All Forum Posts by: Roger Pearce

I would also like to remove a post because I replaced it with a more detailed one. Still no solution?

View report

*This link comes directly from our calculators, based on information input by the member who posted.

We bought this rental in great shape using cash a year and a half ago. This was before we were familiar with BRRRR. (You live and learn). We now want to start BRRRRing.  With no mortgage we make 6.5% COC ROI. Using the calculator it seems that our COC ROI goes up the less we borrow. If we mortgage 70%  (pull out 70% of the value) we should make a 5.1% COC ROI.  If we pull out only 40% our COC ROI goes to 6.1% I know these aren't great numbers to start with. Should we cash-out refinance it or not?  Perhaps pull out only the 40%? We have cash we could use instead to BRRRR our next property, so pulling out equity from our current rental at this point isn't necessary.

Thanks in advance for your help.

Roger

View report

Should we cash-out refinance this house we bought in Atlanta for cash last year? We want to start doing BRRRRs. A 70% LTV would give us 5.1% COC ROI but we are currently making 6.5% COC ROI with no loan. At the time we bought it we weren't focused on BRRRR but you live and learn!

We have other cash we can use instead and would value some good advice whether we should cashout refi our current house or just leave it as is and use our cash for now.

Thanks a lot,

Roger.

Great advice, Mitch. 

When you say that you would review his 10 deals does that mean you go to other resources to confirm whether or not his numbers were true?  Are there red flags in wholesalers' estimates that make you realize their deals aren't based in reality? Do you research houses that a wholesaler doesn't send you pictures of?  Would you go to each individual house with a contractor to see how much work they really needed?  Do you use sites like Zillow, Trulia, etc to confirm the prices of houses in the area in different conditions?  Do you use rentometer or other sites to confirm rent? 

How much confirmation/research is enough and how much is too much so you don't create so much work for yourself that you find yourself avoiding it. I'm about to start looking for our 3rd SFH rental and it's been a year or so since we bought the second one so I feel a bit rusty. We found our last one on the MLS and make nearly10% on it, and it was already in great shape when we bought it, but I'd like to do better this time by finding a better deal.

Are there other resources you use besides the ones above?  Any of the ones I mentioned that you couldn't live without?

Thanks,

Roger Pearce

Hey Marvin,

I'm very interested.  Zillow says 4/1 but you say 4/2.

Any pics?

What sort of work needs to be done to make it rent ready?

Thanks,

Roger

If it's still available please send financials, address and pics to [email protected]. Thanks a lot

Roger

is this one pending now? 

please add me to your buyers list. Thank you very much

See you there. Thanks! 

Thanks for doing this...see you there.