All Forum Posts by: Arel Avellino

@Bertram Scroggins stay connected and when you're ready to go, I can connect you with her. She is an agent who is right now helping me on my first deal which is awesome since she has literally been using the same BRRRR strategies on her own investments so her advice has been priceless.

@Bertram Scroggins will do. I'm also connected with another investor out here who has done 7 deals out here not including a bunch of flips, all of which are performing well. Happy to connect you to her if you're serious 👌

@Bertram Scroggins hands down invest in Winchester VA. It's growing year over year because of workers from DC, the growing University, and the town development is really solid so a lot of good small businesses are growing in the area. Lots of renter's in need of places to live with growing appreciation of the houses in the area. I'm investing in the area now hoping to close on my first deal in the next few months.

@Christian Barra I am buying a property in the area soon. Still looking and waiting to hear back about our financing. Definitely have heard that winchester is a growing rental market. Excited to get in it myself.

Let me know if you need anything!

@Jerry Padilla so Jerry,

If I did a Homestyle loan for $105,000 and it is appraised for $150,000. At the end my total equity in the place is $45,000. On the refinance would I be pulling out up to 75% of the $150,000 minus the initial loan? So in this case, 75% of $150,000 is $112,500. Since my initial loan was $105,000 I can pull out an additional $7,500. Is that correct?

@Jerry Padilla thanks for this Jerry!

@Brie Schmidt thanks!

@Nathaniel Fulford thanks for the reply! I'm new enough that I want to do a lot of learning on the job before I would consider making a fund.

I would potentially be interested in joining a fund. To answer your last question, I am looking for a solid return that will perform better than my stocks.

What are your investment goals?

Hey I'm a local investor in Winchester, VA looking to collaborate and network with other investors in or around Virginia. I'm an entrepreneur in the e-commerce space so I have a lot of experience on the business and team building side of investing. My goal is start building my passive income through rental properties. I like the BRRRR strategy as a way to get there. Particularly for my area in winchester where property value has gone up every year and there is a growing demand for rentals.

Let me know how I can be a service to your investing!

This is my first purchase on a single family home. It's a foreclosure. Purchase price is $76K and the ARV is likely going to be $160k. I'm considering purchasing this property using a Fanny Mae Homestyle loan so I can get it rent ready.

Is there any reason I couldn't refinance this property afterward to leverage into a second purchase? After the renovations I should have over $40k of equity in the house.