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5 December 2024 | 48 replies
Clearly you’re running a great business!
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3 December 2024 | 5 replies
Most syndicators use quickbooks and run a portal through juniper square or appfolio or another 3rd party software companyOnce you outline your pain point happy to provide recommendations
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4 December 2024 | 3 replies
6) What parking requirements/issues will you run into?
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8 December 2024 | 26 replies
I've host monthly REI meetups via Biggerpockets and the local investor Facebook group that I run.
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4 December 2024 | 6 replies
Lastly, have you tried running the #s to look at long-term appreciation on a unit like this vs. a Single-family or Multi-family property?
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5 December 2024 | 4 replies
I run sum numbers for you please see comments below before refinancing and post refinancing .If I were in your position, I would approach it as follows:Initial Investment Assumptions: Market Value: $360,000 Purchase Price: $360,000 Equity: $0,000Financial Breakdown: Hard Money Loan (LTV 100%): $360,000 Interest Rate: 10% (30-Year Amortization) Monthly Payment: $1,995Upfront Costs: Origination fee (1%): $3,600 Closing Costs (3%): $10,800 Renovation Costs: $10,000 2 Month of Carrying Costs During Renovation: $5,390Total Upfront Required: $29,790Total Capital InvestmentPurchased price $360,000 Upfront Costs $29,790Total: $389,790To make this investment work, you need to rent the whole property for at least $3,165/month, refinance it let say after one year with 5% interest with a traditional mortgage.Year One Rent: Monthly Rent Income: $3,165 Monthly Rent Losses during renovations (2 Months): -$6,330 (-$527/month distributed over 12 months) Total Rent Income: $31,650 per year => $ 2,638 per monthMonthly Expenses: Hard Money Loan Payment (10% Interest): $1,995 / per month interest only Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $292 per month Assuming 0% Vacancy first year Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $2,637Monthly Net Cash Flow: $1Post-Renovation Refinancing Strategy:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate your initial investment of $29,790 plus your 360k debt into a mortgage.
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3 December 2024 | 9 replies
Have them actually run the title.
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3 December 2024 | 5 replies
And of course find the project and run it through entitlements so I have something to contribute :)
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2 December 2024 | 21 replies
Plus, given where rates are right now, I genuinely believe we're at or near a local peak.I expect rates will head lower soon, maybe revisiting 6% in the coming months.
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1 December 2024 | 91 replies
Many people that I see trying to do it themselves are light lambs heading to slaughter.