All Forum Posts by: Angie Castro

 Thank you!

@Semaj Dorsette I recommend @Clay Collins for the Birmingham market. He works exclusively with investors and knows the BRRR strategy very well.

Get your first one! Maybe look at different markets as well. Did you only went through one lender? Did you reach out to hard money lending? They might be able to lend you more and let go of your DTI. Smaller markets such as Birmingham or Jacksonville can get you two houses that cash flow for the same $80k. Maybe a duplex.

Leverage, Leverage, Leverage! Why use all of your capital when you can use some else and get more properties? Sounds like a good deal. Start shopping around with lenders and if you are doing BRRR make sure to ask how quick can you refinance? Hard money usually let's you refinance right away. A conventional investment loan only lets you refinance after 6 months of holding the property.

Hello I would HIGHLY recommend @Corey Martin! He gets my investor referrals in Tennessee every time! Not a long of agents know how to work with investors or even what a cap rate is.

Investment Info:

Large multi-family (5+ units) buy & hold investment in Columbia.

Purchase price: $700,000
Cash invested: $140,000

I had a buyer with a limited budget for a multi-family and I work along my network to find him a property and to make the deal happen. Off-market you might find a good deal but on market YOU MAKE THE DEAL HAPPEN.
We successfully walked the seller back $150,000 so the deal would make sense!

How did you find this deal and how did you negotiate it?

We found this deal on market through catalyst

How did you finance this deal?

Conventional loan

How did you add value to the deal?

4 out of the 8 units still needed to a rehab

What was the outcome?

A happy client and a great deal!

Lessons learned? Challenges?

You can always create a deal!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I worked along Matt Crawford on this one!

Thanks @Clay Collins

Adam I will send you a message! 

You can still use $70k as a down payment with a hard money lender plus some of the renovation costs and then refinance out the hard money lender. Maybe your market isn't the most cost efficient for this strategy but other markets like Birmingham or Jacksonville have much more affordable houses. @Clay Collins

I've worked with New Western in North Carolina and at least in this side of the country it was not good. Over inflated ARVs and highly under estimated rehabs. After the rehab you end up with a property right at the actual market value so what is the point. 

Does anyone focus on section 8 houses? I've come across a couple of section 8 properties that make sense financially but I'm not sure if I want to pull the trigger on those due to the location and type of tenenants. I would love your input