All Forum Posts by: Brad Stallings

Quote from @Sean Tucker:

Quote from @Brad Stallings:

Hello,

current situation: I’m military and wife is a realtor. We Live in our primary home that we would like to stay in for at least 5 years. We own 1 condo that cash flows $400 a month after all expenses etc.

question? we currently have $75,000 saved up for our real estate investments but we don’t know how to approach the next buy/couple of buys. Saving up for the 75k took over a year and we don’t want to buy and then have to save and wait again. With this amount of money saved up…..what would your approach be? We would like to possibly buy one more condo and then begin our multi family journey.

Thanks in advance!!!!

 would you like to invest in a cash flowing commercial property with 6 figure net?

Absolutely!

Quote from @Devonair Jackson:

I am new to this, but if I was you guys I would use the BRRRR strategy and buy a duplex, triplex or 4-plex that needs about 50k in rehab. I'd buy it with a hard money loan, find a really good contractor through talking to multiple and getting multiple bids, rehab the property, rent out the property then refinance and hopefully I can pull all, if not most, of my money out of the deal to be able to REPEAT. Remember the 4 keys of BRRRR though 1. Line up your refinance lender first (cash out refi). 2.Stay on budget and on time on the rehab. 3. Nail your ARV 4. Understand seasoning (the amount of time before you can refinance a property.

 Thanks a lot for the reply man! Really appreciate it!!!!

I like your thought process. There’s a good amount of duplexes in my area. All around the 250k range and most if not all need some work. So what you’re saying is use a hard money loan for the 250k and then finance the rehab using part of my 75k and then go from there?

thanks again !!!

Quote from @Steven Foster Wilson:

Quote from @Brad Stallings:

Hello,

current situation: I’m military and wife is a realtor. We Live in our primary home that we would like to stay in for at least 5 years. We own 1 condo that we purchased in the beginning of the year that cash flows $400 a month after all expenses etc. 

question? we currently have $75,000 saved up for our real estate investments but we don’t know how to approach the next buy/couple of buys. Saving up for the 75k took over a year and we don’t want to buy and then have to save and wait again. With this amount of money saved up…..what would your approach be? We want to grow as quickly as possible….but realistically. We would like to possibly buy one more condo and then begin our multi family journey. 

Thanks in advance!!!!

Personally, I would be focusing on an area that cashflows and appreciates. My first BRRRRR was $300k, put $50k into it, refinanced, and got $90k back. I refinanced again and got another $50k and it still cash flows $1800/month. That alone helped us start our journey and it has been a snowball effect ever since. I would check out the market here in Columbus Ohio, https://learn.roofstock.com/blog/columbus-oh-real-estate-market this article shares the stats and trends for our market. Not to mention Ohio is a landlord-friendly state.

For your first BRRRR….did you use a hard money lender for the rest of the purchase since you only put 50k into it? That’s so awesome you were able to refinance twice and get your money back AND then some!!!!

also the Columbus area has been on our list.even though we live in Virginia….we have family in the ohio area so we visit often. Thank you for your reply !!!

Hello,

current situation: I’m military and wife is a realtor. We Live in our primary home that we would like to stay in for at least 5 years. We own 1 condo that cash flows $400 a month after all expenses etc.

question? we currently have $75,000 saved up for our real estate investments but we don’t know how to approach the next buy/couple of buys. Saving up for the 75k took over a year and we don’t want to buy and then have to save and wait again. With this amount of money saved up…..what would your approach be? We would like to possibly buy one more condo and then begin our multi family journey.

Thanks in advance!!!!

Hello,

current situation: I’m military and wife is a realtor. We Live in our primary home that we would like to stay in for at least 5 years. We own 1 condo that we purchased in the beginning of the year that cash flows $400 a month after all expenses etc. 

question? we currently have $75,000 saved up for our real estate investments but we don’t know how to approach the next buy/couple of buys. Saving up for the 75k took over a year and we don’t want to buy and then have to save and wait again. With this amount of money saved up…..what would your approach be? We want to grow as quickly as possible….but realistically. We would like to possibly buy one more condo and then begin our multi family journey. 

Thanks in advance!!!!