All Forum Posts by: Chantelle P.

I've been reading David Greene's BRRRR book and have sort of accidentally been using elements of this method for years but have a new scenario with lots of moving parts and thought I would throw the variables out there and see if I could get some help from those of you who know much more than I!

Okay, so I own 4 rentals total, one is an SFR Airbnb here in SoCal where I live. It's been bringing in a nice income for the last 5 years (3-4K net monthly) and I have about 450K equity in it. I also have 3 rentals in Pittsburgh PA. The first one I bought a few years ago, paid 25,5K cash, put 7K in and ended up netting about 6K yearly. I recently refi'd that property and pulled out 20K to help fund 2 more SFR purchases in Pittsburgh. I used an additional 22K from a HELOC on my primary residence for the down and rehab, so that's a total of about 45K for down and rehab for 2 houses. I raised rents on the first one (purchase price 39,5K) from $550 to $775 and the second one (purchase price 44K) from $700 to $995. I used a commercial lender to do loans on both these houses plus refi the first house...all on a blanket loan.

So my question is should I try and refi my 2 new rentals into conventional loans? My current commercial rate is 5.4. Thant said, I don't have a ton of money in the deals and it's only been 4 months since I closed on these. I obviously wouldn't be able to pull much out since I only have 10K in each deal and I think they would each likely appraise for about 10-20K higher than purchase price. The comps are all over the map.

And the other question is whether its better to refi my Airbnb or take out a HELOC on that. There's about 450K in equity in this guy but I have a decently low rate on a 30 year fixed loan on it.

I want to pay off the HELOC I used to purchase these last to rentals (balance of 23K on my primary residence) and use the remainder of the refi or investment HELOC money to go and reinvest on another "cash" deal.

Hoping there aren't too many details here to make sense of all of this!

I'm on the brink of making this a more full-time endeavor, been listening to the BP podcasts on all my commutes and am just hoping for your seasoned input here! I love this forum and have learned so much just reading about other people's experiences. Thanks for your thoughts!! 

@Kwame Darko Well I'm still in process with closing on this one and still working with the lender to try and get them down. I did just close on another property and noticed that my agent's broker charged a junk admin fee of 295-. Origination and broker fees are the same thing so don't pay those twice! Good luck to you. Were you able to get your costs down at all? I payed 11% fees also, which just seems so high...I'm hearing between 5-7% is pretty standard. 

Thanks for your help Anthony. I'll take a look at HDH and PV to see about avoiding those junk fees! 

Hi All, 

I'm purchasing a couple of off-market properties in Pittsburgh PA and I was just sent these closing costs from my realtor. I'm purchasing this property for 44K along with another one for 56K. I'm also purchasing another place I found for 40K, all on the same blanket commercial loan through a lender referred to me by my realtor. I'm wondering if these costs look right? They seem high to me but I don't want to make false assumptions. Thanks for any help you can send my way! 

@Gary Swank I'm a new investor from southern California and me and my husband currently own one rental in Pittsburgh. I'm looking to purchase two more this year and was given the name of a lender there who hasn't returned my call. I'm looking for someone who can help find me find financing for another 1-5 units this year. We have capital for a down and plan to refi our current property there since I payed cash for that deal. Any lenders you know who work with out of state investors? Thanks for your time, Chantelle 

@Kathleen Ennis Wondering how this rental is doing? I'm looking at Lawrenceville myself and haven't yet purchased an out of state buy and hold. I'm thinking of flying out to PGH soon and just trying to gather as much info as possible! I love Portland and got the same impression about Lawrenceville having a similar feel via online reading and photos...hope to hear how it's going! 

Hi Derek, 

Do you still have this property. How much are rents in this area? And how about comps?

Thanks! 

Hi, I'm looking for wholesale deals in lower Lawrenceville PA and wondering if anyone 1. Has or knows anyone who's offering deals 2. Has any experience purchasing buy and hold properties there. 

I am from California and have a couple of properties here but am finding it's really tough to find anything this time 'round that will cash flow. I love what's happening in Lawrenceville with lots of new life being breathed back into older homes etc. Hope to make contact with someone out there through Bigger Pockets! 

I'm interested in this property. Can you send me more details to [email protected]. 

Thanks, Chantelle Paredes 

Hi Indra, 

Can you email me more details at [email protected]? I'm a newer investor from California and am interested in hearing more about this property.

Thanks, Chantelle Paredes