All Forum Posts by: Account Closed

Here is a stupid question...

Would you ever take out a second hard money loan with a lower interest to pay off the original higher interest hard money loan? 

Hi @Anna Laud Thanks for the response. Yes, this is what I was asking. I am going to be using a commercial lender so that is probably something I need to start with is just get a conversation started with some lenders. I have not figured out a lot of the specifics as to what I am looking for as I have some time. I am planning on getting something by the end of the year but I believe my specific criteria would be next. As far as the areas go, I am considering anything within like 3 hours of Atlanta, GA. 

How does one go about finding multifamily (larger than 20+ units) deals. For those of you who have acquired such properties, what do you recommend doing first? Getting a borker? getting a commercial lender? getting the deal? I feel like there are so many things that need to happen and am confused on the most logical sequence of events. 

How long  do you have to wait to buy a second primary home after buying the first one? What qualifies as a primary home as far as the new lender in concerned ? 

@Stewart Wyne Hi Stewart, I am also an investor here in the Atlanta metro area. I am also an architectural designer and work for a firm full time as my 9-5. BRRR deals are one of my favorite types of deals as they allow me to build in some equity from the get go. Plus as a designer, I love to plan, design and renovate properties as I get to express my creativity. Currently working on 2 atm but always looking to connect and do more with like minded people. Feel free to reach out if interested!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $222,000
Cash invested: $22,000

Contributors:
Vincent Crane

SFH with an unfinished basement that I am in the process of finishing and converting to an in-law or second unit for a house hack.

What made you interested in investing in this type of deal?

I saw the potential it had. My goals were to house hack and eliminate my own living expanse while making some cashflow on the side and with some renovations this property would allow me to do just that.

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

Major renovations.

What was the outcome?

Currently rented out a part of the house that covers all of my PITI expanses and I am living for free. I also plan on renting out the basement once its finished for pure cashflow.

Lessons learned? Challenges?

Renovations will always take way longer than what your contractor tells you.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I had a great agent and a great lender. Both were very knowledgeable and knew their stuff.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $222,000
Cash invested: $22,000

Contributors:
Vincent Crane

SFH with an unfinished basement that I am in the process of finishing and converting to an in-law or second unit for a house hack.

@Account Closed Wow! 18 properties in 2 years. That's amazing man! would love to chat and discuss what strategies you implemented to be able to scale up so quickly. 

Hi @Josh Stralko. From my experience here in the Atlanta metro area, in order to find good cash flowing properties, you either have to go off market or be willing to do some work to create a cash flowing property. Sam is absolutely correct in that its definitely possible to cashflow with the right type of property and the right amount of renovations. I recently bought a SFH that I am in the process of converting to a duplex but its not been easy or quick. All the contractors are slammed with work at this time and therefore its really difficult to get any good work done in a timely manner.

Hi @Ivan Figueiredo, Can you please send me the architect's contact information. Also, which contractor/s do you use for your flips? I have a renovation project that I am looking to do. Thanks!