All Forum Posts by: Will Foster

Hi @Bob Okenwa,

Thanks for your input. 

I'll be doing Multi-Family (Duplex), Buy and Hold, and Owner occupied.

If you have more knowledge of this type of presentation that I'd need that would be great.

Hello BPers!

When preparing my financial presentation to Private lenders and Banks, what do I need to present, and how should I present it?

Hello BPers!

When preparing my financial presentation to Private lenders and Banks, what do I need to present, and how should I present it?

Thanks @Travis Sperr 

I'll check it out

Hi @Travis Sperr,

I'm going to be visiting Colorado Springs Oct. 11-16, and was wondering if you were going to be holding one of your RE Happy Hours one of those days?

Thanks

~Will

Morning @Corby Goade,

Thanks for the HELOC info. I'm learning the game here and didn't know about that strategy.

~Will

Hi BPers!!

I've recently been on the Forums asking about using the BRRRR Strategy, and have had some great insightful discussions.

My next question is Rehab costs and business expense.

If I use the BRRRR way, and I use my money for the Rehab costs, then is that cost considered a business expense, and would I recoup a percentage of that cost in the coming tax season?

Is that how it works?

@John Leavelle

Morning.

Thank you so much for writing out the detailed information. This really helps me understand the ins and outs and the risks involved of these strategies.

BRRRR sounds very simply in theory, but I knew there was more to it.

I also read a few of your posts with other BPers and they were helpful too.

I'll keep you updated on my progress. Probably not going to make a move until next year, but I wanted to begin understanding what I'd need to do before than.

Again, thank you John!!

~Will

HI @John Leavelle,

So I've been reading the answer you sent me.

I was hoping to find a property that was not in need of a major rehab (down to the studs type). I was thinking more of updating. i.e. windows, flooring, roof if needed, hvac if needed, kitchen, bathrooms, interior/exterior paint, landscaping.

But, I could only be imaging something could be as simple as that.

I'm going to try and understand what you wrote:

If I use my own cash to purchase the property, then do the Rehab and get one side of the duplex rented, which hopefully pays the mortgage, taxes, etc.. and I live in the other. After 6 to 12 months I go to a Refi Lender and they give me a loan for around 75% LTV . I then take 75% and put it in my pocket. Leaving 25% in the loan as equity, which I can not take out. If I'm using a private money lender, then after the new loan from the Refi Lender, they would get their initial investment back, plus interest, from the 75%, and whatever is left over is what I would get to keep in my pocket.

The FHA 203K loan idea. I was going to try and put 20% down, to keep that monthly PMI out of the math. So after the rehab, and the one year live in requirement, if the property does not meet 25% ARV/FMV appreciation I would not be able to refinance because a lender would not see the property as a good LTV ratio?

I hope I'm not making this more complicated than it is. I'm new to all this and trying to understand. Thank you for your time to explain this to me, because it is very helpful to begin understanding the terms and needs to do all this.

~Will

Hi @Les Goss,

Thanks for reading my little ad.

I would be really appreciative to meet up and buy you some lunch. 

How does the 13th sound for you?

Thanks,

~Will