All Forum Posts by: KJ D'Costa

I'm contemplating a buy, rehab and hold strategy for multifamilies (2-4), using private or hard money for purchase, cash for reno, then refi-ing and repeating the process. But I'm read several different rules about when you refi a rehab property - only with tenants, after six months, after 12 months. It's critical that I know how long I have to maintain the original financing before I can refi. So what's the actual rule?

Thanks!

 What's the best way to find multifamily deals, in your opinion?

Thanks Justin. The numbers are much healthier if I can get the house for at least $125K.

So this deal fell in my lap out of nowhere, but it may be too much for a first timer.

Sales price: $140k

ARV: $195k

3/1 1160 sqf

The place is a wreck. There is no surface that can be left untouched. Rains over the weekend opened a huge gash in the roof causing a bunch of a debris and insulation to fall into the one bathroom

So beyond the roof, there's flooring, new kitchen and bath, HVAC and potentially some foundation issues. 

After running the numbers, it would only make sense if I got the house for less than $120.

Would you run from this?

(Using hard money to purchase, cash to rehab).

Thanks!

 Hi Hattie. Sorry, I should have mentioned that we are very open to working with wholesalers. What's the best time to chat?

Yep, this thought occurred to me too. Find rentals that need work, mortgage for the purchase, cash for the reno, then refi conventionally and hold the property. Now I need to start gathering a list of lenders who can do that sort of refi with a new appraisal. And of course, find properties that meet my criteria!

Can anyone recommend a solid Realtor who has extensive experience in locating 2-4 unit properties and rehabs potentials?

The preference is for value-add multifamilies that have room for improvement and room for increased rents.

Second would be SFHs with rehab potential.

We'll be financing the deals with hard money, with the intent to conventionally refi (the multi-units) or sell outright.

Looking to establish a long-term relationship (wait, this isn't match dot com is it?) as we intend to purchase several properties over the next few years. Profitable for all involved.

Thanks!

Our long term strategy is to buy and hold multiple four-plexes. And 20-25% down seems to be the standard down payment required to buy a 1-4 unit property. Our thoughts are to rehab/flip homes to accumulate the funds needed for the down payments, as we don't want to touch our current capital (about 75k). 

Is there some other financing method that I'm not aware of?  I want to make sure I've uncovered all the possibilities, before we put our energies into rehabs?

Thanks for any guidance. (We're in Central Texas, btw).

Hey everybody! I've been lurking for a few months, but now we're (my husband and two very young sons) settled in Austin and want to launch our long-term buy and hold strategy (that may include initial flips in order to fund the purchase of held properties). I'll post details and questions in the appropriate forums, but just wanted to give a big hello to everyone. 

Our initial goal is to build a team of like-minded professionals (a kick-a$$ realtor, a private lender whom which we can cultivate a long-term relationship, and potentially a honest to a fault contractor and a real estate/tax attorney). So we'll be looking at local meetups and meetings especially. 

Happy to be here. Looking forward to connecting.

KJ