Where I live, it will be hard to find a rent amount to fill that will close that gap. I think if I could swing this with my own money and therefore no need to refinance.... therefore keeping mortgage low, I could make profit off a renter.
@@AustinRutherford Just have to say, you are a parasite leading us back to feudalism. All flippers should be retroactively taxed for every dollar they made flipping houses
How do you go about your new BRRR? In the sense of not having experience in r.e. Would you recommend to hire a general contractor for your project and how do you oversee the costs of the project in case you wanna manage?
Sir the video was so good..! Can we refinance for other properties or rentals without completely repaying the loan that we took earlier from the bank? Kindly reply sir..
Hey Austin , So you find a lender with a tangible deal . Gotcha I got that , however so you estimate the amount of money your asking for based off the time frame you buy , renovate , rent the property then refinance ? My second question is while your waiting to refinance the house with the bank how are you making the monthly payments on the property ? Are you using the money the lender gave you or your personal money . Also is the money they gave for the home and rehab only and not the monthly payment amount you need to make on the home ? Respectfully, Ricardo Andrade . Future millionaire Real estate investor .
Your purchase price is based on a ton of things. ARV, reno, hold time, hold cost, interest paid to lenders, etc. We have a spreadsheet my team and I uses when analzying deals that calcualtes all of the numbers. Watch some of my other BRRRR videos for more number breakdowns!
@@AustinRutherford I understand so basically you anticipate the market / rent ratio and basically estimate a number of cost which include like insurance , cap-exp , miscellaneous fee , water , sewer , and the list goes on and you take that number and factor that in within the time frame your going to hold the property . Which in one video you mentioned six months so you then add it all up and Include closing cost so your all , all in a number which you come up with and then you want to ask the private lender for . Sorry man last question then ima hit the books 📚 and watch more of your vids regarding brrr 🥶
@@AustinRutherford Could you please clarify with more detail? Soon as you get that loan from a lender doesn't interst and payback kick in instantly? What if there is delay & probs with reno?
Great Video Just one question when refinancing after finishing the rehab, how do you qualify for the refinance if you don't have a stable income because a bank is going to ask you for income. Does the rental income count as the income to refinance? I want to do this but I deduct a lot of my income due to being self employed, how would I be able to refinance
How are you never building equity when you are keeping the home which will go up in value over time, and instant equity was created by renovating the home.
@@emoney8871 what I’m saying is if your pulling all the equity out to buy the next property that’s generally a bad idea. You need to have a small reserve
@@Thejasonrogers I see what you are saying, but what you're pulling out is the 75 per cent of the value of the home to pay back the source tha funded you the deal. The home value/ equity is still there because you increased the value of the home so you have instant equity and also as time goes along there will be more equity created .
@@AustinRutherford What could that come to? Please. An example. I'm guessing, of course, the prop mgr has nothing to do with a new roof, or major emergency?
Hey Austin. This is house is for sale. I always admired it but it's a single fam house. What questions should I ask the agent? Besides the age, acreage, price, basement? I'm wondering if I can use some of the left over equity in my house, even though I have a small loan on it? I'm wondering if they will let me walk it. Pple know that I'm low income in this area. Thank you Austin!!!!
ANOTHER THINF MAN WE NEED TO GET THIS MAN MORE FOLLOWS , LIKES AND VIEWS . He’s my inspiration and sounds like one of the boys the homie is a millionaire and Carry’s himself like a straight G . I’ll meet you one day Austin .
This dude is ruining the housing market. Dude you need to donate every penny you scammed to creating affordable housing for the people you priced out of the market. Man I hate greed
