All Forum Posts by: Freddy Alban

Hello BP,

I’m interested to know from other investors how and when do you estimate the rehab cost?

I’m looking for foreclosures around my area and the property definitely need some rehab, but I’m not sure when to call the contractor to come take a look to provide me a quote. Should I do it before I submit the offer or after I have purchased the property?

@Kerry Boyle

Thanks for your response. I was wanting to wait until at least 3deals down the road to get an LLC because of the cost in keeping the LLC for just one property. Time to work on getting one and re run the numbers. Thank you!

@Kelly Claiborne

What’s stopping me is obtaining a loan. I have about 28k for downpayment on a property, but I can’t finance the rehab cost. I’m focusing on the Brrrr method.

Lenders want people with experience or an entity (private /hard money lenders) how do I over come this obstacle? I thought bout getting a conventional loan, but they won’t finance the rehab. Any way I can strike a deal with the seller so the rehab cost is wrapped into the mortgage loan?

Any seasoned investor that had experienced similar road blocks..can you please share you’re experience or advices?

Thanks!

@James P. Hill @Howard Handler Thank you so much for the responses. I'll be reaching out! Thanks!

Hello BP,

Is it possible to get a mortgage for an amount higher that the actual cost of the house? The difference will be for rehab. I understand some banks won’t allow this, but can I put it in the contract with the seller?

I’m having a difficult time financing a property that needs rehab even with excellent credit and 20% down payment.

Thanks for your feedback!

@Richie Thomas I know this post was 5 months ago, but I'm wondering if you were able to get the ball rolling in Jacksonville. I lived there while i was stationed in Camp Lejeune and I'm currently seeking to build a team in that area as well. Id like to connect and share feedback in this market. 

@Emily Howlett @Dennis Dailey Id love to connect with you guys. Can i reach out?

Hello BP Community!

Im looking for a realtor in Jacksonville NC that has experience with helping investors search for properties that have rental potential.

Any recommendations? 

PS: Any recommendation for PM, contractors will be greatly appreciated. 

Thanks!

@Daniel Shuler You're right! they don't last that long, but a stablished team can definitely benefit us in the near future. Please reach out once you're in the area.

@Zach Crews I will definitely be reaching out!

@Dominique Pradel-Lewis @Anthony Dadlani @Dmitriy Fomichenko Thank you guys for your feedback and warm welcome :)

Hello BP Community!!

Im a new investor from Charlotte NC. Im planning on buying and renting (SFR) for my first project, but will definitely get into rehabbing to force appreciation and refinance down the road (BRRRR). I've been educating myself on different strategies and the overall process for long term wealth and decided to put my plan into action. I'd love to connect with new or seasoned investors from the Carolinas that are willing to provide feedback, contacts and help each other out in this journey.

My first project it's already in motion. Im investing in Jacksonville, NC. and currently waiting on a response from the seller about my offer. its a 9% ROI

Looking forward in meeting the BP community!

Thanks!

@Derrick Allard I'm in the same situation. I've decided to go with the cash flow to begin with, but I'm sure as I develop the experience I'll be able to catch 10% ROI deals. Good luck!