Seeking Advice on Structuring a BRRRR Deal for a Foreclosed Property

[Daniel Taylor]

I'm currently looking into the BRRRR method (Buy, Rehab, Rent, Refinance, Repeat) and need some advice on structuring a deal for a house that's in foreclosure.

Here's a brief overview of my situation:

• Property Value: According to Zillow, the house is worth $649,500.
• Current Loan Amount: $470,000, which is the current market value without any repairs.
• Funding: I'm looking for a hard money lender to cover 100% of the purchase cost and rehab cost.
• Tenants: I already have tenants in place.

I'm working on getting the exact numbers for the rehab costs, but I would appreciate any advice on how to structure this deal effectively. Specifically, I'm looking for insights on:

1. Finding a reliable hard money lender who can finance the entire purchase and rehab costs.
2. Strategies to present this deal to the lender to increase the chances of approval.
3. Any potential pitfalls or things to watch out for in the BRRRR process, especially given the foreclosure status of the property.
4. Tips on managing the rehab while tenants are already in place.

Thank you in advance for your help!