All Forum Posts by: Account Closed

 Hey Brian, I wasn't active in the rehab process but focused on keeping the contractors accountable to budget, timeline, and quality. I did all of this with a full time job. Feel free to PM me to talk about details if it'd be helpful. 

The property is in Abilene - I got this one from a wholesaler. 

Finished up the next property and am ready for tenants. Thought I'd post the numbers for others to see and help evaluate - hope this helps. Send me feedback!

State: Texas
Model: BRRR (done remotely)
Purchase: $18,500 (borrowed)
Rehab: $24,000 (borrowed)
ARV: $65,000Money
Costs: 10% and 2 points
Rent: $1050
Monthly Cash-Flow (Bottom Line): $421.47

With none of my own money in the deal, I’ll be walking away from refinance closing with $5,375 in my pocket and $421.47/mo.

Another property done during a pandemic showing there are still deals out there, you just have to know how to find them! Next one is under contract with 3 more in the pipeline.

If anyone has any questions or wants to learn, feel free to PM me.

Finished up the next property and am ready for tenants. Thought I'd post the numbers for others to see and help evaluate - hope this helps. Send me feedback!

State: Texas
Model: BRRR (done remotely)
Purchase: $18,500 (borrowed)
Rehab: $24,000 (borrowed)
ARV: $65,000Money
Costs: 10% and 2 points
Rent: $1050
Monthly Cash-Flow (Bottom Line): $421.47

With none of my own money in the deal, I’ll be walking away from refinance closing with $5,375 in my pocket and $421.47/mo.

Another property done during a pandemic showing there are still deals out there, you just have to know how to find them! Next one is under contract with 3 more in the pipeline.

If anyone has any questions or wants to learn, feel free to PM me.

@Mike Lambert Thanks for your insight. Am I correct in assuming that the 50yr / 1% int terms you mention are legitimate lending terms provided in the EU? If I wanted to learn more on this topic, where should I start? 

@Blake Cormier Don't leave REI to the pros!!! In 2 years you'll be glad you didn't.

One aspect you've left out is appreciation. My first house hack, I about broke even on my mortgage vs. rent (cash flowed about $50/mo on a $1750/mo mortgage) but the appreciation in my market (Austin TX) was bonkers and my house appreciated almost 30%+ (over $80k). So after ~3yrs I had a $330k house and only owed $208k and was able to access the equity for future investments. 

You need to make some assumptions on expenses in order to minimize your variables. Assume vacancy, maintenance costs, and capex account for 5% of the incoming rent each. That should help you make progress. Feel free to PM me if it would be helpful.

@Kamil D. - Main complexity in my mind is your brother. Is he on the same page with you? Could you buy him out? Even if you didn't have the cash, you could commit to buying his portion for $50k (or similar, taking into account potential risk of depreciation, cost of sale, etc.) by paying him $200/mo (or similar) every month until the balance is paid off or the property is sold and you use the proceeds to pay the balance. This would allow you more control and protection from his financial liability. Then you could rent the property for market rate and still cashflow a few hundred dollars a month while someone else is paying towards your equity. 

If you self manage, I recommend Cozy.co. It's been helpful for the properties I self-manage. If it would be helpful to brainstorm more, shoot me a PM. 

Welcome @Daniel Baczkur! You've made a great decision. I quit my 6 figure job to do real estate and have not looked back! What are your goals for the next 12 months? 

Welcome to my fellow TX investor! When do you want to start the BRRR process? These goals are COMPLETELY doable. Stay disciplined and keep grinding. Avoid 'analysis paralysis' like the plague (many use it as an excuse to procrastinate moving toward their goals). Are you committed to the wholesaling phase? I would recommend skipping that stage and moving straight to BRRRR.

I'm putting together an Abilene TX REI meetup and will keep you posted if you'd like. PM me and I'll let you know - there may be a virtual aspect to it.