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Updated over 3 years ago on . Most recent reply

User Stats

55
Posts
83
Votes
Jimmy Epolito
  • Real Estate Agent
  • Clermont Florida
83
Votes |
55
Posts

Help! I am tired from treading water! LOL

Jimmy Epolito
  • Real Estate Agent
  • Clermont Florida
Posted

I feel like I am treading water. I am eager to do my first BRRRR but have not landed any properties. Maybe I am looking at the wrong price point or something. I accidentally BRRRR'd a property I bought in 2019. I bought it for $67500 and it recently appraised for $110. I did a cash out refi and pulled out my original down payment while lowering my monthly payment and I also switched it out of my personal name and into my LLC. So here is my current position and I would love some guidance or even to partner up with someone to learn: I live in Central Florida. I have $100k in capital. I have 800ish credit score with zero debt. I have a busy job making low 6 figures working Mon-Thurs. I am very handy and can do most of the work myself on weekends. I also have many good friends who are GC's and other tradesmen. I have 4 little kids so I do need to maintain a balance of work/life but I am willing to put in the effort. So far I have been looking at houses at $150k and under needing light to med rehab. I am finding the numbers to not line up with the BRRRR formula in that price point. I have received leads from wholesalers but so far their numbers are very skewed. I also hold a real estate license so I have access to the MLS. When I check their numbers I often roll my eyes. I have flipped a house out of state earlier in the year and have access to Hard Money Lenders. I am sure I could also qualify for a line of credit. What would you do in my position? Does anyone feel like partnering to help me grow? I want to build this up to become financially free and to have something to leave my 4 kiddos. I am open to any and all suggestions. Thank you in advance!

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