All Forum Posts by: Blanca Munoz

 Idk what a lipstick renovation is, but I'm gutting both bathrooms and the kitchen. My contractor who is helping me with the renovations gave me the 30k number.

The houses in the area range from 235k-375k

 There is no prepayment penalty. That they did tell me. 

I did a 30 year conventional loan. 

 But would I only be able to get 5k out since it only appraised for 150k?

So even if the ARV would be $240,000 and could rent it out for $2,000, I would leave money on the table? I've seen a couple of videos where that happens but they still have cash flow and don't mind leaving it. I guess my question is, which method would be best for me since I already have the house and need to make renovations and want to rent out a bedroom? It's a 2 bed/2 bath and it's my first home. I want to keep it as my primary since it's my first house, but I want to purchase another house to do the BRRRR Method.

Well I already looked, the ARV will be around $240,000 or more, I could rent it out at $2,100. I want to house hack, so yes, I want to be a landlord so I can learn from house hacking.

Hello, so I bought my first house and before I bought it, I didn't know about the BRRRR Method. I purchased the house for $145,000 and they were asking for $180,000. It appraised for $150,000. Renovations would cost around $30,000 but the only things I've done are Plumbing, foundation work, gas line, and new windows. All of this has cost me about $10,000. I paid in cash for all of this. My question is, since I already closed on the house, can I still do the BRRRR method? If so, how do I go about it. Should I do a HELOC to renovate the rest? I'm thinking of doing the BRRRR method but house hacking it since it's my first home. Is this possible? I just started watching a lot of videos on the BRRRR method and don't know what to do after doing those repairs. Can someone give me advice? I have all the numbers from the loan if someone needs them to help me run it and for it to make sense for me. I guess I'll see if I made a good deal or not in order for this to work.

@Mark Fries that wasn't helpful at all.

Hello, so I bought my first house and before I bought it, I didn't know about the BRRRR Method. I purchased the house for $145,000 and they were asking for $180,000. It appraised for $150,000. Renovations would cost around $30,000 but the only things I've done are Plumbing, foundation work, gas line, and new windows. All of this has cost me about $10,000. I paid in cash for all of this. My question is, since I already closed on the house, can I still do the BRRRR method? If so, how do I go about it. Should I do a HELOC to renovate the rest? I'm thinking of doing the BRRRR method but house hacking it since it's my first home. Is this possible? I just started watching a lot of videos on the BRRRR method and don't know what to do after doing those repairs. Can someone walk me through this? I would like to video chat or phone call.