All Forum Posts by: Aaron Hale

Thanks. I’ll give them a look.

Don't forget that the 2nd R in BRRRR is Rent. For this plan to work on a $50k property, you'll need $35k in equity in an occupied house.

Hello,

I've got a SFR in Green, Oh in need of work. Roof to landscaping and everything in between. Any recommendations for Roofing, electrical, plumbing, drywall, painting, etc will be appreciated.

Thank you. 

What is your estimated ARV? What about the expected rent? If you gave us some more mod the details, perhaps we could offer more suggestions.

Is there any way you could get the rehab cost down? Would you be doing any of the work yourself or hiring a GC for the job?

There are ways to buy with low and no money down. Brandon Turner’s book by the same name will explain it pretty well. Unfortunately, without putting in more of our own skin in the game, you’ll most likely have to find a partner of some sort investor to cover that portion of the down payment. 

Congratulations for taking the next step!

For a property needing that much work, be able to qualify for a traditional mortgage., especially if you choose not to live in the house. 

If it has a solid ARV, your purchase + rehab is 70% ARV or less, you could find a HML. However, without showing any history of past flips, they may give you figures around 70-80% of the purchase price, 90% of the rehab for 7.5-11.5% interest only for 6 months with 2.5-4 points.

This just means you’ll be able to finance $67,000 of the project but still have to put $13,000 down.

Save up, tap into a rich uncle, or find a partner(s). Good luck!

Another thing you can be doing while studying and growing your capital is attending your local meet-ups. Check your local forums. Orlando has more than a couple. If you reach out to others there, you’ll learn more, network, find local deals, and possibly a mentor or even a job in the industry. So many investors get their start by learning through OJT. Find someone you want to emulate and volunteer your time and efforts to them just for the opportunity to learn the trade. this kind of investment pays of in spades! 

Great news! Keep it up and tell us all about it.

Hi, Spencer, and welcome! I’m from the area and a recent investor as well.What are you looking to accomplish? Akron as well as many cities along the rust belt are attracting investors due to the decent rental rates as compared to their purchase prices. The best way to network, learn, and get a feeling for the area you want to invest in is to find a local meet-up. ...and keep asking questions on the forums! Best of luck! 

Thanks for the help and advice everyone. The photos show that the estimate is pretty spot on and the GC is giving me a break on his personal fee. The saying grace of this property is that it is in a prime location in an upward trending area.