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21 January 2025 | 5 replies
Here are some tips to keep your projects moving smoothly and scale up:Managing ContractorsControl Payments: Break the rehab into phases and pay contractors as they complete each phase.
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25 January 2025 | 15 replies
(I am starting investor, please understand)So many guys are buying in second-hand market, when original can not cover their mortgage payment because of the depreciating rent, and let go of their property at great value.
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13 January 2025 | 2 replies
all materials, all labor costs to others, Not you, utilities, interest payments, permits, licenses, auto/truck expenses, tools needed are all deductable.
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19 January 2025 | 5 replies
As long as the rents can cover both the current PITI and proposed P&I payment, credit is at least 680. you should be able to qualify.
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14 January 2025 | 15 replies
DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.
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26 January 2025 | 51 replies
Have 3 investments in GoodEgg - 2 have stopped making payments.
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29 January 2025 | 19 replies
Explain your situation and see if there are payment plans or hardship programs available.The BiggerPockets forums have threads on tax liens and foreclosure prevention: https://www.biggerpockets.com/forums/41/topics/766025-surplus-funds-unpaid-taxes-in-foreclosure-saleAn experienced real estate attorney can advise you on your legal rights and explore potential solutions.Have you spoken with your local tax authority yet?
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14 January 2025 | 9 replies
In my experience that's not actually the case at least in legitimate evictions for non-payment of rent or breach of another part of the lease.
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19 January 2025 | 9 replies
I still remember the first loan payment coming due and wondering where that money was going to come from!
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18 January 2025 | 10 replies
@Jennifer Fernéz I run sum numbers for you with our tool, see comments and pics below before refinancing and post refinancing .Financial Breakdown: Purchase Price: $200,000 Mortgage (LTV 80%): $160,000 Interest Rate: 6% (30-Year Amortization) Mortgage Monthly Payment: $959Upfront Costs: Down Payment (20%): $40,000 Closing Costs (3.5%): $7,000 Renovation Costs: $15,000 1 Month of Carrying Costs During Renovation: $1,548Total Upfront Required: $63,548Year One Rent: Monthly Rent Income: $2,000 1 Month Rent Losses during renovations (-$2,000): -$167/month distributed over 12 months Total Rent Income: $22,000 per year => $ 1,833 per monthMonthly Expenses: Mortgage Payment: $959 Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $275 per month Assuming 5% Vacancy: $92 Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $1,676Monthly Net Cash Flow: $157Post-Renovation Refinancing Strategy after 12 months:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate a portion of your initial investment into a mortgage.