All Forum Posts by: Vina Real

Thanks for your input, guys! I really appreciate it.

Sorry about the title, it must have cut off while I was typing.

Hi everyone! I found this thru the Marketplace from a reputable person. Here's the info:

Purchase Price- 60,000

Closing Cost-4,000

Repairs- 30,000 (he emailed me the full inspection report and had a contractor estimate at 25k)

Rent- 1300/month

ARV- 115-120k

Property Taxes- 250/no

Insurance-18

Capex- 8%( I have to replace the roof since theres a leak in the rear bedroom, the HVAC looks good)

PM-10%( I'll manage the property for now)

Repairs-8%

No HOA, 1 mile from JHU,MSU, quiet street.5

I'm purchasing this as cash, but I got a personal loan of $50k from Sofi at 7.45% for 7 years, $30k from my aunt at 7% for 12 months and savings of $30k mainly for real estate.( I got emergency fund of $7500, Roth IRA 6k and SDIRA of 150k. I invested the 97k in my SDIRA in different niches( $50k in syndication, 25k in a fix and flip company and 22k in notes). My questions are:

1, What do you think of this property? The wholesaler suggested I turn it into 3 bedrooms by adding the 3rd one in the basement. Is this a good idea. There's 2 sump pits in the basement. Is this a red flag? How much does it cost to finish a basement and add a bedroom. There's a half bath in the basement and 2 master bathrooms upstairs.

2 if I cash out refinance, What is the percentage of the ARV that they will give?

3. Should I include the loans in my calculations even though I paid it in cash? This is where I get confused with the BP calculator.

4. How much reserve should I allott on this property?

5. What's next after I close on the property? I read it here somewhere ion BP that you need vacant and rehab insurance,  lead inspection, and registration of property and transfer of utilities to my name. Where do I file? Any ideas and tips for registering the property?

6. Where can I get the Baltimore landlord and tenant handbook? Any recommendation?

Thanks for all your input guys! I'm pretty sure I forgot some details and I apologize for that.

I got a Sofi personal loan for $50K at 7.45% interest for 7 years. I should've asked for $100k. But anyways, my aunt lent me $30k at 7% for a year aside from the $40k that I saved up. I'm thinking this should be enough for my first BRRR property in Baltimore.

Hi Joseph,

I'm interested. I sent you an email.

Thanks, 

Vina

Last year, I rolled over my traditional 401k from a previous employer to a SDIRA. I am not an accredited investor but I was able to invest $50k of my funds in an apartment syndication. I used Equity Trust but unfortunately I'm not satisfied with them. 

Furthermore, I want to engage more in the forums to meet new friends and learn a lot in the process.

My goal is to buy and hold my first 2 properties this year and then progress until I reach my goal of 25 doors in 7 years.

 Hi,

I recently got a personal loan from a reputable online lending company. PM so I can give you the name of the company.

@Kyle Davis Sorry for butting in your post.