All Forum Posts by: Aaron Thompson

Hello BP Family. I am looking to do the BRRRR strategy and I have a question about the renters that I will put in the home after it's remodeled. I understand that I will be the owner of the property and I will be responsible for repairs. Let's say that there are damages to the property that are caused by my hockey pants and not by wear in tear. Ex. Kids playing around and putting a hole in the wall or something of that nature. Do I have to continuously come out of pocket to fix these problems or are the renter is responsible for where in tear that they cause?

Thank you.

I am in the process of reading the brrrr strategy book and I'm having trouble understanding how a person still has equity after they refinance. Lets say I get private money to fund a deal which is purchased for $75,000 including rehab cost. After I get A tenant in the deal and then refinance 4 to 6 months later. To my understanding they're going to give me a mortgage on the property and a 75% loan to value most likely. let's say the property after it is rehabbed is worth $120,000 and they let me pull out $90,000. If I still have to pay the private money lender then that only leaves me with $20,000 Worth of equity. I must be confused. Even if I use my own money and I got the bank to refinance and they gave me the money back since I put in a new mortgage on the house the money that the bank gave me for the refinance I have to pay back. Correct? I don't see how you can go into the next deal with a house that has a bunch of equity and cash flowing if you have to pay back the mortgage that the bank gave you on the refinance. I'm sorry for my ignorance I might just be confused. Any help would be great.

I am in the process of reading the brrrr strategy book and I'm having trouble understanding how a person still has equity after they refinance. Lets say I get private money to fund a deal which is purchased for $75,000 including rehab cost. After I get A tenant in the deal and then refinance 4 to 6 months later. To my understanding they're going to give me a mortgage on the property and a 75% loan to value most likely. let's say the property after it is rehabbed is worth $120,000 and they let me pull out $90,000. If I still have to pay the private money lender then that only leaves me with $20,000 Worth of equity. I must be confused. Even if I use my own money and I got the bank to refinance and they gave me the money back since I put in a new mortgage on the house the money that the bank gave me for the refinance I have to pay back. Correct? I don't see how you can go into the next deal with a house that has a bunch of equity and cash flowing if you have to pay back the mortgage that the bank gave you on the refinance. I'm sorry for my ignorance I might just be confused. Any help would be great.

@James Gates I'm also interested in the Brrrr strategy. This story is a great example of what steps I should take on my first deal using this method. Keep up the good work!!

@James Gates Hello, James. I'm curious did you use the calculator that BP has available?

Do anyone know about some good title companies out here in Virginia. I'm a newbie wholesaler and I would like to find a good company here.I'm currently in Hampton and I'm looking a good one in the 7 cities. Any info would be appreciated. Thank you.

Hey Julius thanks for the reply. I began looking into real estate a few months ago though the internet. It started from an article then turned to blogs and has increased to books since there. The idea of wholesaling came up in my readings and I started doing research on how I could enter the business of real estate investing though wholesaling. Currently I go to school for hospital administration and it also teaches about marketing and real estate on a certain level. I also listen to podcasts in my spare time and try to soak in as much knowledge as possible. I'm happy to say that my interest in wholesaling has come organically.

Hello my name is Aaron Thompson I live in Hampton,Virginia and I'm looking to start wholesaling real estate. Is there anyone in my area that can assist me?