All Forum Posts by: Dustin M Prasuhn

Good afternoon BP,

What are some questions that I should be asking contractors when determining which contractor to use as part of my team?  What red flags do you all stay away from?

Thanks,

Dustin

I was wondering if someone could get in the weeds a bit for the refinance portion of the BRRRR process. My main concern is the seasoning period. Do all lenders require a certain amount of time? What will be required of me and my personal finances so I can get prepared for this? Thanks!

@Henry LiChi Thank you for your insight.  Definitely not a home run and my thinking was on the lines as yours...just get the deal done and gain that experience and education.

Good afternoon,

I am new and do not have any deals yet.  I have been analyzing properties for a couple of months and the numbers never seem to work (which is ok).  Now, I have analyzed a deal and the on the outside, the numbers seem to work out...only down fall is that there isn't much meat for cashout at refi.  

Here are the details: 

asking: $29,500 

arv: $ 52,300 

rehab: $15000 (very conservative) could be as low as $8,000

rent: $550 (occupied) / $550 (moving out at end of month)

My question is what am I missing? I've calucated in the closing costs, HELOC repayment, and bridge loan payment. It seems that there will only be about 5k on cash out refi after closing. I'm not as concerned with the cash out as I am with getting my first property under my belt. What do you all think? Any advise is greatly appreciated.

@Jayson Medhurst , I say that in the sense that all four are already occupied.  My guess would be that as tenants left that the spaces would need to be rehabbed.

There is a FSBO property I saw for sale that is a four family fully occupied bringing in $2,360/month. My assumption is that no rehab work would need to be done so I would be buying a turnkey property with a conventional loan. What are some suggestions to come up with some financing for the 20% down? Are investors still open to financing down payments with an appropriate ROI or can I do a first mortgage for 80% and a second for the down payment. Any advice is greatly appreciated.

There is a property I saw for sale that is a four family fully occupied brining in $2,360/month. My assumption is that no rehab work would need to be done so I would be buying a turnkey property with a conventional loan. What are some suggestions to come up with some financing for the 20% down? Are investors still open to financing down payments with an appropriate ROI or can I do a first mortgage for 80% and a second for the down payment. Any advice is greatly appreciated.