All Forum Posts by: Dominique Mitchell

Hello Bigger Pockets.

I am currently in the process of getting my HELOC.

My goal is to buy and hold rental properties. And also do some flipping.

But my question is. If I use my HELOC to purchase, are there hard money lenders that would lend for just the rehab portion?

Also what should I know when purchasing through Auction.com?

@Nick Ferrari thank you for the feedback. Great information

@Karen O.

Thank you for the feedback.

I am newbie ,But I saw it get listed in my area and thought, If all the numbers work, including the remediation and rehab.

Could I get opinions on this property?

Sale price right now of 12k. Potential rent could be 600-750.

Haven't got an estimate on rehab yet. But is this deal worth it. ARV could be 80-90k

I has been abandoned for a few years mold through out. Almost definitely redoing everything. I will try to add a photo.

Hello all. I’m a newbie looking working on my first deal.

I’m wondering on a property that is being sold “as is”. Can I do a contingency to get an inspector and my contractor to walk through before I go through with the deal. Or is “buy as is” exactly that? Or is it up to the seller?

There is a office building in my area. It is currently being sold for $150,000. New roof will be need. As far as The inside go I’m not sure. I do know whoever that the building has recently been occupied and not abadonded. The building is 5,942sf. The rentals rates in the area are $700-$900. I’m thinking of making the building into two bed 1bath units if the city allows. Big questions I have is. How does one typically go about turning a building into rental units. Average cost to do this. And what to expect when getting into with is almost like development?

Thank you in advance for the feedback

@Manny Cirino currently no tenants, the property is being sold as an estate sale.

The building is old, so there definitely can be some unforeseen issues. But as an investor I don’t want to shy away from what can be unforeseen. And miss out on what can be a good deal. I haven’t had the chance to walk the property with my realtor and a contractor. That’s my next big step. I’m continuing to do my due diligence. Thank you for the feedback

@Jerome Myers thank you for the feedback

@Eric Mielke

Thanks for the feedback, I have not yet ran the numbers on bigger pockets but, I will tonight.

I’m hoping for at least $150 cash flow per door myself. Which is a number I think will change once I’m establishing and have a understanding what works for me and my business in my areas of investing

@Taylor L.

Thanks for the feedback. I definitely will be aiming for the 1% or 2%. Both I think would be pretty realistic with this property.

My calculations are based off of rough estimates from a expert. He didn’t do them his self I did. I just have a draft of what his estimates are vs state estimates. Again I’m not expert so I know my numbers are just rough estimates. I do plan on walking the property with my realtor and a contractor for more accurate numbers.

So with a three unit I should bother with cap rate? Also should cap rate in rural area be higher than city?