All Forum Posts by: Adam Schellhammer

Hello BP Community,

My wife and I are moving to Stroudsburg, PA and we are looking for an investor friendly realtor to help us navigate the different markets and neighborhoods. We are interested in single family/small multi-families with which we can employ the BRRRR method. If anyone has worked with a good realtor in the Pocono area, we would be most grateful for that info. Thanks BP community, and happy investing!

Regards,

Adam

Hello Everyone,

We are currently purchasing a new stove for one of our units. Should we upgrade to stainless? The kitchen has basic cabinets but it does have granite counters. My wife seems to think that stainless would be a wise investment but I feel that we should save the $$ and stick with white. The fridge is white and we wouldn't be replacing it until necessary, so if we go with stainless, the appliances will be mismatched for the time being. What are your thoughts? Will the wife win this battle or will I? Can we put it to a bigger pockets vote? Stainless upgrade or stick with white?

Thanks in advance for your opinions and responses.

and for everyone concerned about their Christmas plans, we offered to let them use our oven to bake their ham. We own a duplex and the tenants live in the other half. So rest assured, their Christmas dinner should not be affected by the broken oven

whoops, accidentally posted from my husband's account, this is the original poster, Elizabeth Schellhammer. :)

Okay everyone, I would love to hear your opinions on appliance finish. We are going to place the order for the new oven by the end of this evening. Currently the oven and fridge are white. Do I upgrade the new oven to stainless steel or save the extra money and stick with white? The kitchen has standard cabinets but does have granite counters. I am thinking granite counters and stainless steel appliances would be a good selling point to new tenants. My husband however thinks we should save the money and go with white.... We wouldn't be replacing fridge until we have to, so if we go with stainless oven the appliances would be mismatched for the time being. 

What do you guys think? Is stainless worth the investment?

Hello BP  Community,

My wife and I are looking to expand our knowledge of different investing niches.  We are currently focusing on buy and hold, but we are very much interested in becoming involved with wholesaling as well.  We have been studying the theoretical but we would like to start gaining practical, first-hand experience.  If anyone is interesting in meeting for lunch and discussing a mutually beneficial arrangement, we are all ears!  We are a hardworking couple from Brigantine and we are hungry and ready to get started.  Thanks in advance for your time and consideration BP.

Adam

BP community,

I am currently trying to get my financial house in order before tax season.  Looking to find a reliable tax accountant knowledgeable in the complexities of real estate taxes.  Grateful for and advice or referrals.

Adam

Good day BP community,

I am interested in completing my first BRRRR deal, but I am uncertain on a couple of things so I will lay out the scenario below. House is appraised for 290k purchase price sjhould come in at 190k. 40k for rehab costs. I can rent both units for $2,500/month (total).

Has anyone used hard money loans for the cash source?  These are the hard money terms:

Loan Balance:$240,000.00

Loan Interest Rate:4.00%

Loan Term:2 years

Monthly Loan Payment:$440.33

Number of Payments:24

Cumulative Payments:$250,127.55

Total Interest Paid:$10,127.55

Note: The monthly loan payment was calculated at 23 payments of $440.33 plus a final payment of $240,000.00

Also, how can I guarantee that I can refinance after 2 years to a conventional mortgage? Or is that the risk side? Thanks BP community, just trying to figure out this BRRRR method and if it would help me with this deal.

Bill,

That is a lot to digest, but with your permission, I would like to print this and work through it with my realtor and future lender.  

For your first question, the seller owns it outright and does not have a mortgage.  The property will strictly be a rental.  One positive, not that it's ironclad, but my lender is prepared to offer the mortgage to me in 1.5 years, after which I will have 2+ years of landlording and will not be subject to debt to income analysis.  I have a meeting with my realtor on Tuesday, so I will be back with better clarity on the situation.  

Even if the deal falls through, or if the numbers don't work, I am glad to be trying this method of financing and gaining the experience.

Thanks Bill, I'll report back soon.

Thanks for the help guys, hopefully this deal goes through!