All Forum Posts by: David Taylor

@Tim Herman - Thanks Tim. So you are a hard stickler for the full 1%? Even with expected appreciation and ARV?

@Mike Roy Thanks! Financing we have been approved for 0% down VA & a 3.5% FHA 203K (which is our preferred to do the rehab).

The Water, Heat, Electricity, Garbage are tenant paid. It would be an Owner Occupied so I would do Snow and Lawn initially and then after we refinance/leave we have a reasonable source who would do both. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Looking at this property in MN. Do I take it down? 

Triplex with a Large garage - all four units rented at Market Value with a long line of interested tenants. 

$250,000 - needs $30K in Rehab - ARV estimated $320+ based on comps.

Would love to discuss! 

@Diana Muresan awesome! Thank you. At what point can you do a cashout refi (aka brrrr)? 

Thanks! 

Got it! So equity is the key. Thanks! 

@Steven Gesis

Is it possible to do the Brrrr off of a 203k? 

@Andrew Davis

“We are just about to put it up for rent. Even if we were only able to refi at 75% LTV, we'd still be able to pull out over $110k cash for re-investment.”

Did you have 100% equity when you did the cash out refi? Or is this something you can do if only a portion of equity. 

Easy example - purchase 100k house with 20k down payment. Rehab and new ARV is 130k. I now have 50k equity. Can I cashout refi JUST 70% of the 50k or 70% of 130k?

Thanks ! 

@Tim Herman thanks Tim. So to confirm can pull out 70% of ARV. Does it matter how much equity is in it? Or is it just purely ARV?

Example ARV is 224k with only 40k equity vs 100k equity? Can i still cash out 70% either way?

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Did I do a Brrrr right? 

Purchase property at 250K, add 30K in repairs. Estimated ARV is 320K. With the calculator when I go to refinance what would I input as my "new" loan amount be? If I'm trying to do the 65-70% cash out. Am I getting the new loan for all $320K or a lower amount as there would now be equity in the home? at 320 it still cashflows but just a little bit.

It's this one piece that is confusing me, but once I get it I think we are ready to move on our first property. 

Thanks! 

@Snehann Kapnadak

Good work putting it all together. Did you put this into the Bigger Pockets calculator?

How are you getting the seller to pay for so much (ie electricity)? Or did i misread that and you meant the tenants?

Thanks