All Forum Posts by: Ryan Short

@Carter Henderson you can also get a repair credit which would be credited to you at closing. Closing cost credit is the exact same thing but cannot exceed a certain % of purchase price. I had a similar situation and had to split it up and got back $7500 of closing cost credits and then a $10,000 repair credit.

@Nate Hubley welcome to the BP community Nate. I started my real estate investing career in 2016 on a 4 unit house hack. I purchased it in Attleboro for $345k and rehabbed 2 of the units with a BRRRR strategy. I did a cash out refinance in 2017 and pulled out $105k. House hacking is an amazing strategy for starting out. House hacking can catapult you years ahead of everyone else financially. Let me know if you ever have any questions about your investing journey.

@Michal Kasza welcome to the community Michal. Real estate is the best asset class to build wealth especially when starting young. The best strategy to start with is buying a 3 or 4unit property and house hack it. Live in one unit and rehab and rent the others. You can use an FHA loan that only requires 3.5% down payment, it might be harder to get one because of the virus. That's how I started investing when I was 23 in 2016. Let me know if you have any questions about real estate. I invest in south east mass, most of the towns surrounding Attleboro.

@Ryan Hazelwood i am 27 years old and started investing in 2016 with an FHA 3.5% 4 unit property. I own 12 units and cash flow about $4,000 a month after all expenses currently. My net worth is about $510k. My goal is to close on a 8+ unit property by the end of the year and have 2 more large multi family properties closed by the end of 2021. I use the BRRRR strategy for all of my investments. I love forcing appreciation through this strategy and raising my net worth. Refi and Roll!

@Ben Leybovich beautiful property and amazing value add numbers. Best strategy in the best asset class in the world. Do you ever have value adds where you renovate and stabilize all units then sell? Or do you always leave meat on the bone for future buyers to add value?

@Melissa Uppelschoten thank you. This property is between a C+ and a B class, 7.5% cap rate. This property is cash flowing $2600 a month after all expenses. Value add deals are very profitable in this area and still appreciate at a decent rate. 

@Dillon Jackson Hi Dillon, I just finished up a BRRR deal on a 7 unit I purchased about 8 months ago.

Purchase Price: $545,000 at 20% DP,

Rents at Purchase: $5900

Rehab: $35,000

Total invested: $144,000

NOI raised by $23,400 a year= 7.75% Cap Rate=$302,000 of added value, appraiser did not give the full value because of the age and really bad comps for my 7 unit. He used the income approach but the comps hindered his decision 😢

Rents after rehab: $7850

Cash out Refi: Appraisal came in at $780,000 LTV 75%

Cash pulled: $145,000 and still have 25% equity in the property equaling $195,000

@Russell Brazil my main goal is for my family to be very healthy, wealthy, and happy. My finacial goal is to create $25,000 a month after all expenses from my investments in 3-5 years. $50k a month in 5-10 years. Retire at the age of 40 with $1million a year from cash flowing assets. Hope everyone is safe and well. STAY POSITIVE!

@Dane Tortalita Even if you or him just want to bounce some ideas off eachother. I don’t think I would be interested In buying in Maryland but I would love to hear about his situation. I have managed a lot of units and have renovated even more. I Look forward to hearing about the issues he is having and giving you some solutions to them.

@Dane Tortalita let me know and we can get on a phone call and go over any issues. I am trying to get into 50 unit deals and above so I love seeing info and numbers on large apartment complex’s. I invest in value add commercial apartment buildings and deal with a lot of rehabs and mom and pop problems. RUBS is a cheap system that is installed to bill back water utility charges to the tenants.

Thanks, Ryan Short

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