All Forum Posts by: Achille Clendenning

Hey all, much appreciated on the contributions you have made. Keep em coming!!! I am reading all your comments and learning more as these last couple days have progressed. Merry Christmas as well to all on BP. Lets make it rain in 2019. Lol. 

Also anyone else who reads this please join the discussion, I really am interested in learning how this all works and need as much information as you guys are willing to dispence. Thanks to all you who read and share in this discussion. 

So when you originally bought the house with the 40k cash all that money was your own money and not a hard money loan? How about if I put 25k into buying a house and the rest of the money used to buy it was part of a hard money or bank loan? Will the bank let you pull the 25k out of the original house deal in the refinance or do you need to already own the home 100%? Doesn't the bank more or less own the home then? You don't have any of your own money in the house if you take it back out in the refinance,  right? Am I missing something or is what I'm thinking correct?

Hello BP community, I am realatively new to this concept of BRRRR investing and I am trying to understand the whole Refinancing part of the deal, so if anyone would like to chime in about this I would like to hear your thoughts on the subject. When you refinance after having renovated a house you are able to take out the money that you put into buying the house in the original loan and use that money to buy another house with most of the same money? It seems like this I don't fully understand how a bank would give you the money back from the original deal because then it seems like you don't have much equity in the house and are taking on more debt by using that money that you take out of the original deal with no more funds than you had originally. I feel like I am either not fully understanding the concept or my understanding is just plain wrong. Can someone please try and go into a bit more explanation about this concept? Thank you in advance. AC

Thank you for your advice, I'm looking forward to getting approved for my first loan (what ever type it might be) and buying my first official property. I believe it will happen in the next couple months.

Hello members of the BP community. My name is Achille and I am a lifelong Californian interested in learning how to evaluate the potential financial opportunities in real estate available in my local area of California (Amador County and other nearby Sierra foothill counties). I also am interested in how you all aquired funding for your first project/s when you started out in the real estate? What was easier funding to get when starting out and why is that type of funding a good source when starting out? Any advice will be greatly appreciated. Thank you all.