All Forum Posts by: Walmsley Gedeon

Brian G. I'm hoping the ARV exceeds $360k...

Isiah Ferguson thanks Isiah

Brian G. It's a FHA 203k renovation loan with $75k in renovations. I initially put down around $5k and then an additional $9k in closing cost. I had some concessions on the deal. Original price was $175k total loan amount is $260k which includes $10k in contingency cost for renovations. I have 4units 3- two beds and 1- One bed. 2beds going for $1300 and one bed going for $1100 . Mortgage is $2500. Water and electric should be around $500. I'm hoping after renovation I get atleast $100k in appraisal value. Let me know if you want to know anything else. I'm excited and nervous all at the same time. Thanks..

Alex Shaughnessy lol and that is all we can hope for... much appreciated.. regards

Christopher Giannino Thanks! Great read.

Rolanda Eldridge Thank you!

Christopher Giannino thank you for the reply. Yes my strategy will be BRRR and no there aren't any tenants. There is mostly cosmetic damage but there is some structural like roofing, piping, and landscaping. It's a basic restore and bringing it to the town standards. How long before I'm able to refinance out of my current loan? I'm projecting this to be rented by July. I want to start working on the next deal by the end of this year or early next. Appreciate the feedback.

Hi Guys, Just wanted to thank the BP fam for all the info they provided to help me make this happen. I closed on a 4 family in NJ. I paid $175k for it. . Potential rent roll is about $5k gross before expenses and after renovation. Mortgage is about half that and I would say another $1k towards expenses. But it needs about $75 in renovations. That is set to begin in two weeks. I must say I'm nervous because I used practically all my savings to get this going. Won't have to much left after the renovation. I won't be broke but it was definitely a strain. I do have a good paying job in finance and I prepare taxes to supplement my income of which I haven't cashed out on this season yet. So I'm not struggling but my thing now is getting this moving and getting to the next property or deal. How long do you suspect that could take? I think after renovations the house should be worth in the $300s. I want to capitalize and get to the next property. What's a realistic approach to making this happen? I just wanted a bit of strategy advice here. How fast can I leverage my new found situation? Thanks BP!

Thanks guys! My first deal is a 4fam in NJ. I used FHA 203k. I have some cash but not enough for me to jump on another property to quickly. I guess I really should focus on the renovations and getting it rented before another deal. For this of you who didn't have the cash what vehicles did you use to leverage your new found situation? Thanks again guys!

Hi Guys, Just wanted to ask if members would share how long it took to get to the second deal and what vehicle they used to make it happen? I'm closing on my first deal on Monday and I'm already thinking about the next and wanted to get some ideas. Has anyone closed on more than one deal in their first year of investing? I want the success as well as horror stories on the topic. Thanks BP!