All Forum Posts by: Matthew McManus

Hi, I’m trying to find software that would be good for my business I’m starting this Spring. This will be installing hardscapes such as paver patios, driveways, walkways, acsent walls, structural retaining walls.

I want to be able to show the customer what the finished product will look like with 3D renderings. I’m also wondering if their is a program that would give the design details and product estimate all at once. I’m not sure if they do that or not? Something simplex…. This is for residential and mostly on the lakes. So a lot of slope and elevation changes.

Thanks!

Hi, I’m in the process of writing my business plan for a Hardscaping Business. Putting in paver patios, driveway, walkways, etc.

I'll use this to build capital for the down payment on a fix n flip or new home build. (FHA). And House Hack.

Im wondering what’s the best software for 3D Rendering for a Hardscape Project as described above. To show the customers an idea of how it will look when it’s done. I’m also wondering if there are any that will tell me a rough idea on materials and blueprint.

A program that’s easy to use and straight forward.

Thanks!

I’m going to Build a new QuadPlex and House Hack.

What is a descent price range for a new build with purchase of the land, build, permits and all that included?

Can I base the pricing of the project from comparable recently Sold Homes that are New in the area?

I’m going to Build in the Finger Lake region. Preferably Conesus Lake area or Canandaigua Lake. 

This will also be a FHA with a one time close.

The plan is to hopefully get instant appreciation after the build, and then put a down payment on another property with a conventional loan. And then BRRRR from there.

And what do you think of this idea? I think new is my best bet…

Also what does a property usually cash flow after maintenance and all that? Let’s just say I rent each apartment for $1500 each. 

Please be specific if you can and break it down for me.

Thanks!

Hi, I'm thinking about how to start off with real estate and this seems like my bet.  Which one should I do and why?

1) The Game Plan for Quad-Plex New Build: Pull out a one time close FHA Construction Loan. This packages the purchase of the land, finances the build, and all other expenses involved for the process. I would then rent out 3 of the units and live in the 4th unit. This would pay for the mortgage, maintenance and all that and give some cash flow back.

My question is can I do a cash out re-finance on this after 12 months and then take the funds to do a 1031 exchange? 

Next, I would then force appreciation into a purchase that needs some work and BRRRR from there? or just keep building like the first process?

P.S. I grew up around construction and my father owns a company. So I'm familiar with a lot of the construction portion. I would probably do the foundations and roofs myself, and hire a builder for the rest of the project.

2)    OR   do this: 

Buy a Quadplex or duplex that needs some cosmetic stuff done and force appreciation. Carpet, paint, siding, landscaping or some curb appeal mayb??? And then do the cash out refinance? or 1031 exchange?

Maybe if someone can summarize how to go about this?

Thanks 

Some of this conversation has been mix matched with some assumptions. 

I’m talking about 2 separate questions.

ARV x .75 - repairs = MAO

Would be on an off market distressed property of some sort. Usually wholesalers go for these and sell to flippers.

That formula is usually .70 actually.

But for the 2nd question.

I’m wondering if this would work almost like a brrrr as far as the cash out refinance and the 2nd appraisal goes.

I found out you can get the purchase of the land, the build, fees, and all that packaged into one loan for an FHA. So I would build new. I'd build a quad. and then house hack by living in one of the units for 12 months. Reappraise and cash out everything beside 10%. To use for another loan on another quad and focus on debt equity.

I could be confused on this. I realize brrrr is used to force appreciation into a property. But I’m just wondering can the same work on a new build?

Thanks

Good info thank you. 

I also just looked into FHA One-time close construction loan for multi family.

What is everyone’s input on this? Does everyone agree the multi-family quad is a good idea to start off in the business with low credit score and finances?

How would you go about it?

I plan on living in one of the units. But only for a limited time. Isn’t it about a year you need to live in the property before exchanging up to a more valuable property as far as tax reasons?  For the 2nd appraisal this would be after fixing up. I’d leave 10 % in the home and take the cash and put a down payment of 10% on the second quad plex and rent out the first 4 units and the 2nd homes 4 units. And not live in either after the first year. 

I believe I can get a construction loan packaged into the fha loan for the 1st.

Hi, I’ve been thinking about how to get the real money in my pocket. So here’s the game plan (mindset) without looking into it to much:

1) Find a house using (ARV x .75 - Repairs = MAO). Hopefully a quad-plex.

2) Use a FHA loan with a construction loan packaged into one ;for repairs and financing on the property.

3) Hire the construction out and have a crew fix the place up to par, nothing fancy. Just the basics. 

4) Have the property re-appraised. And do a cash out re-finance.

5) 15 months later use a 1031 exchange and put a down payment on another quad-plex. And fix it up for re-appraisal. 

Question: Can / Will this work the way I’m thinking? Any advice is helpful.

Thanks!

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I'm wondering if any of you guys use software of some kind so customers can see what the finished product will be. A lot of construction projects on the Lakes such as Break-walls, Seawalls. But also hardscapes such as retaining walls, pavers, Home Remodeling. Trying to see if I can upgrade my Dads business a bit.