, 30k and I feel like I am able to put that to use somehow.

I have never truly done a "no money down" deal as far as rehabbing goes. I am thinking that I can use these small amounts that the private money people have to cover all points, closing cost, and any down payment required.

Does anyone have experience at doing both PM and HM on the same deal? I am assuming HM will be in 1st position and PM in 2nd. If not, how is this structured? Can someone please explain. Will the Hard Money Lender allow a private lender cover all closing cost? Will title company have a issue with this? The money with the private lender is documented on a promissory note and handled by title company?

Thanks for any help anyone can provide

Hey JJ,

I am a rehabber in PG county also living in Upper Marlboro. Let's connect.

thanks @Jeremy Pace

Hello everyone,

Are there any lenders out there that lend in the lower end area of Baltimore where ARVs are around 75k? Look to buy a few rentals and refinance after rehab & renting. Pretty good credit and income. Any recommendation are appreciated.

Thanks

Welcome! I am a local investor here in Upper Marlboro. Have a few rehabs on the market now and if you ever have any questions I'm here!