All Forum Posts by: Adah N.

I have the down payment and was originally going to purchase move in ready but every one in the areas I looked barely cash flows 3% COC investment. So I decided I would buy renovate and rent. Except I do not have money for the renovate part.

It appears many investors use private lenders for about 8% or hard money for about  9-10%! However, the balance transfer checks charge a fee/interest of 3 to 4% and I have 1 year to pay back or it increases to 1 million %, hence my question about average time from closing to rent and closing to refinance.

@Kristin Feerst  "credit would take a hit if balance is too high and would be hard to refinance." thanks for that tip, I did not think about that.

HMLs also give you 1 year to payback? If so, what other advantages do they have over cc?

What happens if you are not able to payback HML within a year? I know I can pick up the phone and call the lenders but any experiences you all have had would be great. Thanks!

Hi Everyone, I am new to BRRRR and have yet to make my first purchase. I have a couple questions...

Question 1 - who here uses credit cards to finance renovations on their properties?

Why on earth would you want to use credit cards? I am thinking I could make purchases and pay contractors and then balance transfer to another credit card with a 3% to 4% fee for an entire year. 

How about the possibility you will not be able to renovate and refinance within a year and pay back the card? This leads me to the next question.

Question 2 - for seasoned BRRRR investors, how much time on average does it take from closing to rent? How about rent to refinance?

Question 3- for people who only have money for down payment but not to renovate, how did you finance your BRRRR? Is HML a better way?

Thanks,

Ahdah

Hi Everyone,

I have been lurking around BP for a couple months, signed up about a week ago, made a few contacts and have finally decided to introduce myself to you all. 

Tell us about your RE Investing journey? I have yet to make my first investment purchase, although I started making plans since September 2018 when I sold my very first home in Kennesaw GA after living in it for 10 years. 

How did you learn about BP?  Google search, looking for all things RE investing and Google kept bringing up BP pages. 

What have you learned so far? I was looking for property that passed .85% to 1% rule since my goal is cashflow rental property investing. However, after looking for several months, I could not find any property that came close in the neighborhoods or cities of interest. I started with  Sandy Springs, Roswell, Alpharetta, Johns Creek and since moved on to Kennesaw, East Cobb, Decatur, Marietta, Woodstock or any other cities "close" to Atlanta where I wanted to invest, still the math did not work. I knew some investors buy, renovate and rent(or flip) but felt I was not the kind of investor that wanted to bother with all of that.  A property came up in East Cobb, budget - check, neighborhood- check, ranch - check, 4 sided brick - check, walkable-check. I grabbed my realtor and we raced to go see it as houses were flying off shelves like hot buns. Walked in the house...sigh, it needed renovating to bring it to 2020, "no wonder it was affordable." I have since learned it is safe to assume it needs renovating when listing has no interior photos. I left feeling disappointed, house went under contract the next day, "there must be many investors like me hunting for houses."

The ideal property I wanted did not exist in my market, more Google search, read more articles and discussions on BP and I discovered BRRRR! Great idea, but I also know nothing great comes easy. I have since learned BRRRR investors have to deal with renovations and rehabs, "far" cities and even out of state investing and search for months before finding the right property. I learned some find properties before they hit the market by contacting owners or partnering with Wholesalers. I learned about Hard Money Lenders(still not sure) and much more. 

What is your goal and target market? Single family in walkable neighborhoods or neighborhoods close to any local downtown in Metro Atlanta. Also open to multifamily but there are very few in areas of interest.

How can we at BP help you? I am looking for contractors who work with investors and specialize in renovating/rehabbing homes in metro Atlanta. Please contact me or let us connect.

Also looking to network with seasoned investors and other newbies like me, please let us connect.

Are there still any Atlanta area meetings for RE investors? Please point me to it.

I have the down payment part of the investment, was considering credit cards(yes cc) until I heard about HML. Are you a hard money lender open to working with rookies? Please contact me.

Looking forward to reporting back on my first BRRRR.

Cheers,

Adah

@Greg Kurzner

Pls connect me. New to RE investing, learning as much as possible and looking to buy my first BRRRR.

Thanks