All Forum Posts by: Michael Szypulinski

This is good stuff. Thank you.

1. Any specific style/brand of countertops, cabinets, appliances, interior doors?

2. Refacing cabinets (new doors) vs. replacing cabinets?

3. Tile or no tile shower?

2. Any tips for the exterior (landscaping, paint, common areas, storage, security products, etc.)

Mike Sz.

@James Wise, @Jim K., @Steven Stohlman,@Frank S.

@Dan Handford

Yes.  I have been doing some research on this and these are the options I have found...

1. Owner-occupied: Cant since I am in the process of purchasing a home

2. Partnerships: An option.  Since I am new this might be difficult.

3. Home equity loan/ HELOC: I have no equity built up

4. Private lending: An option as well but not sure of the laws in gathering money for an investment. 

5. Lease options: don't know anything about this.

6. Seller financing:

7. Hard money: Currently in the process of finding potential lenders.  I was warned by a mortgage broker to avoid using hard money for high priced properties (interest eats away at any profits).

8. Business lines of credit: to my understanding you need an upfront payment before you can access the money

9: Cash....which i have none

Hey everyone,

I am a new investor that has an interest in completing my first BRRRR (and first deal). I have hit a road-block with financing and was wondering what strategies the BP community has to overcome this obstacle? what forms of financing is used commonly and successfully for a BRRRR in SFH, small and large multifamily?

Thanks,

Mike Sz.

This is good stuff.  Thank you.

1. Any specific style/brand of countertops, cabinets, appliances, interior doors?

2. Refacing cabinets (new doors) vs. replacing cabinets?

3. Tile or no tile shower?

2. Any tips for the exterior (landscaping, paint, common areas, storage, security products, etc.)

Mike Sz.

Hey everyone,

I wanted to see what recommendations the BP community has when it comes to rehabbing a property in preparation for it to be rented.  

1. What kind of material would you use that is ideal (low cost, durable, etc.)? 

2. Any strategies? For example, putting laminate flooring over hardwood floor for preservation prior to selling the property. 

3. Any other tips/tricks/ideas?

Happy Holidays!

Awesome.  Thank you for the list.  Have been using it for the last several months.  It says last update was 4/26/17.  Any chance we can get an update? Thanks again!!

Hey everyone,

Sorry for the late reply.  A lot of exciting things have been happening recently.  Just completed my masters degree! Should start seeing some income coming in very shortly and then I will get started with investing.  Appreciate all the responses!

Caleb Heimsoth: Short, sweet, and to the point.  Thank you for your wisdom.

Chris T: Great info! How do you go about estimating for some of those values (repairs, CAPEX, etc.? I just bumped into a crowdfunding website called Fundrise. Sounds like an interesting way in investing money as well as getting money for deals.

Brandon Ingegneri: What would you define as over-leveraged? I understand the concept but don't have a number to relate it to.  <10%? <5%?. Also, how much reserve would you recommend. I noticed someone say 8-12 months, but I don't know of a value they have in mind.  Do you calculate it based on how much extra cash you need per unit? Say extra $500 per unit to last for 12 months?

Brian Garret: Same question. What would you consider over-leveraged?

Mike Dymski: My polish friend.  Thank you.  Your last name is much easier than mine haha. What brings you so far away from the capital of Poland (Chicago haha)? I will utilize your recipe to the T and will read that post you provided shortly.

Todd Dexheimer: I've read around 15 books on RE in the last couple of months during my free time. Looks like buy and hold and/or BRRRR strategy are my calling. Working on my network as we speak. Have been attending some local REI clubs. P & I = principal and interest? How would you quantify/determine 8-12 months of reserves? Where do you get your information of history rental rates and property values? Thank you!!

Sam Josh: I like this stress test concept!! will definitely utilize the idea.  Thank you

Where can I find a good source that provides a lot of various data specific to real estate?

Hello, I’m New to BiggerPockets community. I have an interest in getting involved with real estate investing in the near future, specifically rental properties. I was wondering if anybody knows of any good strategies to survive another market crash? I know this may be a general question but any specifics would help. For example, how much cash flow would a property need. Worst case scenario, how low would rent get? -50%? -60%? How much down payment would be required? 30 yr or 15yr loan? Recommending to sell before a crash or riding it out? Etc. Any examples would be greatly appreciated. Thanks, Mike Sz.

Alina,

Appreciate the response. Yes I currently have 6% interest on my student loans. I'm hoping to get a much higher ROI if I buy right. Live-in flip probably to start. Should be a good learning experience without the concern for time. After that, hoping to get involved with rental properties. Hopefully the market is still providing deals at that time.

Mike Sz.