All Forum Posts by: Dung Nguyen

Hi BP community!

I am looking to get more information from someone who may have already done this or knows anything about the experience of building a new home starting with just some land. I plan on purchasing a plot of land to have a house built but I have never done this before. I'm not sure where to start or what the process entails and if there's anything I should watch out for or not forget to include. Roughly how much am I looking at? What is the process of buying land? What is the process of building a house from scratch? Any advice or tips would be greatly appreciated! Thank you

Hey BP community! 

I have a bit of a dilemma that I'm hoping someone can shed some light on for me. I have 100k+ in equity in one of my rental properties but due to the pandemic my income suffered quite a bit. I am having a tough time trying to refinance to get access to my equity in order to use that to finance my next rental property. Any expert advice please? Thank you!

@Andrew Kougl thank you !. 

@Andrew Kougl I know I originally said that I would be offering 22k over but we ended up submitting an offer only 3k over the asking price. As for ARV I am not sure. So basically I'll be doing a house hack for 12 months with this property. The tenants are on a month to month lease and are willing to stay knowing that rent will be increased as renovations are made to the property. My real estate agent who grew up there and whom also rents out apartments in the area confirmed that market price rent is 1200. Going into this property, my goal is to renovate and get rent up to market price while living there, so I am not expecting cash on cash return right away but I know that in 12 months this property will bring back 3600 in rent income. Minus the expenses I am looking at 800+ in cash flow. As for maintenance I am not expecting much needs to be done because a lot of big items are new or have been replaced before purchase. By updating each unit maintenance will be minimum. What do you think? Still a decent deal or do you think it makes sense?

@Jonathan Oh

Interest rate 3.125. apr4.187 principle&interest $1430 real state tax321.58 insurance 125. mortage insurance 230.24= $2,097.91 water 175(could be lower cuz of coins ops in basement ) vacant 5% 150 cap5% 150 maintenance %150= total $2722. down plus Reno all in 30k. Its in a b area apartment around there go from 1150-1300. first floor owner family member at 800 third 975 long term tenants situation. second floor vacant. cosmetic update only. place is not turn keys but in good shape. once all rent meet market value at 1200 each = 3600-2722=878x12=10,536/all in (25k-30k=0.3512CoC is my math wrong ? still new to investing help me understand where my math is wrong. asking number is 310k my offer was 340 8k back. But after posting original offer submitted my agent came back to me to revise our number at 320 7 k back for closing cost of we only offer 3k over asking price. but all the number is from my lender running it at 340k. @Johnathan Oh

Thank you @Todd Pultz

@Grayson Spittel thank you 

@Matt M. care to explain ? how is it a bad deal ? are my number wrongs ? 

Congrats @Brian ellis keep it up !!!!