Dave Blackman
What do you think of this plan?
2 November 2016 | 1 reply
Offered me this deal:House is located in nicer KCMO suburbs and easily comps at 112-120kHouse in need of about 23k in updates/remodel (they would perform)Has current renter that has been there 15-17 years but would probably need to leave for rehab (lease is up early 2017)Offering me value purchase price of 83500 (over 10k less than comps minus repair cost)I would get portfolio loan with my local bank there (already approved) at 30% down ($25050)Would open a HELOC to perform the rehab (max $23k)Once complete, get a cash-out refi (with same bank), at 80% LTV of (hopefully) new value of 118k which would cash me out 24k -- enough to pay off the HELOCWould put back on the market at 120k, and if sold would net 25k+ on the deal, otherwise could continue with prior renter or find new renter (pretty easy in this area)Obviously quite a few things would have to go right including the reappraisal, but the comps look pretty easy to obtain that new value.
Simon Wold
First Multifamily Purchase! Good deal or bad?
2 November 2016 | 5 replies
With a little work I can easily increase rents to market value.My main concern: Property is on septic.
Brandon Stewart
Why assign a lease in a LO Sandwich?
6 November 2016 | 7 replies
A high percentage fail and thus are easily seen as a scam.My LO was structured in two documents to avoid the issue AND both the lease and the option were NOT ASSIGNABLE.
Chris Hooker
Possible BRRRR Help
3 November 2016 | 1 reply
Does anyone have any positive experience in dealing with a website like this or would you suggest me finding actual owners that I can easily get in touch with.
Bryant Phillips
Buying my first property
3 November 2016 | 5 replies
You should know that the lower your credit score the higher the interest rates you will have to pay and that could easily add up to thousands of dollars over the years.
Michael Anuzis
Office Vs multifamily - why the same cap rate despite more risk?
29 March 2020 | 7 replies
It's also a turn off that class B offices with only 2-3 tenants easily cash flow negative with the loss of one tenant.
Charles A.
Jacksonville Santa Surprise🎁
4 November 2016 | 4 replies
Now I don't even have to rehab anything if I don't feel like,and the property will easily appraise for north of 135k when I refinance next year.Keep looking.Do not be discouraged.Santa🎅 may visit you early too
Jimmy Watson
Uneven Tile- A Deal Breaker?
5 November 2016 | 3 replies
I'm sure there's not enough detail in this post without quality pictures to base an opinion off of, but I essentially want to know if the uneven tile is a foretelling of something much larger, and should be avoided altogether, and if an inspector will easily be able to tell me what the cause of the uneven tile is.
Chris Hooker
Possible BRRRR property
6 November 2016 | 2 replies
Does anyone have any positive experience in dealing with a website like this or would you suggest me finding actual owners that I can easily get in touch with.
Cody Gentry
Need Ideas for a Research Paper about Real Estate.
4 November 2018 | 6 replies
I think you could easily write a 10 page paper on the subject.