All Forum Posts by: Sean Chua

 What office would that be? The tax assessor or tax commissioner?

Hi all,

Im buying a mobile home park in Macon, Georgia and am trying to find inspectors who specialize in parks. Does anyone have any recommendations? The seller is saying that there are 34 total lots, but I believe there can be more. Who would be able to help me confirm this? Appreciate any advice on this!

Hi all,

How do you estimate the total building costs for a residential home from the ground up (including the development of the land and connecting it to utilities)? I’m analyzing a piece of land for a flip and am not sure where to start. Any resources, book recommendations, or advice would be appreciated!

TL;DR - Is it worth it in this economy to buy down the interest rate with points?

Loan Details: All-in (purchase price+ renovation costs) for $420,000; ARV projected to be $520,000; 70% LTV

Option 1: 6.999% interest; $12k closing costs; would allow me to break even the rent with PITI

Option 2: 7.5% interest; $7k closing costs

Breakeven point: 3 years (34 months)

I'm planning on refinancing the loan later whenever interest rates come back down; is it worth it to keep the cash on hand (probably would invest it in stocks) or pay down the interest rate?

Hi all! Just bought a house that I'm renovating as part of a BRRRR, and I'm trying to decide what the best material is for flooring, countertops, and lighting. Considering that I want the house to appraise for as high as it can while having durable material inside for tenants, what are the best bang-for-buck options I should use? Below are the options I'm considering.

Flooring Options: Luxury Vinyl for both kitchen and bathrooms; carpet for bedrooms and living room

Countertop Options Considering: Granite, Thinscape, Quartz. A home depot sales associate recommended thinscape, but I haven't heard of it so I'm not sure how good it would be for a BRRRR.

Lighting: Honestly not sure what to do about this. Still researching, so any advice is appreciated here!

Deal Details:

-Purchased for $375k in Peachtree Corners, Georgia

-Renovation for $20k

-Target ARV: $530k

-Target Rent: $3500

-Estimated PITI (assuming interest rate of 7.125%): $3286

-Cash flow: $214 (basically all going to reserves)

@Jack Mawer would delayed financing require higher interest rates/points than a standard cash out refinance? I would be house hacking this home, so would I be able to qualify for a higher LTV? And is that LTV based on the ARV?

@Jay Hurst I'm trying to qualify with my own income, so it sounds like the full documentation loan. What would you recommend in that case?

@Michael Dumler I'd love to chat; I'll shoot over a text!

Thanks everyone for your help on this!

Question: Is it possible to immediately cash out refinance a house? My lender is telling me that I need to wait at least 6 months (I am purchasing the property with cash). If this possible and you know a lender that would help with this, I’d love to speak with you!

More details: I’m buying a property with cash for $375k and after rehab, I want to do a cash out refinance for $500k or so. Looking to finish the rehab in roughly 2 months and rent out the rooms. Also not sure how much to rent the rooms out for, so any advice on that would be appreciated. I’m thinking of looking on Facebook marketplace, Craigslist, and furnished finder.

Thanks everyone for all the help! For context, I ideally want to find a single family residence around Sandy Springs (trying to find other places close to the city but am having some trouble pinpointing where else to buy that has decent crime rates) where I can rent out rooms at $800.

@Andrew Garcia

Hi guys!

I'm trying to analyze deals for house hacking (renting by the room) and am re-evaluating the way I calculate reserves. Currently, I use a percent multiplier by rent: 5% for repairs/maintenance, 8% for vacancy, and 5% for capital expenditures. Assuming I'm getting $4,000 gross rent, that means I'm putting $720 away in reserves. Is this too much? How do you guys calculate reserves?