All Forum Posts by: Mitchell Berry

@Thomas Fawcett I’m actually in the middle of one right now. Only issue is rates are higher and they’re giving out a slightly lower percentage of the appraised value but still moving forward.

My business partner and I are looking at purchasing a fourplex. List price is 75k but I’m sure could be had for less. Needs about 75-100k in work. Will pull in around 3k of rent per month and be worth around 200. We need options for loan types that can fit this need to fund the purchase and rehab. We’re looking at private and hard money already. The issue with hard money is we have a decent amount of equity in properties but not liquid cash reserves to show. And our properties are not in the position yet to be refinanced to pull equity out. Any info is helpful, thanks!

Probably! My issue currently is finding my next deal in *the right area*. But confident it'll work out! Hope the same for you!

Yeah, doesn't sound like a bad deal by any means. The property I have now is a SFH but it needed A LOT of work but thankfully nothing major. Cabinets, new sink, refinishing floors, baseboards, etc. Not sure on all the details of exactly how appraisers work but from my understanding cracks in the ceiling (even if they aren't a marker of a bigger problem) can be a great thing to fix. Also, I feel like paint, baseboards and nice floors go a long way with homes. Not sure how old the furnace, AC, etc. is but I bought a home warranty with mine and it has given me a lot of peace of mind and will save me a ton of money because those will most likely go out on me literally any minute, ha. So that's something to at least think about. Sure, it's $500 a year but if you know they will go out soon it's worth it to me to do that yearly than one large lump sum all of a sudden.

Sorry, got confused with the two rents! I guess I've been looking at my computer too long this morning. lol. Very true! I've been wondering the same thing myself a lot lately but the nice part is that if you can keep that low, you can pull your money out for another property! Which is what is super appealing to me especially if it needs some work that can increase the value.

Hey Bryan! Welcome! I am not very experienced (in the middle of my first deal flipping and eventually renting after I move out) but am currently looking for another deal so have been analyzing quite a bit. It looks like it is short of the 1% rule a bit as well as being over 70% ARV. Obviously those aren't die hard rules but good markers. Personally, I would look a bit more but like I said am not an expert by any means. Good luck and keep us updated!

Jim Wilcox Thanks for the input! I appreciate it!

Thanks, Michael. I would love for this to be my primary job in the near future. Getting out of wholesaling and into doing flips and renting out property would be ideal. I know it takes time and work but I would much rather work hard now to be able to get this to be my source of income sooner rather than later!

Hello, everyone! It's great to be on her and soak up a ton of great information. I'm a college student graduating in May and trying to get ahead of the game and jump into the real estate game now. I've met with a local investor and he's offered to cut me in on profits or pay me a finder's fee if I can bring him possible properties to flip. So, I'm basically acting in a wholesaler function. My only issue is I'm in a smaller town (30,000-40,000 people) so it's been hard for me to find deals like this. Any and all advice is much appreciated! Thanks, Mitchell