All Forum Posts by: Samuel Connor payne

@Sean James pm me. I’m a residential contractor of 5 years with multiple flips and rentals under my belt. My father was a local builder for 20 years and also works along with me

@QuoVadis Gates Sounds about right. If they had a full tear off maybe two but full crews knock out roofs in a day on the average sized home

@Jaron Walling yes it accumulates all. Tenants still 21 months on their lease. Replaced water heater, A/C, and all wiring with a new panel. Maintenance costs should stay low as well. Roof was replaced 3 years ago.

@Joseph Cacciapaglia thank you and I’ll take a look around for some new ones

@Adrian Fajardo my rentals are 9 months and 3 months so they can’t count them just yet

So I am relatively new to the rental property side of things. I completed my first BRRRR recently and used that money to put a 25% down payment on another property. They are both rented and both are positive cash flow. However my lender told me I am at 44% of my DTI and I was tapped out. I recently just finished a flip and a few larger remodels (we own a tile and flooring company) and have the money for another if not two properties. I am curious as to how people get around this, or do they just grind it out and wait to file taxes at a higher income the next year. Are they private lenders that waive the DTI as long as the down payment is able? If so, please recommend.

@Jesse Vasquez rent is currently at 1650 and the monthly all in note is a little under 1300

@Jesse Vasquez Completed a BRRRR in Memphis recently in one of the nicer neighborhoods. Purchased the property at 170. All in renovation got me to a little over 195. House got appraised at 280 and I did a cashout refinance at 200k with a local bank.

@Damian Gutierrez PM me. Local Memphis Contractor with flip and BRRRR experience

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchase price: $170,000
Cash invested: $22,000

Buy and Hold in desirable High Point terrace. This house got a full overhaul. Added a master bed and bathroom as the house had no true master to begin with. We moved and amped up our panel. The house got brand new plank tiles in living spaces, brand new subway tiles in bathrooms, and a herringbone backsplash. House got brand new fixtures throughout the house.

What made you interested in investing in this type of deal?

Had been looking at investing with the BRRRR strategy and this was a great first find.

How did you find this deal and how did you negotiate it?

I found this house on the MLS.

How did you finance this deal?

I financed this deal with a conventional loan.

How did you add value to the deal?

We revamped almost everything inside and out. New paint, tile, countertops, and fixtures. Roof was replaced a year prior to our purchase so no need to replace. New pvc plumbing, and new upgraded panel.

What was the outcome?

We had an all in investment around 195,000 and we did a cash out refinance of 210,000. Current monthly note is 1308 while it is being rented for 1650.

Lessons learned? Challenges?

Definitely learned to get references on which contractors to hire. My electrician showed up one day and started to move the panel then did not show up for a week in a half. The wires were already disconnected so we were without power the entire time. Our drywall/painter quit halfway throughout the job.