All Forum Posts by: Alex Goon

Steven, we connected about a year ago over our shared history with Bainbridge Island. I'm currently in my junior year of college at Boston College and I will be spending my summer working in Denver. I definitely know some agents on the island who might be able to help you out! feel free to reach out to connect!

I'll be sure to let you know if anything comes up!

Hey Steven,

I grew up on Bainbridge Island and it's one of the places I would love to invest in. I graduated from BHS 2 years ago and I'm currently entering my sophomore year at Boston College pursuing a degree in finance. I am also in the process of getting my RE license in WA. I'm yet to do my first RE deal but the Bainbridge market would definitely be my first choice. Feel free to reach out to me if you'd like to discuss this more.

@Nicholas L. Yes I have 4K cash and up to 10k of margin that i could use if I specified it in the loan agreement

Trying to find the best way to finance my first deal. Ideally, I would ideally like to use the brrrr strategy in Washington state. I'm 19, I have 30k worth of stocks that I would prefer not to sell in order to finance a deal. I make around $600 a month working part-time.

I recently found a plot of land in the town I live on sale for 100k. The surrounding houses are worth 700k - 1mil+ and I expect them to continue to appreciate in value. Although I feel that the land is priced well and in a good location it still comes with problems.

Firstly the land has no utilities and the tie-in for utilities is farther away than usual. Along with this, the road leading to the property has not yet been built. Lastly, since there is no house built yet I will not be able to collect rental income from this property for a while so this is mainly an appreciation play until I build a house there (or put in a temporary building/airstream).

Please share any additional comments or questions, I'd appreciate all feedback!

@Wenda Wang

Thanks for the tip!

Hey BP,

I had a question about the BRRRR method that I was hoping that you guys could help me out with.

I have about 25k in savings and I work multiple low-paying jobs. I plan on using a hard money lender to finance the purchase and renovation on my first deal. I was wondering what the best course of action would be if I refinanced at 75% of the LTV but it wasn't enough to cover the amount borrowed from the hard money lender. The only solution I can think of would be paying for the difference out of pocket.

Do you guys have any tips?

Thanks!

@Andrew Eherts

Thank you very much that was exactly the type of in depth info I needed! Greatly appreciated!

Thank you so much for the input. I figured It would be something along those lines just wanted to get another pair of eyes to look at it

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hey, it's my first time using the BRRRR calculator and how don't know why I can't get any of my scenarios to cashflow without basically doubling the rent. Any glaring problems you any of y'all see?

Thanks for your time!