All Forum Posts by: Richard Jeffries

Welcome to BP @Jack Edgar jr,

There is a treasure trove of information available on the site.

Best of Luck

Welcome back to the fold Tim!! Best of luck to you.

Hey Camille,

First off welcome to BP, there is a wealth of knowledge available amongst its members. Even if some times they have conflicting view points on investment strategies. As far as hard money, it all depends on your available options. If conventional is an option then that would save a lot of money down the road, conversely 100% of nothing is stil nothing. If hard money is the only option then there are a few lender that i know that do long term financing, you might be looking at 2 or 3 percent higher than conventional, but as long as you number work then move forward. 

Quadruple check your numbers before you pull the trigger, if the deal still makes sense go for it, you can always refinance down the road. 

In regards to the idea of sell the property to yourselves, i don't know of any lender that would fund that deal. 

Best of Luck!!!

So it really depends on what you value, and what your goals are for the investment. If you are looking for cashflow then let the number be your guide. Talk to some local property managers and factor in the turnover and vacancy rate. If you are looking for appreciation of your asset then maybe its worth looking at the nicer area, just be sure that you don't over renovate. Go to a few open houses of some comps and see how they are finished. But at the end of the day it all depends on how do you want to run your business. Are you looking to be hands off? Will you be doing your own property management? Will you be the one fixing things when they break? 

Hope this helps. Best of Luck

So it looks like BP just upgraded. Are there any new features or any changes to go with the new look? What does everyone think?

Either the rehab or the purchaseprice seems really low for the area unless its one of the worser parts of Austin. If so than you might be overestimating the rents. Also I didn't notice points charged for the HM loan or any other closing costs. But all in all if your numbers hold close to true it seems like it could be a good deal. In regards to refinancing if you want to get rates lower rates from conventional lending you typically have to wait a full year for seasoning. If you want to talk more about the property or the process feel free to send me a PM

I'm am thankful to everyone that participates on the site for the sound advice and vast amount of transferable knowledge. I've been able to venture out to doing flips on my own, and I will be closing on my first rental property (a 4 flat in the Beverly Hill neighborhood of Chicago).

Thanks a lot BP I'll definitely return the favor.

Welcome to BP, I love the passion. There are tons of learning avenues here on BP, and there is a wealth of knowledge in its members. I'm more than open to the exchanging ideas.

Hi everyone,

I have primarily been a fix and flipper, but I'm looking to get a 4 flat (4 unit) using a 203k loan. I am going to need to a Full 203k oppose to doing a streamline. Does anyone have any advice that they could offer me regarding choosing a lender and the process in the Chicagoland Area?

Thanks in Advance

First off I'm anti condo and anti negative cash flow in most situations. Put them together and I'm turning the other way. But as far as the deal i don't have enough information to form an opinion one way or another. I need to see the numbers