All Forum Posts by: Armand Munoz

@Joseph Scorese Thank you, Joe! I won’t be able to make it out there, but please keep me posted with any other meetups you have in the near future. Very much appreciated.

@Shawn M. Thanks! Can we talk in more detail regarding how you funded your first BRRRR? It sounds creative. How did you go about finding and securing this deal? Also, how long did it take you to complete your first two BRRRR?

@Gaspare U. Thank you for the insight. Yes, competition from those willing to pay a premium, as well as, contractors both prove to be hurdles to successfully completing a BRRRR in Northern/Central NJ. I am also waiting to hear more success stories. It would be great to invest closer to home.

@Alexis Manco Following this thread! I will be in need of a great contractor in the near future

Newbie investor from NJ here. I have been educating myself day and night with everything real estate related. I am very interested in using the BRRRR strategy. I have a duplex with around $80k in equity, a decent savings of a little more than that, and access to private money.

Any tips and advice before I dive into it? Here is what I know in a nutshell. Pick a market to invest in. I find a property priced well below market value and when I refinance, the bank will usually only refinance 75 percent of the value (perfect because I will pull all of the money I put into the property out when I refinance). Meaning, I need to analyze the deal in order to hit that goal. So it is wise to stick to the 70 percent rule. I know the rehab part consists of getting a quality contractor, deciding what will add more value, the need to make the property a functional place to live in while not overspending, and brace myself for unexpected issues. I will screen tenants to get quality ones to rent because banks want to see it occupied before a refinance. Lastly, I will ask the bank if they offer cash out and what seasoning period they require. I can then use the cash out refinance from this property to fund the acquisition and rehab of my next.

If anyone has successfully done a BRRRR in New Jersey, I would love if you please shared your story with me.

-Armand

@Brett Baginski Excellent. I wish you the best of luck on your journey to building a great real estate portfolio!

@Judy P. Thank you!

@Brett Baginski Sounds like you are well on your way to finishing up the minor rehab to your standards. It is nice to hear we are all working towards a specific goal and that elbow grease sure helped you get one step closer. What are your plans with the home? Rent it out and hold on to it? 

@James Wise Thank you. I am excited to be here!

@Brett Baginski I appreciate the warm welcome! What type of property did you rehab, where did you find it and what kind of financing did you use? Hope it all went well! My rental property is located in North Plainfield, NJ. I just updated my profile and added it there under "Investments." BRRRR does seem extremely smart. I am excited to move forward with it!

Hi all!

My name is Armand, currently residing in New Jersey and I am new to BiggerPockets. I have been a Registered Nurse for the past 8 years, working as an ICU trauma nurse and currently the Stroke Coordinator of a major Medical Center located in Northern NJ.

I am the owner of a duplex located in the Central part of NJ and have been receiving a steady cash flow. I would love to connect with others, particularly those who have successfully used the BRRRR strategy. Over the past year, I have been reading, studying and practicing everything real estate related. More in particular - Buy, Rehab, Rent, Refinance, Repeat by David Greene, The Book on Rental Property Investing by Brandon Turner, The Compound Effect by Darren Hardy, the 10X Rule, Rich Dad Poor Dad, podcasts, YouTube videos, webinars, attended seminars, etc. I feel I am now more comfortable to take the leap to propel forward with great velocity.

My why revolves around creating enough passive income (~$15k/mo) to support my parents who are growing older because I would not be in this position if it weren’t for them, watch my future family (I plan to have in the next year or two) not only grow up before my eyes, but be there for them as an active, loving father, and help those closest to me understand that financial freedom through real estate is achievable. My passion to help others is my purpose and building something for myself will in turn create joy, happiness, and freedom to those around me.

I am looking forward to hearing from all of you in this great community. Cheers to lifelong connections! 

Best regards,

Armand