All Forum Posts by: Dominique Mitchell

@Todd Pultz

Those numbers sound great. I have already been approved by a hard money lender. They have been great with me, even though I’m a newbie. I will see about the zoning. That’s new to me I didn’t know it could change. And the building has been sitting so that just may very well be true.

Todd thank you for all of your great feedback.

So the spread is so big because we have not walked the property together. That’s just a rough estimate based on what he knows of the building. He has been in the building once before months ago for his own interest.

So I’m just doing rough numbers.

Condos wouldn’t work in my area. It’s a small rural town. With is why I wanted to try the USDA route, so I’m reading up on that as well.

@Jill F.

Thank you Jill for your feedback.

Pitching a business plan to a bank is also a route I wanted to try.

I know it’s a lot to take on

My contractor has not done any work for me yet.

No I have no experience with the building dept.

If you don’t mind me asking why do you not prefer hard money of full guy rehab? Is it strictly cost only?

Hello All.

I currently came across a 16 unit apartment building that needs ALOT of work. It will be a full gut rehab, my contractor is thinking around 300k-400k. The current sale price 65k. The building ranges from 1bed to 4bed. Average rents in the area are about 500 to 800 a month.

I am a new investor and want to know first should I listen to none investors when they say don’t bother with it?

Gross rent multiplier, if I understand it right could give me pretty good value on the building.

As far as financing I want to use a USDA loan, this is a rural area property. So it should qualify.

Or would a hard money lender be a better option?

I have a lot of questions, I’m just looking to get pointed in the right direction to start

Thank you all in advance.

Hello BiggerPockets.

I am a newbie hoping I have my first deal completed soon. I have a question about short sales.

The home I have under contract is a single family 3bed 1bath. Will be adding an additional bathroom on the main level. The seller wanted 99k and I offered 80k and my offer was accepted. I'm looking at a potential ARV of 160k- 170k, maybe a little higher with the additional bathroom. My contractor gave me a rehab estimate of 35k. I am using a hard money lender to purchase and rehab this deal. My plan is to refi into a normal mortgage and then keep it as a rental.

So the property is got to be a short sale. And we arestill waiting approval from the bank. My hard money lender wants me to go ahead and get an appraisal done. Is this normal? The bank hasn’t approved my offer yet. I would be spending a few hundred bucks for the appraisal. And if my offer isn’t accepted, I would be get an appraisal for no reason right? Again this is my first deal so I just want to be clear on this short sale process.

Thank you!!

Does anyone have experience with Prodigy Lending out of Houston,Texas?

I have been speaking with them, but I guess I just want to be certain they are an actual investment company and not a scam. They have a website but not much info on it. I’m just trying to be cautious.

Thanks you.

@Rashad K. Great job.

@Andrew Postell

Thank you. Your feedback is greatly appreciated

@Kerry Baird

Thank you so much for the feedback

Hi BiggerPockets

So I just recently got a HELOC on my personal home. I want to start BRRRR investing. I recently started working with a hard money lender and I was told that I would need to have my business as a LLC to receive funding with them.

So I used legal zoom and got everything squared away with getting a LLC.

Now I was wondering since my HELOC is in my name. Can I use that as prof of assets, and funding to help me with my purchase?

I would not be using it to buy the properties just with fees, and proof of funds, or emergencies. And to cover what the hard money lender would not.

Thank you for your help

Hello All, I hope everyone is staying safe.

So I was hoping to get some feedback. I am hoping to get my first BRRRR deal done. I will do a walk through tomorrow with my realtor.

Some of the numbers

Asking price-$20k

Estimated rehab-$35k

ARV- $80k-$90k

Rent-$700

So I will do a walk through tomorrow on this property. I’m going in with the mindset of no more than 18k for purchase price.

My HELOC I have will cover my purchase and rehab cost. Also all of the holding cost. I'm think I can put in a offer at 13k and get it accepted

During this process. What is it that I need to know to make my first deal go as good as it can. What should I plan for?

Thanks in advance