All Forum Posts by: Scott Graham

Hi BP - I am in the process of closing on my first duplex and I want to use the BRRRR strategy on this property. The part of the BRRRR strategy that I do not fully grasp is how much can one truly cash out after refinancing a property? For example:

Purchase Price = $20K

Rehab/Construction Loan from Bank = $80K

After the rehab is complete and tenants are occupying the property - if I refinance the property through the bank for $150K - am I allowed to withdraw 75% of $150K loan or is it the difference between the original construction loan of $80K and refi loan of $150K? 

Thank you for your help,

Scott

@Deanna McCormick Thank you for your advice! This is very useful information.

Hi BP!

Tomorrow I have an opportunity to meet with a Real Estate Attorney for the first time. I am in the process of acquiring my first rental property and want to have a list of questions prepared for him. 

What questions should I ask?!  What questions do you always find yourself asking a Real Estate Attorney??

Best,

Scott

Hi BP!

In the process of acquiring my first 4 family property. I am wondering what percent of the rent do you set aside for Cap Ex? Is 10% a reasonable amount?

Scott

Hi BP!

My partner and I are within a week or two of opening an LLC in the state of MA. We are going to apply for a small business loan to open the LLC and for any additional start-up costs.

Based on your experience, how much should we plan on spending/borrowing to start a business in the State of Massachusetts??

Thank you for your help,

Scott

@Jerry Padilla Great advice! I will be sure to ask!

@Harjeet Bhatti do you have any recommendations which companies I should talk to?

Can you get PMI insurance for a rental property?? Meaning - are there any banks out there that will do 90% LTV and the borrower is responsible to pay for PMI?

Hi @Chris Mason - I am looking to get as close to 90% LTV as possible. May be hard or impossible to find but have you heard of small local banks doing this?

Scott

Hi BP!

I am looking for a suggestion on what banks to apply to for a conventional mortgage on a non-owner occupied mortgage? Has anyone done it? If so, what was your LTV??

Scott