All Forum Posts by: Nicholas Lohr

yes i have one, I actually met with him yesterday. 

http://www.hecoxcpas.com/

Stephan actually invests in RE himself, he knows his stuff! Highly recommend.

not always, but mostly, "deals" end up on loop net when they've been passed over by tons and tons of people. kind of like a trash bin where deals go to die. approach with a cautious and skeptical eye.

Hi Jeremie,  I'm also self managing a duplex in Oak Park.  Been doing that for about 6 months now.  Feel free to message me.  

I highly recommend using cozy.co for the screening and rent collecting.  In Oak Park you are going to get a wide range of applicants if you catch my drift. Screening is very important!

But do message me....

Nick

sure do!  here's a great one. 

https://www.biggerpockets.com/users/stevnmd

I also live in SF and just invested in a BRRRR deal in Sacramento. I invested 55k for the down payment and then had a considerable rehab project but it has worked out really well so far. Message me if you like to hear more details about it and Sacramento.

Thanks for the responses. Yeah I bought the lot with the 2 houses as is.  I've found out that they will appraised as a duplex unless I can subdivide the lot. I'm going to talk to the city planning department for sure!

tough to say without seeing the property but my guess is that rehab number. maybe im the wrong person to ask though because i just spent 100k rehabbing two sfr's in Sacramento so i may be a little shell shocked? id recomend you walk the property with 3 different contractors and figure the highest bid you get into your calculations.

I'm in the process of doing a FULL rehab on two houses that are on one parcel. The houses are not connected at all, they're not even really that close to one another. I've checked pretty thoroughly and I can't find any comps where there are also two houses on one lot in the area. I can find plenty of SFR's and duplexes but nothing quite like mine. My question is will the appraisal come back as a comp to a duplex or will it come back as a comp to two separate nearby SFR's?

I'm obviously hoping it will be the two SFR's! The SFR directly across the street from mine, which is smaller than both of my two, just sold for a higher price than I paid for both of mine.

I'm trying to plan what to expect when I do the refi next year...

not sure what brandon said but ideally your numbers would work like this. suppose you bought the property for 100,000. also suppose you put 20,000 down on a conventional loan, (if you could get one) . also suppose the rehab cost was 10,000. You want the ARV to be at least 157,142. I get there like this: (80,000 to pay back the original loan + 20,000 you put down for it + 10,000 for the rehab = 110,000. That's the total amount you want to get out for the refinance. To be conservative assume a bank will lend 70% of the ARV. 70% of 157,142 is 110,000.

Also keep in mind I did not include any closing costs or payments and expenses you will have during the holding time while you rehab.  So it will be a bit more, you have to factor those in too. 

I'm in the process of doing a FULL rehab on two houses that are on one parcel. The houses are not connected at all, they're not even really that close to one another. I've checked pretty thoroughly and I can't find any comps where there are also two houses on one lot in the area. I can find plenty of SFR's and duplexes but nothing quite like mine. My question is will the appraisal come back as a comp to a duplex or will it come back as a comp to two separate nearby SFR's?

I'm obviously hoping it will be the two SFR's! The SFR directly across the street from mine, which is smaller than both of my two, just sold for a higher price than I paid for both of mine.

I'm trying to plan what to expect when I do the refi next year...