All Forum Posts by: DeAndre Mason
DeAndre Mason has started 15 posts and replied 33 times.
Post: Estimating rehab cost for a duplex
- Posts 34
- Votes 7
Quote from @Hieu Bui:
Can someone check my rehab estimate on this duplex?
https://youtu.be/7eoE9oaDEzM
This is a 2Br/1bd per side duplex, 1848 sqft.
The interior of one unit is very bad, but the other unit is fine. Each unit is 924 sqft.
From what I can see in the video, it needs new roof. The soffit, fascia, and some of the siding needs to be replaced. Exterior paint and interior paint. Vinyl Flooring. New vanity for bath room. Cleaning.
+Soffit and fascia + Siding replace: 3000
+Roof Replace: 5000
+Exterior Paint: 2500
+Interior Paint (1 unit): 1000
+Vinyl Flooring (1 unit): 2000
+Bathroom Vanity: 250
+Cleaning (1 unit): 200
Total Rehab Cost: ~14k
P/s: I'm in North East of Atlanta, GA
How much did it end up costing you, man?
Quote from @David Richins:
Quote from @DeAndre Mason:
So I’m in a bit of a bind, I have a duplex I’m house hacking we remodeled entire thing, new hvac, electric panels, electric main, updated plumbing, water heaters, furnace, install central air, roof. Two complete interior remodels, new retaining wall.
We bought for 200k I know there is a good bit of equity but didn’t get appraisal (~350k). The issue is I need a little capital due to another renovation but I can’t cash out refi the lender cause my credit took a dip just below 660. Now I have equity locked in and couldn’t qualify for a heloc due to credit as well. How do I solve this. I paid for the renovations with cash and now since my credit is 2 points below I can’t get money out???! Wtf.
It's a duplex that I have a primary Va loan on in my personal name. To do the cash out refi I want(leaving more cash in the deal than taking out) I would only have a $200 increase in the PITI. I also have a renter in there providing me income. But the lender won't refi me ?!
Hey DeAndre,
Were you able to get this taken care of? If not, shoot me a message and we can talk!
Post: Cash Out Refinance
- Posts 34
- Votes 7
I wonder occupy one side so I can’t do that unfortunately.
Post: Cash Out Refinance
- Posts 34
- Votes 7
Hello BP, I bought a duplex and renovated it too to bottom and now have it rented. I am looking to cash out refi however my current mortgage servicer has high origination costs to do the refi. I found a local broker that can do a 80-85% LTV for 1500 in origination fees which is much lower than current mortgage servicers price of 7500. My question is, is this the normal way of doing a cash out refi for a BRRRR and pay closing costs twice? Is that just the way the game works? My rate would be going from 5.625 to a 5.25 which is okay but I just money out to the deal primarily. I spent too much on the remodel so I will be leaving some money in the deal but am holding long term and the cash flow will be great once we move out of one of the units. Please let me know what I didn't think of!
Quote from @Clayton Silva:
Quote from @DeAndre Mason:
So I’m in a bit of a bind, I have a duplex I’m house hacking we remodeled entire thing, new hvac, electric panels, electric main, updated plumbing, water heaters, furnace, install central air, roof. Two complete interior remodels, new retaining wall.
We bought for 200k I know there is a good bit of equity but didn’t get appraisal (~350k). The issue is I need a little capital due to another renovation but I can’t cash out refi the lender cause my credit took a dip just below 660. Now I have equity locked in and couldn’t qualify for a heloc due to credit as well. How do I solve this. I paid for the renovations with cash and now since my credit is 2 points below I can’t get money out???! Wtf.
It's a duplex that I have a primary Va loan on in my personal name. To do the cash out refi I want(leaving more cash in the deal than taking out) I would only have a $200 increase in the PITI. I also have a renter in there providing me income. But the lender won't refi me ?!
If I am understanding correctly, this is a primary residence duplex with a VA loan and you want to do a cashout? If that is the case we can do that here
So I’m in a bit of a bind, I have a duplex I’m house hacking we remodeled entire thing, new hvac, electric panels, electric main, updated plumbing, water heaters, furnace, install central air, roof. Two complete interior remodels, new retaining wall.
