All Forum Posts by: Ben V.

In 2019, I utilized the BRRRR method to purchase a home, starting by **Buying** a distressed property at a low price. I then **Rehabbed** it, making necessary repairs and improvements to increase its value. Once the renovation was complete, I **Rented** it out to generate steady income. Next, I **Refinanced** the property, pulling out the increased equity to recover my initial investment.

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

Searched with a realtor till I found the right property

How did you finance this deal?

Conventional primary loan

1 Vote

It would be best to pay off the HELOC first as it should be the smaller of the loans you get. Snowball effect. Plus it's variable as others have noted.

0 Votes

Quote from @Nick Anderson:

Is there any way to legally and ethically have my girlfriend purchase a small multi-family property with an FHA loan even though she lives with me in my primary residence? Shes contributes to the mortgage payment but is not listed on my mortgage, or anything else relating to the property (except the gas bill). She would like to spend most, if not all of her time at our current home.

No.

0 Votes

Minneapolis, Minnesota

Buy the property using DSCR, then fund the rehab with your own money. If it is lite work then do it yourself. Save the thousands and put it toward your next BRRRR

0 Votes

Philadelphia, Pennsylvania

Read....read like your life depends on it.

Then once you have the knowledge on what you want to do, go for it.

Knowledge is free, you don't have to pay people (like gRaNt cArDoNe) any money to learn how to get into real estate. Everything you need to know about it is right here online. Get to work on reading and understanding.

Cheers!

3 Votes

Congrats! That is awesome!

I'm a licensed loan officer and am currently studying for my RE exam also. Can't wait to have the power of both!

1 Vote

Tampa, Florida

Quote from @Evelyn J Good:

Wow Ben that's amazing, any tips on what kind of paint to buy?

I don't remember what paint I used. Check what kind of wood they are, match them up with a good Sherwin Williams paint that is for cabinets. There are different types and you'll need the right one for a professional look. Also update the hardware. That is where you will get a good, professional look to them.

Good luck!

1 Vote

Orlando, Florida

Hey @David Olaoniye

Welcome to BP!

HELOCs on investments are tricky sometimes. But yes I can do them. I'm a central Florida based Loan Officer. If you still need assistance reach out to me even if it's just to ask a few quick questions.

0 Votes

Orlando, Florida