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Updated about 7 years ago on . Most recent reply
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BRRRR House-Hack Questions
Hello BP Community, I am trying to purchase an investment property in the town I live in in North Carolina. This would be a BRRR/House-Hack hybrid. Essentially my wife and I would buy and live in it while we did the rehab work and look to flip or rent in a year or two when we are ready to do it again.
I am very experienced in residential remodeling and construction. From 2011-2013 I was the lead Project Manager for a national company that managed rehabs, renovations and repairs for bank-owned and investor-owned foreclosures. During that time I managed several hundred projects all over the country, from large to small. Since then I have been involved in residential design and for the past 6 months have been self-employed with my own freelance design studio.
We were just pre-qualified by Guaranteed Rate for a mortgage, however we could not get pre-approved and the only reason was because I have not been self-employed for two years. Even though I have been in the industry for a lot longer than that and meet their financial requirements and qualifications, they won't approve because I've only been self-employed for six months.
The home we want to purchase is a 3 bed, 2 bath SFH that sits on 3.9 acres about ten minutes from our current home and a half-hour north of Charlotte. The house itself is in good shape. It needs some updating, primarily an interior re-paint and a new range. It is in decent shape as-is and we would completely update and renovate the kitchen and both bathrooms over time. This is a great opportunity for profit as the house is already undervalued I believe at $73,500 considering the acreage alone and the fact that the house is in decent shape.
My questions are.... do any of you have wisdom or ideas to share on how to make such a deal work out considering the circumstances above? What sort of creative financing would you suggest? Seller-financing is not an option. Is the fact that we would live in it a draw-back. Is my experience in the industry a plus?
Our hope would be to find some creative financing and then either sell/flip in a couple of years or re-finance once I meet the two years self-employed criteria and keep it as a rental property.
Thank you all for reading and providing feedback!
Most Popular Reply
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@Josh Stack You nailed it! Just keep calling around. This is 2017 not 2012 the banks have loosened up quite a bit.
You might even want to ask for a bit more $ to cover rehab work and so the closing costs aren't as big a % of the loan amount. I know some lenders won't lend under $60K because its too small a loan!
Just go and make it happen, each No is one step closer to a Yes. Go make your own "luck".