Getting Started with BRRRRing in Toledo

[Ethan Dugan]

Hello fellow Toledoans and Investors.

I have recently ventured into real estate and made a post about testing the waters by networking for a house flip. This is still on the radar for experience purposes, but I have started reading highly rated books, attending PIN/REIA meetups, making solid headway to attaining my realtor's license and looking at the markets more and am eager to be successful using BRRRR.

Are there others finding success with this? 

I am looking alot in 43606, especially Sylvania/Douglas for the hospital and University goers, Maumee/Pburg as well as 43614 near the Beverly school. I grew up in 43623 and will consider that also. Most searches have been through zillow, auction.com, hubzu.com as well as donrose/pamelarose auction sites - plenty to see. I have attended a sheriff's auction and will be attending one tomorrow, for better or for worse! 

I would appreciate feedback on any local banks that have short seasoning periods and low origination fees for moving forward with refinancing, assuming good credit and no debt.

I will be checking with glass city federal credit union and Genoa bank this month.

I also want to say thanks to Bigger Pockets and the Toledo investor community for having a system in place to support new people like me, so we can traverse through the maze of real estate. I look forward to being able to settle in a niche and tune the noise out.

Thank you for your time.

Ethan Dugan

[Benjamin Piecenski]

@Michael Temple Just curious on those refi seasoning numbers, were they smaller banks or brokers?  I find it odd that so many banks have this issue, as both Fannie and Freddie have 6 month requirements for seasoning.  I also find it a little weird that you need to put down 15% on the refinance.  We do need to have 25% equity left in the property after subtracting the loan amount, but we base that on the appraised value after any renovation/repairs have been made