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Feb 12th, 2024
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 Re: 1949 house rehab
[Re: BigPig]
#8881424
07/12/23 05:43 PM
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Joined: Apr 2011
Posts: 29,038
Western
THF Celebrity
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THF Celebrity
Joined: Apr 2011
Posts: 29,038 |
That's it! 9 pages on this thread and you can't pull $18hunerd a month?  Well done Wade, next project please
Last edited by Western; 07/12/23 05:43 PM.
If at first you dont succeed, then skydiving is not for you..
"Don't trust everything you read on the Internet"- Abraham Lincoln
Dennis
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Re: 1949 house rehab
[Re: Western]
#8884375
07/18/23 11:37 AM
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Joined: Aug 2009
Posts: 22,716
BigPig
OP
THF Celebrity
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OP
THF Celebrity
Joined: Aug 2009
Posts: 22,716 |
That's it! 9 pages on this thread and you can't pull $18hunerd a month? Well done Wade, next project please It pulls $1850, we make $800
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Re: 1949 house rehab
[Re: BigPig]
#8884434
07/18/23 01:44 PM
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Joined: Jul 2019
Posts: 14,233
Hudbone
THF Celebrity
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THF Celebrity
Joined: Jul 2019
Posts: 14,233 |
This project is 100% complete. Just wrapped up our cash out refinance on it, out of a hard money loan and into a conventional. We spent about $150,000 total on the purchase, 2 closing costs, interest only HM loan, and rehab. House appraised at $200k, we refinanced at $150k, rolled in the closing costs, and got $11k cash back.
So we have 25% equity in the home and it’s cash flowing $800 a month. Outstanding!
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Re: 1949 house rehab
[Re: BigPig]
#8884439
07/18/23 01:51 PM
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Joined: Jan 2007
Posts: 26,199
KRoyal
Texoma Legend
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Texoma Legend
Joined: Jan 2007
Posts: 26,199 |
Looks really good Wade. Well done. One thing that would set that walkway off though is to outline it in limestone slabs in a contrasting color of the rock 
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Re: 1949 house rehab
[Re: BigPig]
#8884445
07/18/23 02:14 PM
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Joined: Jul 2009
Posts: 3,176
HoldPoint
Veteran Tracker
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Veteran Tracker
Joined: Jul 2009
Posts: 3,176 |
This project is 100% complete. Just wrapped up our cash out refinance on it, out of a hard money loan and into a conventional. We spent about $150,000 total on the purchase, 2 closing costs, interest only HM loan, and rehab. House appraised at $200k, we refinanced at $150k, rolled in the closing costs, and got $11k cash back.
So we have 25% equity in the home and it’s cash flowing $800 a month. So mathematically you found a hard money lender to cover 100% of your purchase and rehab costs on the project and then a conventional lender to reimburse the hard money lender and put cash in your pocket based on loan to value ignoring loan to cost. Essentially you put zero of your own money into this project and got paid $11,000 at the end by the conventional lender. Is that an accurate assessment?
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Re: 1949 house rehab
[Re: BigPig]
#8884448
07/18/23 02:20 PM
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Joined: Aug 2021
Posts: 1,109
DukeCigars
Pro Tracker
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Pro Tracker
Joined: Aug 2021
Posts: 1,109 |
Car guy. Serial entrepreneur. Terrible golfer.
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Re: 1949 house rehab
[Re: HoldPoint]
#8886124
07/20/23 09:35 PM
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Joined: Aug 2009
Posts: 22,716
BigPig
OP
THF Celebrity
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OP
THF Celebrity
Joined: Aug 2009
Posts: 22,716 |
This project is 100% complete. Just wrapped up our cash out refinance on it, out of a hard money loan and into a conventional. We spent about $150,000 total on the purchase, 2 closing costs, interest only HM loan, and rehab. House appraised at $200k, we refinanced at $150k, rolled in the closing costs, and got $11k cash back.
So we have 25% equity in the home and it’s cash flowing $800 a month. So mathematically you found a hard money lender to cover 100% of your purchase and rehab costs on the project and then a conventional lender to reimburse the hard money lender and put cash in your pocket based on loan to value ignoring loan to cost. Essentially you put zero of your own money into this project and got paid $11,000 at the end by the conventional lender. Is that an accurate assessment? Yes sir. BRRRR is the strategy. Buy Rehab Rent Refi Repeat. Best case scenario you get money back at the refi and still make the 1% rule for rent. Even breaking even on the refi but still getting 1% rent rule is a win. And there is no taxes on the $11,000 because it is debt.
Last edited by BigPig; 07/20/23 09:36 PM.
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