All Forum Posts by: Ryan Saulle

Hey BP members

Looking for REA in Hudson County, NJ. Message here or PM me.

Thanks!

Ryan

@Russell Brazil hmm did not know this! Great info here.

So If you have an offer of 545K in contract, then it gets appraised for 515K, the buyer can change that 545K offer even though its in contract? If so, your losing that money plus paying your REA 20K+ fee for selling the house even though he/she failed to get it appraised for anywhere near what you think / the comps say its worth?

@Brent Coombs  Good to know!  Thanks again!

@Kenneth Garrett Gotcha, thanx. Appreciate the response.

Can anyone help add to what @Nick S. pointed out? 

The Initial Rental Period the Insurance and Property Tax is the same amount as the after Refinance Insurance and Property Tax. Wouldn't they both go up if the ARV went up?

@Nick S. Good to know Nick.. and those numbers don't automatically change, correct? You would figure out those numbers and change them every time?

@Brent Coombs 

Gotcha! messing with the numbers some more, makes sense now.

Appreciate the response!

Thanks again,

Ryan

Hey BP members!

Question about the BRRRR calculator. I am messing around with it to see different results and had a question.

Example: I buy a house for 100k with all cash, put 20k rehab costs and i put in ARV of 200k. When i go to refi part for the loan, I put 70% of the ARV? So in this case for the loan amount I would put $140,000K? Monthly cash flow goes from $850 to $250 after refi, COC goes from 10% to inf%? What does inf% mean? and i would have invested $0 after the refi. Meaning i would get everything I put in back?

Then just to see, i edited and change the ARV from 200k to 250k, numbers pretty much stay the same except monthly cash flow after refi is almost negative. The property is worth more but I would be receiving less rent? Does that have to do with the loan amount I am taking out? If so how do you fix my number?

Thanks, 

Ryan

Awesome. Thanks for the help!

@June Veenstra @Patrick Liska @Jennifer Petrillo Appreciate the response!

To go into more detail. I am looking to purchase a house in my name, do most of the work ourselves and sell it. If i came across major work such as chimneys, septic tanks, etc. I planned on getting licensed specialists so that wouldn't be a problem. I am more so talking about demo, plumbing, electric, windows, doors, painting, floors, tile work, bathrooms, cabinets, kitchens, carpeting, insulation, landscaping. Is it necessary to get a license in NJ to avoid problems or as long as things are done to CODE we should be ok?

Thanks again,

Ryan

Hey BP members!

I'm from NY but I've been looking to invest in NJ. I was wondering how strict NJ is with a contractor / rehab process? Does it depend on which town you buy in? 

I have a small team (all family) with a lot of rehab experience but none of us are "licensed" contractors. Will this be a problem without an actual GC license or there a way around it? If so, how do you go about getting a license? Is it just paying a fee and having insurance or do you have to take an actual class and pass a test?

Any advice would be great!

Thanks

Ryan