All Forum Posts by: Junior Salters

Hey Will,

How did you come across this deal?

Hey Guys,

Is there anyone in the upstate of South Carolina with a recommendation on what banks to speak with about HELOCs with? Just got off the phone with Pinnacle and their program seemed good but the young lady mentioned they generally only do 80% LTV and not 90% which I've heard is the general standard. Thanks for any help you can provide!

Junior 

Deal looks strong, Adam. Just didn't see any monthly expense for CapEx. But I believe even with adding another 10% for that, this on the surface seems like a good deal. Hope it works out! Happy Hunting!

Hey @Omar Bunch Numbers look good. May want to increase vacancy to 8%. I've seen that as a rule of thumb assuming 1 month out of the year you may be empty transitioning from one tenant to another. Have you thought about BRRRR'n this deal to get your cash back out and increase your ROI?

Hey @Greg Moran Are you getting a bank loan on the initial purchase or a hard money? Having not performed my first BRRRR I'm not sure what more experienced investors look for in terms of numbers prior to the refinance. Even if you take your repairs or capex up to 10% you're looking around that $100/month and 15%+ Cash on cash ROI. Just my two cents! Happy Hunting! Good luck!

@Michael Temple Keep hunting, Mike! This one doesn't seem like one to roll the dice on unless there's alot of flexibility with the purchase price and some sort of owner financing.

@Tim Herman Do you use that 23% capex general guideline for any type property: SFH, small and large multifamily?

Hey @Arlet Rodriguez, Is this a house hack deal? I noticed the DP was roughly around 3.5%. How many units is this property? Initial repairs seem a little low; is this property pristine / all units are already rented to long term tenants. If not, you may want to increase that to a more conservative number. The closing costs also seem a bit low for such a large purchase, a little bit above 1%. I'd take vacancy to around 8% and capex or repairs to 10%. Hope that helps a little. Just my two cents. Happy Hunting!

@Marx Delices I would take your repairs up to maybe 5-10% especially considering its 4 units although I saw the note about it being well maintained. Even with that increase , the numbers look good with it currently rented. If you have access to a local REIA (real estate investors association) , I would look to pitch this to individuals you know are currently doing deals and see if they're willing to partner since you bring the deal with what seems like good numbers and they can point out any oversights. Just my two cents! Happy hunting!

Hey @Christopher Schmidt , did you come across your dupex via the MLS ?I ask because see many on there but not at the best prices and have done a few direct mail marketing campaigns but to no avail.