All Forum Posts by: Denzil Dwelle

@John Hovanec  Thanks!  I might end up needing some opinions on how much fixin up to do to the place.

@Austin Hough  In general the numbers look good.  The cashflow for a 4plex is a little light - it depends on your need for cashflow and how much rent is appreciating in the area.  You are getting 100+ per door which is ok, but doesn't give you much wiggle room if rents go down.  I agree with @Victor Sarkisyan about the capex for a house that old, but it sounds like most major systems have been upgraded recently except for the roof.  I would be tempted to put the capex at the lower end of the range he suggested.

Thanks @John Underwood!

Hi,

I just finished my first purchase of a rental property. The property is in Greer, South Carolina, between Spartanburg and Greenville. Bought it with cash for $66k, and ARV is around $100k. Expecting to put in about 10k to rehab and then cash refinance. See if this BRRRR thing is all it is advertised.

Experience with Roofstock was ok.  I have had trouble getting documents from the seller through the intermediary, but the transaction itself was pretty smooth.  They (Roofstock) does the inspection, so you have to have some trust that they are reporting all that is wrong with the property.  Now that I own it, I am having my own inspection done, and I will report back if there are any major discrepancies.

@Michael Valencia Are there other multifamily units in the neighborhood? If there are, then going the teardown and rebuild seems to make sense. Look for help/advice at your local REIA (Real Investor group). You might be able to find a good mentor who has gone the rebuild route before. Does your GC do teardowns and rebuilds? Have they given you any numbers?

@Yvelt Lebrun  I would start with the Rental calculator to see if the home will cashflow once you move out.

@Yvelt Lebrun  What is your goal?  Are you house hacking and will live and flip or move out and hold onto the property as a rental?

Thanks @Trenton Miller.  I think I will have my own done.

Thanks @Wayne Brooks

Buying a house through Roofstock and they provide an inspection report.  Standard type issues which I can fix, so nothing worrisome there.  When I got the sellers disclosure, they marked almost everything as 'No Representation.'  Should I be worried, and walk away?