New Investors in Triangle

[Mark Calivas]

My business partner and I are getting started in BRRRR investing in the greater Raleigh / Triangle North Carolina area.

We intend to focus on short-term rentals using AirBnb and like platforms after the rehab/refinance process. We are hoping to find more lenders are open to this sort of refinance, as there will certainly be pent up demand to travel to capitalize from.

Looking to network with local agents specializing in finding distressed properties before they hit the MLS, as well as wholesalers, property managers, local hard/private money lenders, and other subject matter experts.

Would love to connect with anyone interested

[Mitch Miller]

Mark wecome to bigger pockets and REI. You are joining the hot scene x2. Both Brrrr and Raleigh area are blowing up. Its not as easy as it used to be to find distressed properties (for a deal) in the raleigh market. I dont have direct contacts for you in the area of finding deals but I would hit up the networking events like TREA, BiggerPockets Meetup, Dealmakers sessions and so forth to meet some players and try to find a deal that way.

As far as lenders, there are quite a few different ways to go about it but most lenders will have a process for a brrrrr the most typical is a conventional loan that you wait 3-6 months seasoning to refi. You could do a hard money loan then refi but that still has a 3-6 month seasoning if there is a lien on the house. You could do delayed financing which is pay "Cash" (no lien on the house) and refi faster. Just make sure you know the requirements of the lenders, mostly around ARV and adding all costs to the hud to make sure you get maximum amount when refing. I recently heard about the Freddie product called a homestyle loan, not a clean brrrrr but could get you all in (purchase and reno) for 15% down. Happy to share a couple lenders that work with investors if wanted.

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