All Forum Posts by: Kyle Smith

Hello Bigger Pockets,

I am looking to rehab a duplex in Canton, OH.  Currently, the duplex is under owner-financing with the previous owner.  I do not want to refinance the property because of the current interest rate with the owner-financing.  However, I need to rehab the duplex because the previous tenants moved out and I need to get it rent ready for the next tenants. I am trying to figure out what will be the best way to finance the renovation, which is budgeted at $70,000, without refinancing the entire property.  I have been looking into a business line of credit.  Also, the owner-financing has a balloon payment in 18 months.  So, my plan is to get a loan or line of credit for the renovation for 18 months and then refinance the entire property when the balloon payment comes due.  If anyone knows my best route to take here or specific banks or credit unions, you have worked with for lines of credit or loans.  Any information would be much appreciated. Thanks everyone !!

I recently had a bathroom renovated, ran me about $7,000 but this was a relatively small bathroom. 
my contractor also asked for 50% up front which I obliged, but I paid him when he was on site ready to get to work. 
I would look up the contractors online and see if they have reviews and business accounts on social media platforms with pictures of their previous work. 

 Thank you for the info.

Do some banks or credit unions let you refinance at 90% LTV? I'm trying to do a BRRRR, but the numbers don't make as much sense when refi at 80% LTV. I want to do the project for the long term hold and cash flow aspect. I'm just worried it won't cover my cost to pay my lender back for the flip and I would have to come out of pocket or sell the house for minimal gain.

Trying to figure out the best way to find private money lenders for purchase and rehab projects in Jacksonville, FL who are familiar with the area.  Any ideas?

Hey everyone. What do you all think is the best strategy for buying an inexpensive house ($50,000 to $70,000) that you plan to rent out? I want to use as little of my money as possible. I am currently living at my home using an FHA loan so I am not looking to do that again.

Hi, if one was to add a second unit to a small home and convert it to a duplex. Let’s say the addition was 900 square feet. Any estimated range of how much this would cost? Thank you in advance! 

Thank you for the information Edwin . 

 Florida 

Hi, I am looking for private money for fix and flip and I’ve been getting emails from “private lenders” from being active in Facebook groups. How can I tell if these are legit private lenders? I have one saying I can have an interest rate of 3% which seems too good to be true. Thanks in advance!