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Updated over 7 years ago, 08/07/2017

User Stats

48
Posts
8
Votes
Lorenzo Smith
  • Investor
  • Kansas City, MO
8
Votes |
48
Posts

i need help with the 3rd R in the BRRRR strategy

Lorenzo Smith
  • Investor
  • Kansas City, MO
Posted

I  purchased my 1st small multi unit 4 plex with hard money in Kansas City Mo

I Got an awesome deal on Paseo Blvd .  Across from a univerisity, Minutes from Plaza Shopping Center.

This building also has another unit in the basement for more income. When it was appraised the appraiser told me "I think its worth over $300000 but i cant prove it." IN the terms of my loan i have to pay this loan off iwithin 6 months. if i sold i would nearly recognize a net profit of $100000 which sounds amazing to me until i think about ya boy uncle Sam and it dont seem much worth it after he takes his. i know i could possibly role it over into another property via 1031 exchange which i may have to do but my best options is the BRRRR Ibought it im currently rehabbing and placing tenants so i expect to have it finished and rented within 2months. Now my issue is the refi which holds me up from repeating. My scores are fair i fall short of bankabilty as ive been self enployed for years. My hopes is the bigger pockets community can offer some suggestions and feed back as this is where i find myself stuck at over and over in my investment business.

After Im over this hurdle sky are the limit.

'

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