All Forum Posts by: Pat Lulewicz

Either LVP or Laminate will do. No reason to go crazy with the quality as well especially given that its a basement. I'd go with a lighter color brown or so because dark spaces with low ceilings need to feel lighter to be home-y-er. A darker LVP with low ceilings can make it feel dungeon-y. WIth the box - could you add 2-3 shelves so people can use it as shelving?

 If you are available and open to making the drive over to Raleigh, we would love to have you! Our event is located at the Brier Creek Carolina Ale House. Address above for reference.

For our third meet-up of the reboot of Pints & Properties, we are excited to present Devin Solow and Ian Lipman from BETTER. Fix & Flipping has been all the craze for almost a decade after the last recession: buy a (generally) old, distressed, or undervalued home; renovate the structural, mechanical, interior, and/or exterior; and sell the home for a profit OR hold it as a rental property. With this strategy comes a lot of risk like "what's hiding behind the walls?" and "do I need to replace the plumbing or is it fine?". Have you ever considered removing all of the unknowns and building a brand new structure to hold as a rental or resale? Join us for a fantastic night of information as Devin and Ian give us the inside scoop on the pro's and con's of new-build investment properties.

MLS stands for Multiple Listings Service. Its where agents "post" a listing for sale. These days, every MLS syndicates to sites like Zillow and Redfin, so you are likely seeing every house on the MLS on Zillow/Redfin/etc. With that said, you can set up searches on ZIllow/Redfin or work with a realtor who specializes in investment properties, specifically value-add real estate (for your BRRR strategy) and have them set up an MLS search for this criteria that they would then send you hourly/daily/weekly/ad hoc

The MLS of the location you're looking for

Facebook groups for RE in the location you're looking for where wholesalers post

Investorlift

As you consider a DSCR loan and mention breaking even, the whole underlying principle of the Debt Service Coverage Ratio loan is that the ratio needs to meet the lenders requirements, most of them requiring a 1.10+ DSCR which means Rent is 1.1x the mortgage payment. If you're "breaking even", then your DSCR is 1.0 which would fail the requirements of the lender and they would decline originating the loan. This doesnt' even get into reserves, vacancy, maint, PM services, etc. The solution for this would be to bring more downpayment to the table, but you're definitely pricing yourself out of the markets you mentioned. I'd recommend looking at more secondary or tertiary markets for your goals.

If the rate of the cash out refi would be higher than your current mortgage, then just do the HELOC. There's actually a good chance your overall "cash out" with the HELOC will be higher (most banks will go up to 90% vs 80% is generally the highest a cash-out will do) albeit at a higher interest rate, but you can protect the original mortgage rate if its very low (2020/2021 rates).

Also consider the flexibility of only pulling on the HELOC when you need it thereby keeping expenses down. If you do a cash out and can't find a deal right away, you're blowing through the interest on that amount that you cashed out.

Always recommend local (or at least some level of boots on the group). They will know market data and trends better, have reliable comps to base their recommendations on, and could even be a great deal flow with current portfolio properties selling.

The completely remote, centralized PM function is one of the reasons why you see the homes owned by PE firms sit on the market so long. Its just hard to be good when they're chasing margin and keeping OH costs and personnel costs low.

Hey Daisja - we host a monthly Real Estate meet-up with different topics on a monthly basis at the Brier Creek Carolina Ale House on the third Thursday of every month from 6:30-8:30. This month it is this Thursday, February 20 at 6:30p. Come out and we can chat or help answer any questions you might have. There'll be like-minded individuals who's brains you can pick as well:

https://www.biggerpockets.com/forums/521/topics/1230348-pint...

Hey Mason - there are markets of NC that will provide you cash flow, but you will not find it in Raleigh with LTRs if you are getting leverage (unless you have a "discount" private lender). Creativity, self-management, and elbow grease can make it happen (again, if using leverage), but this is a long-term strategy type of market.