All Forum Posts by: Peter Durant

@Odie Ayaga I would consider anything over 90% a high LTV

Hi Everyone,

I am just finishing up my first BRRRR/House Hack, a two family which I occupy one unit and the tenant pays the mortgage) and while I made my share of mistakes it worked out great and I'm ready for my next! The one mistake I made is of course spending too much on my unit(I blame my girlfriend :-) ) which has tied up most of my free cash...

I have an opportunity for a fix and flip and was looking to see if anyone has used a good HML licensed to do business in MA. Preferably one who will do an ARV loan with a high LTV.

Thanks!
Peter

 Was thinking about carpeting the bedrooms, but I just don't want to have to replace them and the seem to be only marginally cheaper than the LVP - sometimes.  My girlfriend and I are going to live in one of the units which I'll treat a little better, maybe better flooring, and I love the crown molding on the trim.  I just don't want to go crazy on costs.  I think it's easy to want nicer things but I have to remember that ultimately it's for investment and income.

Thanks everyone for the advice. This site is a great resource. LVP it is. The units I am renovating are 3 3 Bed / 1 Bath units, about 1,100 sf each. It's my first time trying this so I just want to maximize income (the neighborhood is getting about $1,200 - $1,500/mo for similar units. Blue collar rural town in Central Mass). I have to completely redo the kitchen and baths, and put down flooring. Just looking for good ROI.

I've just closed on my first 2 family house and need to do some renovations to prepare them for rental.  One of the choices I'm struggling with is the flooring.  The house is in a B/C neighborhood.  I'd like to remove all of the old vinyl and worn carpet and put down an engineered wood flooring throughout (except kitchen and bath).  My biggest worry is about tenants scratching it all up and destroying in just a few years.  I obviously don't want to spend $5-6.00/sqft to get something of real high quality.  I'm looking to spend in the range of $2.00/sqft.

Thoughts?