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Team needed for BRRRR
Hi Guys,
I am starting to finalize on the BRRRR deal. I would like to know your thoughts about the team i have in place. Let me know if I am missing anything for the process.
This is going to be all cash deal. Below is the team for now.
1) buyer Realtor
2) house rehab company
3)underwriter company
4) House inspection contact
Anything else needed?
#2 Mortgage Brokers & Lenders Contributor
- Lender
- Springfield, MO
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#2 Mortgage Brokers & Lenders Contributor
- Lender
- Springfield, MO
Quote from @Pradeep Roy:
Hi Guys,
I am starting to finalize on the BRRRR deal. I would like to know your thoughts about the team i have in place. Let me know if I am missing anything for the process.
This is going to be all cash deal. Below is the team for now.
1) buyer Realtor
2) house rehab company
3)underwriter company
4) House inspection contact
Anything else needed?
Hi Pradeep - depending on how quickly you plan to complete the rehab, it may be worth exploring your available resources for refinancing as well. At the very least, you’ll have a point of contact lined up to contact when you’re wrapping up the rehab and ready to start the refinance.
In order to use your appraised value, there are lenders with requirements ranging from ‘no seasoning' to 6-month seasoning. My favorite program has a 90-day seasoning requirement, and we often kick off the refinance around day 45-60 of ownership. A ‘no seasoning' program does exist, but the ARV must exceed $100k. I know that is not always the case for all rehabs.
Good luck on your BRRRR! It looks like you have covered most of your bases.
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Lender
- 417-605-2196
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- [email protected]
#1 Creative Real Estate Financing Contributor
- Lender
- Fort Worth, TX
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#1 Creative Real Estate Financing Contributor
- Lender
- Fort Worth, TX
@Pradeep Roy I mean, you can use a realtor if you wish but most of us don't do that with BRRRR transactions. And you will need lenders. That is, if you want to repeat.
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Lender Texas (#392627)
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- USA
Hey Pradeep,
Congrats on getting started with your BRRRR! Is it your first one? Also, where is it?
Your list looks good but as others mentioned it doesn't hurt to think long term and explore refi options as well. I also included a BiggerPockets article below that you might find helpful and am happy to send more info about building a team if interested. Feel free to shoot me a dm!
https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...