PENSACOLA BRRR / in search for GC for flipping

[John Devereaux]

My wife and I recently moved to the Pensacola, FL area and looking to invest in a single-family home that needs work in a relatively good neighborhood. This would be my first time executing the BRRR strategy, so I am trying to get my ducks in a row before diving in. My main roadblock right now is utilizing a HELOC or a HELOAN on my investment property in San Diego, CA. From a few lenders I have spoken to recently they say that they are not offering HELOCs at this time on investment properties. Is that normal? From what I have researched people are finding success with it. And is a HELOAN more preferable than HELOC? I liked the idea of HELOC initially because I would only need to pay back the money that I spent and would not have to start making monthly payments right away. This bring me to my next problem that I am new to the market and do not have a general contractor to talk to about potential estimates for flipping a home. Because the HELOAN gives a lump sum and I need to start paying right away I want to make sure I only pull out what I need. So, I am looking for a GC in the local area with experience in flipping that would be a good ft for what I am looking for and would be able to give me a ball park estimates so I can manage my expectations in this new market. If anyone has any referrals for GCs, lenders that offer HELOC on investment properties or just generally has successful BRRR stories in the Northern Florida area I would love to hear them!

[Caleb Drake]

Quote from @John Devereaux:

My wife and I recently moved to the Pensacola, FL area and looking to invest in a single-family home that needs work in a relatively good neighborhood. This would be my first time executing the BRRR strategy, so I am trying to get my ducks in a row before diving in. My main roadblock right now is utilizing a HELOC or a HELOAN on my investment property in San Diego, CA. From a few lenders I have spoken to recently they say that they are not offering HELOCs at this time on investment properties. Is that normal? From what I have researched people are finding success with it. And is a HELOAN more preferable than HELOC? I liked the idea of HELOC initially because I would only need to pay back the money that I spent and would not have to start making monthly payments right away. This bring me to my next problem that I am new to the market and do not have a general contractor to talk to about potential estimates for flipping a home. Because the HELOAN gives a lump sum and I need to start paying right away I want to make sure I only pull out what I need. So, I am looking for a GC in the local area with experience in flipping that would be a good ft for what I am looking for and would be able to give me a ball park estimates so I can manage my expectations in this new market. If anyone has any referrals for GCs, lenders that offer HELOC on investment properties or just generally has successful BRRR stories in the Northern Florida area I would love to hear them!

 You’re going to be hard pressed to find someone who flips a lot who will give up their GCs in Pensacola. There are a lot of crooks and finding a reliable GC is difficult. I’m not going to blast anyone publicly… but if you message me I’ll tell you who NOT to hire. I found out the $18k hard way.

Let me know if you need any help. My team works with a lot of investors who are working on BRRRR deals. We also have relationships with contractors, etc.