First Time Investor - Out of State BRRRR

[Nick Szwed]

Hey There!

I am a new investor looking to secure my first property to BRRRR out of state. I've done quite a bit of research on BiggerPockets, youtube, podcasts, and still have a few remaining questions before I feel comfortable enough to take the plunge.

1) Have you ever worked with a wholesaler directly? Do you recommend involving a real estate agent for my first property? Do you still add a due diligence period in your offer?

2) I am having a difficult time understanding when to involve my lender. Submit my deal package before I submit an offer?

3) I want to be able to refinance my property sooner than 6 months and pull out 70% minimum. Many people are referring to a portfolio loan or asset loan and I am unsure how one secures the refinance loan after going under contract and before the rehab is complete.

4) I am having a difficult time estimating rehab costs. Many GC’s I’ve contacted said they will not bid a job until it is under contract. How are y’all able to estimate a rehab while under contract and what if the rehab comes back way too high? Do you just bail during due diligence and forfeit your appraisal costs?

Any and all help is appreciated!

Cheers,

Nick