All Forum Posts by: Jim Cellini

Thank you so much!

Hello BP community. I'm looking to start my first BRRRR project on a multifamily in the south side of chicago (Woodlawn). I'm looking for general contractors as this would be my first BRRRR. If anyone would be willing to share contact info for a GC they would recommend (ideally have worked with before) I would be forever grateful. Thanks so much!

Will they work with 1st time rehab investors?

Hey thanks Chris.  Yeah, my loan would incorporate all of the rehab and purchase price of the home itself into one big, interest only loan.  That's probably where I'm making a mistake and getting confused.  So I should basically just make that the purchase price itself and set the "rehab cost" to 0, if I understand correctly.  

Thanks so much for your help and time.  I'm looking at the woodlawn/south shore area of chicago btw.

jim

Thank you very much for your reply Ned.

Hello BP members. I'm in the process of looking at properties for a BRRRR. One thing I've found is that my initial, subjective assessment of a good ARV winds up really not looking that great once I get to the end of my BRRRR calculation. That is to say, I'm losing money after the refinance rather than getting my initial cash back, or profiting. My question is for experienced BRRRR investors, which is - Is there a screening test you all use when looking at a property to determine if the property even has a chance of being a good BRRRR investment? More specifically, are there purchase prices and ARV numbers (ratios?) you look at right off the bat to let you know if the deal should be evaluated further?

I hope I'm asking this clearly.  Thank you all for any help and for your time.  

Hello all. This is a property I'm looking to implement a BRRRR strategy with in Chicago. It's a 2 flat that is in need of a gut rehab. I've listed the asking price and have run my own comps to helps determine ARV. Specific questions I have are:

1) I'm a little bit confused as to the "total cash outlay".  I can't figure out how the calculator gets to that number.  From what I can tell, with the interest only loan, 10% down, and closing costs, I don't get anywhere near the 140k or so the calculator is showing.

2) I'm not sure where on the report I can look to determine how much I'm gaining/losing after the refinance.  I'd like to have an idea as to whether or not I'm going to make or lose money after the refinance, and if so, how much.  I've watched some BP videos with the calculator but Brandon Turner seems to use a different version (maybe earlier version).

3) General thoughts as to the "goodness" of this deal, or not.  I know this is subjective.

Thanks so much for any help!

View report

*This link comes directly from our calculators, based on information input by the member who posted.