All Forum Posts by: Wyatt Pfeifer

Everyone, I appreciate all the feedback. After refinancing, I will have the mortgage on the property now, so hence the low cash flow after refinancing, including property management. I agree that now running these numbers and being hung up on them, being more defined with my goals on my deals will be where I need to start to be better with the time. 

I have decided against the BRRRR, simply due to the age of the house, amount of rehab, and the low reserves for protecting such a low cash flow. Flipping the house, however could be the best option here. Thanks everyone again!

Hi all! 

I am currently evaluating a single-family property that will end up being a BRRRR. The numbers of purchase price and estimated rehab costs all check out against the ARV. However, my issue I'm struggling with is the rent in the area is almost capped at $1100/month (realtor said she's never seen properties rent for even $1200 in the area). After the cash-out refinance, my cash flow is just at about $116/month assuming $1100/month rent and factoring in variances of vacancies and maintenance totaling $121/month.

After the refi, only $6000 is left in the deal, which is great, but I'm hung up on the "lower" cash flow. This would be my second property, so I would appreciate anyone who's been here before and if that low cash flowing deal worked, or became a nightmare. I understand every property is different and everyone's strategy is different, but I'd appreciate any advice someone may have!

Hi all! I am hoping to expand my network of contractors as an investor local to SW Michigan. I plan on scaling quite a bit in 2022, and hoping to establish a trusted partnership with a general contractor team to work with on an ongoing basis. Have a few single family homes on the horizon here, and want to start somewhere with some conversations of anyone local or available for some upcoming rehabs. Most properties will be through the BRRRR method, so will require a diverse need of top to bottom renovations. Even if this doesn't fit your scope, I am always open to meeting more BP members no matter how you are involved!

Hello everyone! 

This will be my first post here in the forums, but have been into bigger pockets for awhile now. My wife and I have found the power of real estate here just over a year ago and have dedicated a large amount of time into how to get started. I have walked a few properties here recently, and finally found one that seemed like a great start and BRRRR property. The house is a small 1,040 sq.ft. 2 bd 1 ba in SW Michigan and everything in the house looked decent, needs some cleaning done, paint, flooring, etc..

The main issue with the house is mold, and its everywhere. It started in the bathroom and seem to have festered over the summer with it being vacant the past year, and the mold has reached a lot of the trim across the house. I'm hearing everything from "it's going to be way too expensive" to "it might just need a deep clean". Regardless I have no idea what to expect with cost of removing mold from worst to best case scenario. The mold is also on the ceiling of the bathroom, which causes concern for the actual roof itself and what if completely re-doing the roof is where the cost will not be worth the investment. 

Maybe a bit long winded on the description, but wanted to paint the picture of what to expect and my lack of knowledge on how to deal with it. Any advice on how to deal with mold? or any experiences on dealing with mold and an investment property?

Thanks!