All Forum Posts by: Kamil Smith

@Chris Mason

This was a situation I came across a while back. Probably a better flip than rental though.

Let's assume the property's ARV is about $330k and purchase plus renovations total about $250k (refi amount), which would rent for about $2100/mo. Also assume PITI would be about $1800 (+capex and maint, vac). Small cashflow or breakeven but in a good neighborhood not far from the new Antioch BART.

Am I missing anything?

@Jerry Padilla Ok I'm going to talk to some lenders and see what I can do to get my foot in the door. I'm trying to figure out how to obtain a buy and hold rental but it's proving difficult with my <$40k income. Thanks, rate and term sounds like a good fit

@Chris Mason Thanks that is some great info! I have no debt whatsoever, good credit, and a decent savings with about $38k income. With that info, how much refi power would you estimate I have? Just so I understand, with rents being 2000,($2000x.75=$1500/mo) I add $1500/mo or $18k a year to my income?

@Alex Saleeby thanks for the suggestion! I'm definitely going to look into that

I just want to be familiar with this process before I start taking any of my next steps.

If I were to purchase a property via hardmoney then rehab to set up as a rental, how does the refinance process work? Is the refi based on the deal itself (how much equity is left) or is it the same as getting a regular home loan (Based on my personal income and DTI ratio)? The current deal I am analyzing would have about 20-25% equity after rehab

The problem I'm having is that my current situation won't support a typical loan of this size. If anyone can offer some insight from personal experience doing the BRRRR method that would be great.

@DG A. I know I'm a little off topic but I have to ask, how did you get a 3% down mortgage with no PMI?? I've never heard of such a thing and am curious.

Thank you @Paul Timmins this is some really good advice that I can act upon. I plan to attend some REIA meetups in the coming weeks and I have yet to look into HUD properties so I appreciate your input.

@Chris Mason Welcome to you as well. I'll make sure to keep you in mind if I ever need staging services

@Jason Saenz Hey good luck to you as well with investing in California! Good to know others are in the early stages in the Bay Area as well

@Jo-Ann Lapin What do you mean by tree return? Sorry, I've never heard that term before. Thanks for the advice!

@Ayodeji Kuponiyi  thank you and yes, I will continue to read and gain knowledge. I am on here almost everyday as of recently