All Forum Posts by: Renae Bouchard

Good Afternoon Everyone,

Bummed I didn't see this meeting! I'd love to attend the next meeting with everyone, it's been difficult to meet other real estate investors in VT. We're selling a flip in Essex this month, and I'm really eager to move on to our next project. I'm always interested in meeting with new investors in the area. Looking forward to hearing about another meeting soon :)

Warmly,

Renae

I don't have any helpful info to share, but I am curious to learn what others may have to share about this topic! We have a duplex in Concord we've also thought about doing this with. Hope to hear from some experienced investors!

Hi! I'm working on our first BRRR of a Duplex in Concord & I was curious if anyone had experience cash-out refinancing with local banks. What were your experiences, what banks were best to work with? I plan to call a bunch tomorrow & stop in with our financial projections sometime this month to see what their terms are.

Thanks in advance!

Hi BP Members! 

We are purchasing our first deal from a wholesaler, set to close on Tuesday. The house is the biggest project we've taken on so far, and I am hoping to manage this mostly on my own. It is a duplex, built in 1900, with virtually NO updates since. The heating system is this old drum barrel & presumably an ancient forced hot air system. I've never seen anything like it. All heating, HVAC, and plumbing systems must be replaced. Lead is most likely rampant in the entire house, so we need to fully GUT the place. I estimated 123,000 in renovation costs, purchase at 81k. We are making this purchase in cash, so I'm also curious if this is a deal we could "BRRR". As I tried to run the numbers, I got extremely confused.

I have to hire labor, so in your experience, what might be the most direct/best way to handle this kind of renovation??

My thinking is that hiring a lead certified contractor to handle the mediation of Lead should be hired solely for the gut job, and separate GC company should be brought in for systems and finishing touches. 

Thank you for your time in advance!

I'm a new investor. This might be fantastical to take on so I'm very interested in your thoughts.

Brief Background

I am looking for advice to utilize creative financing for the transition of a huge single family Victorian into a multifamily to hold. It is in an area that zoning works out (currently mixed use commercial + primary residence SFH) and is 'up and coming' by encouraging density. Rentals are very popular. I am inspired to take action. I see huge dollar signs (and a unit to live in!) behind the barriers to entry with this property. I have met a few other investors in my area who have expressed interest in private funding, so they could be an option BUT I'm VERY new to this.

My family has started a fix & flip company, we are currently working on our first flip in NH. I've joined the family business and am looking to start investing out of state; I really want to purchase my first investment property PERSONALLY but am (of course) struggling to figure out an approach to this deal. My parents who own our company keep telling me it is not possible for me to do this deal.

I'd been working to get pre-approved for a loan to potentially utilize FHA 203k but my pay structure is commission based for the first time so I qualify for basically nothing (or the bank I tried to work with is the worst).

About the Deal:

On MLS for 320 days

Held in a rev trust

Listed for around 300k - I would want to put an offer in around 200, or less.

Property inspection is available for viewing; it is 90 pages long (basically everything except structure needs attention)

Estimated repairs around 200k. They could potentially be more since the house will need at least four kitchens and bathrooms added. It has potential to even fit 5 units, or four spacious apartments and one commercial unit (I think a soundproof event space in the HUGE basement would be incredible). If all units are residential 2-bedrooms rents could be around 1300/month.

ARV as a 4-family around 450k-500k, but there are not a lot of comparable from the past two years sold.

I wouldn't be able to finalize how many units/uses I would put in until I know how I would refinance. 

Final Questions

Could this be a good BRRRR property? Can I fund the purchase, renovations, and permit costs with private money then refinance while work is in progress to a conventional loan?

Can I do this if I put the property in an LLC I create specifically for it at the purchase of it?

What are other financing options for something like this?

Would I be able to refinance with a conventional loan if I already own and am working on it by utilizing other peoples money even though I am not pre-qualified for any loan of this magnitude?

Is this too much for my first investment property?