We bought for 200k I know there is a good bit of equity but didn’t get appraisal (~350k). The issue is I need a little capital due to another renovation but I can’t cash out refi the lender cause my credit took a dip just below 660. Now I have equity locked in and couldn’t qualify for a heloc due to credit as well. How do I solve this. I paid for the renovations with cash and now since my credit is 2 points below I can’t get money out???! Wtf.
It's a duplex that I have a primary Va loan on in my personal name. To do the cash out refi I want(leaving more cash in the deal than taking out) I would only have a $200 increase in the PITI. I also have a renter in there providing me income. But the lender won't refi me ?!
So I’m in a bit of a bind, I have a duplex I’m house hacking we remodeled entire thing, new hvac, electric panels, electric main, updated plumbing, water heaters, furnace, install central air, roof. Two complete interior remodels, new retaining wall.
We bought for 200k I know there is a good bit of equity but didn’t get appraisal (~350k). The issue is I need a little capital due to another renovation but I can’t cash out refi the lender cause my credit took a dip just below 660. Now I have equity locked in and couldn’t qualify for a heloc due to credit as well. How do I solve this. I paid for the renovations with cash and now since my credit is 2 points below I can’t get money out???! Wtf.
It's a duplex that I have a primary Va loan on in my personal name. To do the cash out refi I want(leaving more cash in the deal than taking out) I would only have a $200 increase in the PITI. I also have a renter in there providing me income. But the lender won't refi me ?!
Post: Can’t cash out refi
- Posts 34
- Votes 7
So I’m in a bit of a bind, I have a duplex I’m house hacking we remodeled entire thing, new hvac, electric panels, electric main, updated plumbing, water heaters, furnace, install central air, roof. Two complete interior remodels, new retaining wall.
We bought for 200k I know there is a good bit of equity but didn’t get appraisal (~350k). The issue is I need a little capital due to another renovation but I can’t cash out refi the lender cause my credit took a dip just below 660. Now I have equity locked in and couldn’t qualify for a heloc due to credit as well. How do I solve this. I paid for the renovations with cash and now since my credit is 2 points below I can’t get money out???! Wtf.
It's a duplex that I have a primary Va loan on in my personal name. To do the cash out refi I want(leaving more cash in the deal than taking out) I would only have a $200 increase in the PITI. I also have a renter in there providing me income. But the lender won't refi me ?!
I have a potential property im looking at that is one side of a duplex and is 3 beds 3 bath (1500 sq ft) with potential for a 4th bedroom in basement according to realtor. The projected rents on the low side if I rented out each of the 3 beds individually would be $1800/month. The property is outdated but rent ready and I wouldnt have to immediately put anything into the property besides down payment. The caveat is that the the seller has owned since 2010 and has not replaced any of the mechanicals. Is the risk worth it? I do have another property with some equity if needed in a pinch where something went wrong but I dont want to cash out refi that property yet as rates havent went down and it has a 5.6% fixed rate. I also dont want to take out a HELOC because of it eating up my cash flow and end up being net negative. The Comps give the property a market value of 200-220 but they are selling as is so they dropped the price. This is an on market deal.
Purchase price: $170,000
Downpayment: 20% (34,000)
PITI: $955
Maint/Cap ex/Vac: $270
Gross rent: $1800
Cash flow: $1800-$1225=$575
I have a potential property im looking at that is one side of a duplex and is 3 beds 3 bath (1500 sq ft) with potential for a 4th bedroom in basement according to realtor. The projected rents on the low side if I rented out each of the 3 beds individually would be $1800/month. The property is outdated but rent ready and I wouldnt have to immediately put anything into the property besides down payment. The caveat is that the the seller has owned since 2010 and has not replaced any of the mechanicals. Is the risk worth it? I do have another property with some equity if needed in a pinch where something went wrong but I dont want to cash out refi that property yet as rates havent went down and it has a 5.6% fixed rate. I also dont want to take out a HELOC because of it eating up my cash flow and end up being net negative. The Comps give the property a market value of 200-220 but they are selling as is so they dropped the price. This is an on market deal.
Purchase price: $170,000
Downpayment: 20% (34,000)
PITI: $955
Maint/Cap ex/Vac: $270
Gross rent: $1800
Cash flow: $1800-$1225=$575