All Forum Posts by: Kris Rudge

Thank you Jeremy and Kenneth. I appreciate your help.

Hello, given the time of year im looking for recommendations for a great accountant. I don't want to go with H and R block anymore. Preferably one that is extremely familiar with real estate and how to get the best returns. The past few years I've always owed with H and R block. Thanks

Thank you so much Chris! You are so helpful i cant even put into words. Makes a little more sense. And thanks again for all your help i greatly appreciate it! 

Thank you Chris for your reply. Yes I will pay the homeowner $5K at closing and he will finance the $60K at 6% interest for 12 months, or shorter when I re-fi out. When you said it should all be secured with a mortgage how do I go about doing that if I'm not wanting to put 20% down. I'm sorry if these questions, or the way I'm wording this questions is odd or difficult to follow but I'm still really new to this all and this is the portion of the whole investing game that I struggle. I'm sure the homeowner would want to be in first position but that was not talked about and now I know to talk about that in further deals. The private money are friends/co-workers. If the homeowner is in first position then when I re-fi out into a new loan and pay him his $60K then he and I are done and all squared away? And thanks for suggesting S&T bank I will give them a call.

Hello BP! I'm currently working on a deal in the pittsburgh area. I talked the homeowner into holding a note on a property during the rehab. I then will re-fi and pay him off and the private money lenders that I found. I thought I had a bank but I would need a loan on the property to then re-fi out of. Being that the homeowner doesn't have a mortgage and will be holding the property how do I re-fi out to pay him off and the private lenders?

Here are the numbers on the deal. It is a duplex that will bring in $900 to $1,100 a month. Renters would pay their own utilities.

House, rehab, and loan info: House $65,000 / pay the homeowner $5,000 when the contract is written up. Pay the homeowner 6% on the $60,000 over 12 months (6% of $60,000 = $3,600/12 is $300 a month). ARV of the property is $130,000 to $145,000. Rehab will be around $30,000 and I will be paying 6% on the private money upfront ($30,000x6% = $1,800). I'm looking to see if others think this deal would work, but mainly looking for a bank that I can re-fi to pay off the homeowner and the private money. Best option is to find a bank that I can do this and that has little to no seasoning period. I would love to get the rehab done in 2-3 months re-fi out pay everyone off and start working on another deal. Any and all help would be greatly appreciated!

Hello BP! I'm currently working on a deal that I talked the homeowner into holding a note on a property during the rehab. I then will re-fi and pay him off and the private money lenders that I found. I thought I had a bank but I would need a loan on the property to then re-fi out of. Being that the homeowner doesn't have a mortgage and will be holding the property how do I re-fi out to pay him off and the private lenders?

Here are the numbers on the deal. It is a duplex that will bring in $900 to $1,100 a month. Renters would pay their own utilities.

House, rehab, and loan info: House $65,000 / pay the homeowner $5,000 when the contract is written up. Pay the homeowner 6% on the $60,000 over 12 months (6% of $60,000 = $3,600/12 is $300 a month). ARV of the property is $130,000 to $145,000. Rehab will be around $30,000 and I will be paying 6% on the private money upfront ($30,000x6% = $1,800). I'm looking to see if others think this deal would work, but mainly looking for a bank that I can re-fi to pay off the homeowner and the private money. Best option is to find a bank that I can do this and that has little to no seasoning period. I would love to get the rehab done in 2-3 months re-fi out pay everyone off and start working on another deal. Any and all help would be greatly appreciated!

Hello BP community another military veteran (Marine Corps). Im new to the investing world and am still in the early stages, I've been studying and researching for the past five years. Im a yinzer born and raised. I have been living in Pittsburgh or the surrounding areas my whole life. Besides when I was active duty. Im working on getting a duplex within this month using creative financing. I have the home owner willing to do owner financing for 6 months to a year with interest while I rehab it then re-fi and pay him off. I have a partner in the bay area right now. But interest in building and expanding my/our portfolio. Anyone on here message me if you would like to talk. And im looking forward to hostig meetups once more covid restrictions have been raised.  Also Gary Swank brought up a great point about how the area can change drastically block by block, even on the same street.

The house i am looking at later today would be a full rehab. Roof, brick work, sofet, drywall, plumbing, electrical... so basically everything. 

I live in Pittsburgh and I am looking for a reliable contractor, one that will return calls and shows up on agreed times and days. Any help I'd greatly appreciate. In advance, Thank you!

Hello Virgil, I live in the Pittsburgh area and have been researching the area and really want to do some BRRRR deals. Message me and we can talk off like if you'd like. Talk to you soon.