All Forum Posts by: Rueben Pacheco

Can anyone suggest a good program for helping me build out my budget for a new single family 1500 sq. ft. construction?

Just curious as I'm about to start renovating and BRRRR my second property. I'm wondering is it better to just open another checking account to keep it separate from my first home? Than just continue to do that going forward for every house after? OR keep it all flowing through one checking business account. OR You have some even better way!

School me please.

Thank you

Rueben

Is it better to do comps based or sq. ft. vs the amount of rooms in the house. My concern with sq. ft. of a building is properties that have different sized lots. How that might effect the pricing when doing comparisons.

Thank you for any help

Rueben

I just wanted some advice on the best way to do comps. I’m feeling like some say it’s more accurate to use the bedrooms and bathrooms in similar homes or is it better to find similar sq. ft and find an average on price per foot? Or is there a better method? Thank you for any advice!

This is so all incredibly helpful! Thank you all for looking out and being so detailed in your responses to my question. 

Newbie here!

So I’m not at the point yet to potentially buy and renovate with my own cash. I was thinking about purchasing the house with cash and then getting a rehab loan. Afterwards refinance and then pay back the rehab loan.

Is this smart or should I find a hard money lender or try another avenue?

Thank you for any advice you can offer!

Rueben

Im looking to apply for a HELOC and I was wondering if anyone could suggest any banks theyve had experience with that they liked? Also is there any benefit in pursuing a HELOC from the same bank that holds your mortgage?

Thank you so much!

Rueben

So Ive been looking a lot into the BRRRR strategy and this may be a very amateur question, so bear with me! If I have the cash to buy the home and do the reno. When Im ready to finance the mortagage at the ARV for 70%. Wont the bank ask for credentials beyond the renovated home and rental to qualify for the mortgage? Since Im self employed and I stopped working to renovate the house, I would have very little income to show. How would I be able to qualify? Secondly, would this also become less an issue on say my 4th or 5th property I BRRRR? Or will this always be an issue.

Are there specific places for lending that are better for HELOC rates or is it just a matter of shopping around?

I wanted to know peoples experience if any in using a HELOC loan as part of their cash buying strategy for BRRRR or is that a bad idea and why?

Thank you!