All Forum Posts by: Kimberly Kim

@Henry Lazerow That's the hope and goal! What would have made the deal more ideal for it to be a BRRRR in your opinion?

@Jaron Walling Haha experience, and equity I guess. Yes, I agree. A MUCHHH lower PP would have helped. And realistically, I was thinking $70K for rehabs. But for now.. too big of a project for me! Time to look for more.

@Ricardo Hidalgo Got it. Thank you for those numbers. I don't see those rent numbers happening in the area at all so it's a no-go. 

@Jaron Walling Yes, I don't want to fall for the trap with all the high numbers. He hasn't really given me any other comps so I have to do my due diligence and analyze them, but since it's so variable, like you said.. it may not be comparable. Esp with me being new, I don't want to do fix and flips. That's not my lane, but I am more into BRRRR strategy for long-term rentals. Thank you for your insight.

@Account Closed I was also thinking about that and how it doesn't meet the 1% rule. The PP is negotiable, maybe not necessarily to down 160K but I think I was more sold on his estimated ARV. Property taxes here are high.. around $7000 for that property. Thank you for your feedback.

@Leo R. Thank you for your knowledge. The numbers are not bulletproof. I think it's more of my desire to have some skin in the game rather than playing from the side lines and being in the "analyzing" phase, although very important. The comp he sent me (sold for 360K) was sold 5 months ago! Yes, I agree.. totally different now. Overall consensus sounds like no deal! I so appreciate the insight.

Good Morning BP Fam!

This will be my first BRRRR property, but I was wanting to get some feedback. I met an agent randomly who is also an investor. He showed me a 2 BR 1 BA house in Beacon Hill, San Antonio. PP 196K, saying it needs ~50K rehab, ARV 375K (to me this is high but someone please vouch), average rent ~$1500-1600 per month. I would convert it to a 2 BR 2 BA. Would this be more of a BRRRR or if it doesn't rent out, maybe I could do a fix and flip? What are my possible exit strategies if it doesn't work out? (This is fear kicking in). Deal or no deal? What are your thoughts? Thank you! <3

@Alejandro Mendoza Hi Alejandro! I am looking for a flooring and possibly foundation guy. Any recs?

Hey all!

I was wondering if anyone had any good referrals for a subcontractor in San Antonio, TX to do some minor rehabbing?

@Basit Siddiqi I think I remember reading about the partial exclusion! Hmm does the Covid pandemic count as an "unforeseen circumstance?" I will definitely look into this. Even a little bit will help. Thanks Basit!

@Dave Foster Thank you for your knowledge! 

@Dave Foster Good evening Dave, thank you for your response. 

1. I have thought about just staying until May 2021, but I will have paid nearly $14K towards my mortgage during those upcoming 6 months. He owns his own house which has a slightly higher mortgage payment than mine in a much better neighborhood so we are just trying to get rid of the two monthly mortgage payments. Since $9K is a good chunk less, my thought is to opt for that route. I feel more inclined to sell now since I do not plan on being there for the next several years and don't think my house will sell for higher in the near future based on studying my market trends.

2. Interesting thoughts! Yes, student loan debt is such a hindrance on my financial freedom and future investing plans. But I know it's temporary. Are you having your children put those loans in a high yield savings account? The Biden administration has no set plan (that I am aware of as today) to completely forgive student loans and when that will be taken into effect is unknown. I hope he will forgive at least $10K as he said previously, but I am not going to put all of my eggs in that basket. If he does end up completely forgiving this crisis, then great! The payments I paid off for the past year and a half will only show me that it IS indeed possible to pay off 6-figure debt. I won't consider it as a loss (I say that now haha). If he forgives however much in a few years - still great. I am anticipating to pay off debt for the next 4 years, so he'll only shorten that time if his plans are executed. In the meantime, I guess I'll keep chipping away at it. Thankfully, there is no interest accruing on SLD at this time. 

@Lamont Chen Thanks for your response!

@Lamont Chen Thanks! My property is my primary residence. I did think about renting it out, but the average rent in my neighborhood wouldn't have covered my mortgage, so I would have still had to pay several hundreds of dollars every month, even if I was to rent it out to a family. To me, it seems more reasonable to sell it.