BRRR Multifamily Acquisition Process Order of Operation Steps

[Greg Williams]

Hi All,

New Investor here in the Detroit, MI area focused on buy and hold small to medium sized MTF deals using either the BRRR strategy using hard/ private money or creative financing methods. Through networking I recently started working with a broker who just brought me a deal through a local wholesaler for a duplex in a neighborhood that is seeing a lot of re-development and having run the numbers in the BP calculators, doing market analysis and driving the area the property seems to make sense using the BRRR Strategy but I am unsure what the order of actions should be to make this happen given that the timeline is tight do to the area being highly desirable for invests.

Currently I have started working on getting an LLC in place and talking to HML, PML, and traditional lenders. This would be my first deal of this type and I understand that I might be too early in the process in terms getting my investor foundation in place to make an offer on this specific property but I am wondering what the typical order of actions I should take needs to look like to place an offer on a property knowing that I want to use a HML or PML to carry 80-90% of the purchase price and renovation costs.

Thanks in Advance.

Greg