All Forum Posts by: Richard Moreno

I live in Boston, and I bought a couple of houses in Pittsburgh PA. Both houses are cash flowing pretty well. And realtytrac just had some data showing Pittsburgh at #7 for rental growth market for 2017, So I'm excited. There mostly in the PA and Ohio areas ! heres the link

http://www.realtytrac.com/news/real-estate-investing/best-markets-for-buying-single-family-rentals-in-2017/

@John Horner, this is something I am looking for, can you share your bank with me. 

PM me thanks !

thanks everyone for the advice ! I know it sounds like I'm trying to convince myself, as @Brent Coombs mentioned, I think my impatience is getting the better of me. But I did buy this property and another property both in cash. So I would like to get my cash back to use for other potential investment properties that I recently came across. And I don't think that with all BRRRR's will you get 100% of you investment back all the time. I'm ok with spending 12k on this house because with the other house I bought I will make all that money back. The other house I bought was for 30k put 15k for repairs and will have ARV of 90-100k, so that one I will wait for the 6 months!

This refinance is with a private lender and as @Stephanie P. mentioned my credit did play a factor, it recently came down a bit because of all the expenses :(  and they are only looking at my score to qualify me, and by the way I did contact your company but they could not help me, don't remember what was the reason though.

This refinance or finance would be an adjustable rate loan after 5 years, and if I was to go this route I would probably refi again after 5 years. Maybe then I'll be in a better position.

If anyone has a better option for my situation just send me a PM. thx

Hello BP,

I am at the Refinance part of the BRRRR, and I was trying to find a lender that can cash out refi with no seasoning period ( I've only owned it for 2 months ) on an SF investment property I have in Pittsburgh. So long story short I found a lender that I follow on Instagram that uses private lenders for refinance deals and other flip deals etc. They can do 70% ARV with an adjustable rate after 5 years at 8.4% interest rate ! I think that's pretty high! But they base it on my credit and its an investment property.

I think the interest rate is high but its not a deal breaker, the good thing is that there is no seasoning period and they can cash me out in a few weeks. The property is about $90k ARV and I have about $75k in the deal, and we got it rented for $1100 a month.

Any advice ? should I take the 8.4%  

Hello BP ! I am now on the refinance part of brrrr on a property in Pittsburgh. I found a private money lender that I follow on instagram that will do a cash out refinance at 70% LTV with just one month seasoning period. Now the interest rate based on my credit and because it's an investment property that I have under an LLC is going to be around 8.4% ! With adjustable rate after 5 years and 30 year year loan. I knew the interest rate was going to be a little higher because it's not owner occupied and it's an investment property. And the estimated appraisal value should be around $90k, so it's not going to a deal breaker, but I still think that too high. Is this too high or is it normal for the interest rate to be this high??

Hi BP! I totally agree with @Andrew Lacy, I went out in December to buy one property and ended up buying 2. One house is in Observatory Hill and the other in Arlington. They both got rehabbed and a family just moved in this weekend in the Arlington house for $1100 a month ! Fast turnaround. And the house on Observatory Hill has at least 20 potential tenants that are interested in moving in for $950 a month. Cant wait to refi them and buy another ! 

Hello BP! I need help with this scenario,, I recently purchased 2 properties cash in December. One house cost $30k and the other $55k, ARV will be about $90 to $100! They are currently being renovated and one will have a tenant in place February 1st, and the other will also be rent ready February. Now I need a refinance company that will approve me without a seasoning period. I had a guy that was going to help me out with good terms but he is not returning my call and that's frustrating to deal with. So I am looking for 15 to30 yr term with 75% ARV cash out, and I will have a tenant lease at $1100 a month( for 1 house ) for income verification.

thank you !

Stephen Igbeka, I'm from north shore as well. I was looking for multi family in my area but I gave up for the moment. I directed my focus to SFH's specifically in Pittsburgh, great returns, I am closing on 2 properties this week! But I am still looking around MA. For a good deal. I like Worcester, because of all the colleges and it's not too far( maybe a little). And also Pawtucket is good too, you can get a quadplex for under $200k. Can I ask why your only looking for something under$100k? Or just start of with SFH's as someone else mentioned. That's what I'm going to do, keep buying,renting,flipping some, keeping some,etc.etc. Good luck!

@scott 

@Scott W. and @Willow T.

I find it very possible. My first flip was a duplex, light reno to the upper unit where I was going to live. But the bottom unit was complete gut down to studs! The only thing I hired out was the drywall, and I have to admit the electrical labor was done for free( thanks to my cousin ). The cost was $30k ! 

My second flip I had to be more creative to save money! It was a huge colonial, and I was able to save thousands on materials by looking on Craigslist! For example solid wood doors, at least 8 doors I got for free the other 10 for $25 each. Free drywall, I filled a pool with good fill for free! Sod direct from the farm, $.50sqft! I might have spent a lot of time on the internet looking for deals but I saved $$$. And of course my DIY skills. Both houses I didn't pay  capital gains taxes because I lived there for 2 years. Only on the duplex where I payed capital gains tax for the unit I was renting. 

And by the way @Willow T. congrats on your flip!

@Aaron Cullen

I'm more exited about House #1 because it was bank owned and it has been on the market since February and was listed for $60k ! they kept bringing down the price, and I brought it down even more. ARV I anticipate will be around $70k conservatively.

House # 2 was new to the market, brought it down a little bit because I paid cash. But ARV should be around $90k conservatively.