All Forum Posts by: Jared Threat

@Joe Villeneuve

Thank you for the reply

1- Yes I will be renting the upper unit for $1200. We still live in the lower unit and the mortgage on the property including taxes and insurance is $1004.00 per month.  Would CF= $196? If we were to rent out both until ($1200 upper +$1300 Lower) CF would = $1496? 

2. $1004.00 is the amount for just the mortgage. The monthly total for the rehab loans is $926. 

3. Original loan amount was $144k at 3.5% current balance owed is about 123k

4. All together about $52k ( 27k in the renovation, 25k to buy vacant lot adjacent to property)

My thought was to paydown some of the debt from the rental for a year or two and then try to refi or HELOC. Any advice will be amazing

Hi, Bigger Pockets family. Here is my Scenario 

My wife and I own a duplex that we bought in 2017 for 144k. We live in the 1st unit that was renovated and now we are about to finish and rent our upstairs apartment. The plan is to rent the 2-bedroom apt for $1,200 a month. I've put about $50k in renovations into the house from small personal loans Around 8-10%. The plan was to eventually get that money of out the equity of the house which ARV $230k. Taking out these loans for the renovations has raised my DTI to about 54% which might be hard for me to do a home equity loan (not including the projected rent). Looking for advice to pull max equity out to invest in more properties.

Current Loan $123,000 @ 3.5%

ARV $230,000

FHA Mortgage monthly (including PMI) $1000

Project rental income per unit $1200-$1300

@Erik Estrada Purchase price will be around $100k-$125k and yes we will be working with a licensed contractor 

@Matthew Irish-Jones Thank you for the advice. I've seen your trucks around on the west side. Would love to potentially connect if you have time.

Hi BP Family,

Been following the podcast and studying the forum. After doing research and building a small team, I think we are ready to start to align financing for our first flip in Buffalo, ny. Can anyone help me make a connection to lenders/investors that would work with a novice team?