All Forum Posts by: Steve Bronder

Who has a recommendation for a company that can get you a mailing list for certain areas and send out letters/post cards to generate leads? I'm looking to get some off market properties for myself and wholesale what I don't want to keep. 

@Jaron Walling The main point is just to renovate my primary residence and continue living there. I just want to make sure I maintain my purchasing power afterwards by keeping the full amount of my HELOC in tact.

I currently have a HELOC on my personal home that I mainly use to BRRRR rental properties with. I'm considering renovating my kitchen with my HELOC and rolling it into my mortgage to refinance while rates are low. I'm banking that the appraisal will reflect the cost for my renovations and I'll maintain my full HELOC amount so that I can continue investing as I have been. I probably have $20k additional equity than my HELOC reflects, so there's even a little bit of wiggle room there. I know this will add to my principal long term, but I'm thinking I can keep my payment about the same while improving the value of my house. Am I missing anything here? Any advice is greatly appreciated!

@Daniel Frey I just closed on one last week at 4.95% for a 15 year. I think they have a promotional rate going on right now you should ask them about and see if you can lock it in before you close. It's been much easier since I closed my first one. I send them my tax return every year and that's about it. Usually I can refinance within 2 weeks of starting the process, assuming the appraisal gets done quickly. 

@James Dolan I've had a lot of success so far BRRRR'ing in Pittsburgh. Talk to S&T Bank they've been great to me. No seasoning period & no limit on the number of mortgage's they'll give. I've done my last 5 deals without keeping any of my own money into the project.

Finish college and buy some rentals if you can before getting married. If she's the one she'll definitely understand that it's what's best for your future together!  

Definitely shop around. If you have no mortgage you should be able to do better than 100k. 

I only buy properties under $60k (assuming it's a SFH), but depending on the market that shouldn't be very hard for you to do. At that price you don't need to make them beautiful updated homes, you just need to make sure that they're solid and all of the major items are functioning properly.

If I were you I'd reconsider spending all of your cash on one unit. If you want to grow this will really slow you down. It's always ideal to buy with cash, but be open to refinancing afterwards. 

This is the current business model I'm using. I only purchase houses that are in the $30k range, typically looking for a 3BR/1BA unit. I have 9 units so far, with 6 of them being section 8, averaging about $800/mo in rent. There have been some unique issues to deal with, but for the most part nothing crazy and you can't beat the cash flow. 

As far as financing, I recommend finding an aggressive lender. I just completed my refinancing on 3 separate mortgages for $22k, $27k, & $35k. Not only did they give me mortgages for these, they gave me a mortgage for the full amount eliminating the need to put 25% of my own money into the deals. For full disclosure, I do have a solid W2 job & a great credit history, but besides that I don't offer them anything special besides deals with great cash flow. I got into the business less than 2 years ago with no prior experience, so it can be done and with little of your own money used!