Olivier Clow
Looking for advice - First Flip, Hard money loan
24 January 2022 | 1 reply
One thing I can recommend, since you are a contractor, is to document the projects that you work on.. these can start build up your track record, show the results and your knowledge of the renovation process (which is essential for Flips and BRRRR).Lastly, based on your financial situation, more conventional financing might be a good idea to get the ball rolling.
Sawyer Scott
0% out of pocket with hard money loan & commercial bank loan
2 January 2022 | 3 replies
Both lenders, particularly the conventional mortgage lender want the borrower/buyer to have personal capital “skin in the game” invested in the transaction3. 100% financing, if obtainable, usually result in negative cash flow, which means capital out of pocket from the owner each monthThat being said, “nothing down” purchases are done, but this depends on the definition of “nothing down”.
Darvin Johnson
Chicago or New Orleans?
6 January 2022 | 14 replies
It depends on how you measure "deals are better" Some of the measures access to entertainment & access to business corridors which results in low vacancy rates.
Kaylea Blackburn
Finding investment property
2 January 2022 | 5 replies
My question; the current market being what it is.. has made it very difficult to find a duplex and to match offers.
Bryce Betley
Finding flip deals in decent neighborhoods?
3 January 2022 | 3 replies
As a wholesaler, landlord, and very rare flipper, I can say going this route gets results.
David Duron
Personal vs. project costs - investor's perspective
4 January 2022 | 4 replies
Cash purchases should be avoided, you will loose credibility with your partner.A cash withdrawal from the company account might be broken out for small supply purchases, for example, or copying a key, but each purchase must be verified with the receipt; receipts will match the total cash withdrawal.
Reco T Bumpers
Truck driver - Rookie questions
7 January 2022 | 10 replies
If so, with what results?
Bradley Rieger
Raising rent/switching utilities while living in a house hack
4 January 2022 | 3 replies
Utility companies normally let tenants get pretty far behind before the landlord is notified- if the utility company puts a lien on the property for unpaid bills, it is better to have closer control over the bills- If there is a water leak or other problem with the property, the tenant doesn't have to bear the costDisadvantages of having utilties in owner names:- If tenants start using a lot more water/power, it is more difficult to quickly adjust rent or get them to conserve- with pandemic or other freezes on rent or evictions, there is no recourse for utility increases- if the tenant qualifies for low income utility pricing, it has to be in their nameOnce you decide what your guiding principle is, you can align your current rental agreement to match.
Jordan Nikerle
Looking to Invest in STR Near Pocono Summit, PA
11 January 2022 | 12 replies
I have seen mixed forum posts on the Pocono area, so I am curious if Airdna matches up with the results that most of you are seeing.
Dinardo Rodriguez
Prospective Chicago Investor: Feedback on this Analysis
5 January 2022 | 12 replies
These figures vetted these numbers on the Bigger Pockets calculator as well and got a similar result, but wanted to share on the forum to get additional feedback on any additional line items/nuances particular to Chicago: Property is a duplex (each 3 bed, 1 bath) in Little Village and listed for $249,900Down payment (FHA Loan @ 3.5%): $8,800Closing Costs: $7,494Monthly Income: $1,200 per unit (so $2,400/month)Monthly Expenses: $2,370 (see below for details on expenses) Assuming 30yr mortgage at 3.8%, mortgage: $1,124/monthProperty taxes (2.1% for state of IL): $440/monthPMI (FHA Loan): $104/monthInsurance: $150/monthCapEx (5% of rents): $120/monthVacancy (5% of rents): $120/monthRepairs (8% of monthly rents): $192/monthMaintenance (5% of monthly rents): $120/monthBased on these numbers my conclusion is that this wouldn't be a good deal since cashflow is barely positive.