All Forum Posts by: Ovais Zuberi

Hey all, 

I'm doing my first BRRRR deal and have the house 75% completed. Contacted two banks and was told I have to own the property for 6 months before I'm able to apply for cash our refi. Is that the norm across all banks or should I keep contacting other banks?

Thanks 

Hey BP Family,

I just started investing in the ATL area and looking for GC's. Does anyone have recommendations on who to use?

Thanks

@Jennifer Donley I would love to connect to get a better understanding as well.

@Anthony Nardone I’m interested too. I just relocated to Atlanta from Chicago. I’ve got a few properties in Chicago but trying to understand the ATL market.

@Natalie Kolodij

okay, thanks for the clarification - my CPA was telling me that the passive loss would only apply to the capital gains portion and not depreciation buy-back. I'll be sure to bring this up with them for 2019 taxes. 

@Natalie Kolodij

Got it, one last question, if I were to sell the property would I be able to use the passive loss to negate capital gains and depreciation buyback?

Thanks

@Natalie Kolodij

I'm running into the same issue as OP and was wondering would passive loss from rental properties be used to offset passive income from trading stocks and securities? Thanks 

Hello, 

Looking for some advice for a new investor. I'm looking at a Fee Simple ownership of a townhouse. The house is in great shape - the current owner was a carpenter and took great pride in his home so very minimal work will be needed on it. I'll get the roof checked out during the inspection.

Here are the numbers:

Purchase Price - $191,000

Comps - $195,000 - $205,000

Taxes - $2302

Insurance - $950

Utlities  - $0 (tenants responsiblity)

Total Monthly  - $1050

Rent - $1650-$1800 - I'm thinking closer to $1,700.

Total cash flow = $650

With vacancy reserves, I'm looking at close to $500 cash flow monthly. These numbers seem to be excellent and want to get some feedback and see if I'm missing anything.

Brent, Thanks for the input. Rents in the neighborhood go for $1500-$1700 depending on how the upgraded the unit is. After doing the calculations, keeping in mind hoa, taxes, vacancy, other expenses I’m looking to cash flow $300-$500 a month not being fully leveraged. Can someone explain the process of being fully leveraged? I have not done this before and I have not found a lender to refinance once the repairs are complete. Will the lender only refinance 70% - 80% of the ARV?

I'm looking at buying a property. $130,000 2bed 2bath condo. Expecting rehab cost to be about $25-$30K. ARV should be around $200K. How long after I rehab the place can I refinance and get a new loan? I'm thinking of doing the rehab, renting the unit out, refinancing and pulling my investment out. IS this possible? Thanks