All Forum Posts by: David Bull

The property is livable, but I am account for a pretty significant turn in 4 - 7 years of paint, flooring, and any miscellaneous repairs that the inspector could have missed since it was occupied. I am hoping this number is extremely conservative given that our contractors, inspector, and realtor walked it as well. 

That is accurate for ARV conservatively. We did 20% down and were upwards of 15% COC return. Accounting for 10% management, 5% vacancy (2 year lease locked in on tenant that has been there 2 years already..) 10% cap ex, and 5% maintenance. Tenant handles all utilities and lawncare. Made sure to check the ledger and T12 to ensure that the tenant was qualified correctly before purchasing the property. I have 9 loans currently so looking to do a conventional loan on my next depending on that process. I know they have a cap at 10.

We have also looked at using local banks in the area but those terms are usually 3 years arms to ten year arms and 20 year loans so it lowers cash flow significantly. 

Just got the second house in my current partnership!  

3 bed 1 bath house for 80k. Will need about 10k of cosmetic work and some minor plumbing. Interest rate is 6.3 and cash to close was $23,500.00 due to higher closing costs with DSCR loans. Gross rents are $1,250.00 a month and we have a two-year lease in place currently. PITI amount is $566.00.

Hopping on call with our realtor tonight to outline our next offer!

Started a new Partership earlier this year and got our first house within it. Purchased it for $65,000.00 and replaced the plumbing, floors, cabinets, and painted for 18k. It will rent for $1000.00 and is worth a little over $100,000.00. (We used our cash on this one and are using a dscr loan on the next one.)

Deal number 2 has already been purchased, and we are eyeing deal number 3 right now. 

What are your rates and fees for a 780+ credit score?

Does anyone know of any banks in or around the August Ga area that will work with out of state investors? Preferably with 30 years fixed loans? My partner and I plan to purchase 25 houses in the next 4 years.