All Forum Posts by: Juan Arango

I plan on finding private investors to fund the rehab. There is a decent amount of meat on the bone in this deal even if worst case senerio it goes over budget. Lets say I find 3-4 investors that want to invest 10k each. Whats next?

Thanks for the feedback guys. Cal C. I purchased my home in December with with an FHA loan. I doubt I have any equity. Bill Coleman both contractors came in around 26k so i figure 30 is enough just in case. J Scott I did put $5000 down and can you tell me more on a subordinate lien position? How does that work? I do have some family willing to help but they are not able to cover the whole rehab cost.

I Purchased a foreclosed duplex in central falls, RI For $60k. ARV on the low end is $135k. We Used a HML and With $5000 down he is ballooning all the fees and payments till we sell the property. Rehab costs are around $30k which I don't have. What do I do from here? Other than tapping into my inner network (family/friends/co-workers) how can i find private investors? What terms do i offer them? Do they go on the deed? What type of contracts do we use ?

Thanks guys,

Terryl can you elaborate on the save and deploy strategy??

Also how long did you wait to get into your second deal?

Hello Anthony, thanks for the input, much appreciated. You have definitely given me some great answers!!!

Hello everyone!!! My name is Juan and i am brand new to the bigger pockets community. I am newbie to the real estate game, but will be closing on my first 4 family unit November 25. The property is in Rhode Island and was listed at $269k. I was able to get it down to $230k including closing costs. I am using a FHA loan and used some of my 401k to put down the required 3.5% down payment. The first and second units are already rented with section 8. The third is not rented yet and I will be moving into the fourth unit. The section 8 apartments will cover the mortgage and expenses and the third unit will be cashflow. Everything seems good so far.. I would like to get into a second property as soon as possible, that's where i need more guidance. To refinance in 6-12 months with a conventional loan without PMI I need to get to 80% LTV. Should i use the profits to redo the bathrooms and kitchens to appreciate the property or use it to pay the principal down? Is paying for another appraisal the only way to know if i have built up equity? Is there way to avoid going thru the whole refinance proses to find out I still need PMI? Would i be better off saving 20% for the next mortgage and do a conventional loan? Im very thankful to have found a website like this one. The amount of information and education it has provided in such a short time is priceless. Please feel free to give me any advise/input/recommendations Thanks everyone!!