All Forum Posts by: Azu Lee

@Azu Lee have you checked out Tarl Yarber's videos on YouTube?  He's up in Washington....not sure of every city he works in but good stuff on his videos.

@Azu Lee, good questions.

1. Is BRRRR method right way to go given current market conditions?: 

House hack & BRRRR (or a combination between the two) is the best way to grow your portofolio

2. If anyone who has experience could spare time to chat about their experience in BRRRR in these market(virtually or any Seattle area)

Sure, always happy to answer questions and share the knowledge

3. Any tips on finding contractor estimates before buying the property

An investor or investor friendly agent can help you with some initial numbers

4. Initial cost to start out? (how much should I save before starting the flip/BRRRR)

It depends. We have programs as little as 0% down (down payment assistant programs) all the way up to 20% down

5. Knowing what to look for in a fixer-upper houses calculate cost of repair and ARV exactly (or closest to real numbers)

An investor or investor friendly realtor can help you with that

6. Any other tips for newbies like me?

Keep doing what you are doing. Read books. Listen to podcasts....

@Azu Lee

1. Is BRRRR method right way to go given current market conditions?

This is not a yes/no question. It's going to depend on what you want to do, where your market is, etc. BRRRR is still perfectly viable right now, but it's just one option among many.

2. If anyone who has experience could spare time to chat about their experience in BRRRR in these market(virtually or any Seattle area)

I don't know anything about the Seattle market but I just finished my first BRRRR earlier this year in PA. Feel free to DM me or respond to this post. Also, check out Tarl Yarber's videos on YouTube if you haven't yet. He's doing BRRRRs in Washington state.

3. Any tips on finding contractor estimates before buying the property

This is going to be tough right now.  Contractors are extremely busy and many don't want to provide an estimate on a property you don't own.  So I don't have a good answer.  You can call contractors and see if they'll give you an estimate for a fee once you're under contract.

4. Initial cost to start out? (how much should I save before starting the flip/BRRRR)

There's no one answer to this, it's going to depend on how much you're borrowing and how much of your own funds you need to do a deal.  You should estimate conservatively and be sure to include holding costs, financing costs, and refi costs.  And, there's no way to borrow 100% of purchase and rehab - that does not exist.  

5. Knowing what to look for in a fixer-upper houses calculate cost of repair and ARV exactly (or closest to real numbers)

For a BRRRR to work you really need to buy a good deal. If you don't get it way under market value, you're not going to get enough cash out to make it worth it.  You'd be better off just buying something rent-ready.

5. Any other tips for newbies like me?

House hack and save up as much money as you can while you're doing so.

Hey Azu! You should check out the Springboard program that Thach Nguyen puts on. I joined after moving to Seattle & it's a good community of folks on the wholesale + BRRRR side of things. I think you could get a lot of value out of it as well.