All Forum Posts by: Aaron Hale

thank you. These are all good insights. 

 I’m purchasing appliances for a property I intend to rent.   There is a gas hook up for the stove already in place.   Are there any benefits to installing a gas range instead of electric? What are the pros and cons of gas ranges?   Are there any monetary benefits of one or the other?   Safety issues? 

Hi Everyone

I'm just starting out and have a question or two about the Refinancing step of the BRRRR strategy. Buying a property.that probably wouldn't qualify for a traditional mortgage with cash, private, or hard money and refinancing it after the rehab with a cash-out mortgage is pretty straight forward. However, what if the house could qualify for a more traditional loan? Most lenders aren't going to want to give a traditional 30yr fixed rate mortgage knowing it will be refinanced 6mo later will they?

Do I disclose.to the first lender that I don’t plan on holding that loan for long? And just refinance with another lender? I don’t think I’d be very popular long by doing that. Do I go back to the lender and apply for the cash-out loan with the same lender? What is the best course of action I can take without burning any bridges with lenders I want to build relationships with or spending extra money on harde money when it may not be necessary? 

@Joe Villeneuve good point. I think we will be going ahead withhhhhhhhhh a cash offer on this duplex for $64,000. The estimated rehab is $40,000 and ARV $130-135k. The combined average rent is $1580/mo. $1517 annual taxes. We would have to find some backing to make this project happen. With the cash and quick turn around of a HML, I feel we could come in well below the asking price.

We’re about to make our first investment purchase. It will be an out-of-state BRRRR. The initial purchase and rehab will come from HML. Thinkin ahead, I’d like to find a reputable broker in the Akron area to begin working out my refi options. Any suggestions? Thanks.

I’m looking for our first rental property and have concluded utilizing the BRRRR strategy will be the quickest way to build a portfolio, but what if the property doesn’t fit in the pretty little box? Besides being the FNG to real estate investing, I’ve got a few other things making the search difficult. I’m a combat blinded and nearly deaf veteran. My wife and I run a chocolate company which takes up much of our time. We also live in a beach community where the prices are a barrier to entry. Not letting any of this deter us, I’ve enlisted the help of family and a trusted contractor to find an out-off-state investment. The location happens to be my hometown so I know the area. The prices are better and rents are good, but it is still competitive. We’ve located a pretty good prospect but, after running the numbers, the ARV at best will overall purchase and rehab costs will be 80% I’ve the ARV. What are the consequences of exceeding that 70% threshold when going for refinancing? Could it still be worth the purchase/work?

Yes, I’m quickly learning  justhow competitive! My wife and I live in Santa Rosa Beach, FL but I’m from Bath originally and wanted to start in a familiar area for our first investment.

If you have any tips or recommendations for lenders or contractors in the area, we’d be very grateful!

Best of luck!

Hello,

My wife and I are just starting out on the hunt for our first rental. We live in Santa Rosa Beach, FL but a few things have pointed us toward the Akron, OH market...

First, I’m a blind and nearly deaf veteran which rules out much of the conventional searching on my own. Plus, my wife and I run a chocolate company and she is pregnant with twins. 

We have family in Akron who can help us search, rehab, and manage for us. Now, we're just looking for that first BRRRR! If anyone can point us toward trusted contractors, lenders, wholesalers, attorneys, etc in the area, I'd be very grateful! If you want to chat (or a line on who has the best chocolate around!), I'll be here scouring BP for more knowledge.

Thanks,

Aaron

That's great! My wife and I are looking in the same area. How did you find this? MLS, BP, other?

@Todd Keith Could you Send that to me too? Is it currently occupied? [email protected] Thanks! Aaron