All Forum Posts by: Marcos Torres

holy hell. Rate is crazy high as well as those costs. shop around. try credit unions

Hello all,

I need some help/advice. I’m purchasing a home in cash for $155,000. I’m rehabbing the house for $90,000. The problem is after buying the house in cash  I’ll only have $20,000 left over and will be short $70,000 for the rehab. 
My intention is to BRRRR. I was thinking of a personal loan as an option. Am i able to get a heloc, then do a cash out refinance ?? What's the best way to get ahold of the $70,000 without bringing in a partner?

Closed this past June. 
Loan amount is 463k @ 4.125%

I pay water which is about $75/m for the entire duplex. My utilities are $100/m 

$3600 is inclusive of PITI AND PMI. (Yes PMI alone is $300)

Currently house hacking. Purchased a duplex. Renting one unit for $2,800 and living in the other. The difference between my rental and mortgage is shy of $800 (including PMI). I plan on living here for two years. I'm on the fence on whether i should hold or sell. When i leave the unit i can rent it for $1600-1800.

Let’s say i get $1,700 for the one unit and $2,800 for the other. Puts me at $4,500 income, minus mortgage $3,600. Leaves me with $900.

I understand it’s not an ideal but while house hacking I’m paying $800 versus renting at $1600-1800.

For the time being i know it’s worth it, should i hold onto it even with such little remaining? Technically wouldn’t cash flow if calculated with expanses, maintenance, PM and C.E.

If i refi out of the FHA, I'll save an addition $300 which would help some but I'm quite a bit always from hitting 20%.

Relevant info - purchase price 480k, rehab 35k, ARV 550k i understand spread isn't great but better than nothing.

Thanks for input !

Please add me. [email protected]

Not restricted to Bergen, but focused on 2-4 family

Thank you, i appreciate it. This was my second rehab, but this one was major. My error for not setting payment schedules/timeline. 

Hello All,

I need some advice or guidance. I’m currently on the process of a rehab on a duplex. I hired a contractor who told me he would be able to finish the job in 2 months. I awarded him the $57,000 contract and work commenced. We are now on month 6 and he’s still not complete. I’ve been paying him little by little but he takes his sweet time. He still has significant amount of work, and i only owe him $10,000. I’ve expressed to the contractor that i will not pay him the remaining $10,000 until he completes the job. He didn’t like that i was holding the money and has walked off the job.

Any suggestions? I’m worried he’ll put a lien, but i need to finish this rehab and want to hire someone else. 

Can he argue that we didn’t have a concrete time line in writing, and I’m the one who breached by hiring someone else?

Hello All,

I’m looking for a contractor that would renovate my duplex. Please only make recommendations with people you’ve worked with directly. 

Scope: Floors, Kitchen, Bathroom, Sheetrock and minor framing 

Work is located in Central Bergen County NJ

Thanks !

What’s bank did you use?