All Forum Posts by: Brandon Rouer

Thats a great idea. Would you recommend any wholesalers in those areas specifically?

Thanks Rob! I'll try to get in contact with Tim and see if I can link up with him in Cincinnati. I'd love to pick your brain on Louisville though as that was my intended target for this trip. Let me shoot you my number and maybe we can discuss the area before I fly up. 

I recently completed my first multifamily BRRRR here in FL and I am looking to do my next one out of state. I am buying with cash up to $200k and looking to find another Plex. Can be turnkey but I do love forcing appreciation. I am flying into Cincinnati on Thursday and I'm looking to link up with an experienced and knowledgeable agent in Cincinnati on Friday and another in Louisville on Saturday or vise versa. If you can help, please reach out. Thanks to all in the BP community for any and all help. I would not be where I am without BP and great members here.

@Zach Westerfield

They said because I wrote off so much it looks like my properties don’t cash flow and so they won’t accept it. Also my brrrr they won’t accept the leases I sent in. They’re stuck on my tax return. I’ll try another lender and then go the private money route.

@Zach Westerfield

I like that idea a lot. Might help my situation. I have a BRRRR I got last August but my taxes were done too well and the bank I use says my DTI was too high and wait until next year. Private money might be my way to get moving on the next one!

@Dennis Byrne

I'm at the tail end of doing a BRRRR with my 3.99% HELOC right now. I used it to buy a duplex for $100k cash 7 months ago. I believed the property to be worth about $120k at the time but the rents were way low and the sellers were ready to get out. I cleaned it up mainly on the outside and raised rents to market rate. I estimate the appraisal will be $175-200k and should get me $120k+/- at 3%. I'll use that to pay off the HELOC and hopefully do it again!

@Gregory Schwartz

Can you say that again?

@Gregory Schwartz

I only have one tenant unable to pay so far. I anticipate it snowballing. SBA asks how much $ you’re out due to the virus. Would I put $1500 for the one month I’m down so far or how do they expect us to guess? We’re just beginning this...

@Jaysen Medhurst

I went ahead and contacted the commercial loan officer at my bank and unfortunately because of the virus he said that the bank is not at all interested in multi family. They are worried that about 20% of their loans will be unpaid next month. He said that if I was able to raise 50% LTV I'd have a 50% chance of approval. Not at all the answer I was looking for but it looks like I have some more time to make money and go bigger once this mess clears up. BTW I had a local builder estimate the build cost at $10M.

Thanks Eric. I'm in Vero Beach, FL! Great place to be and I have 8 doors here. Quad, duplex, and 2 SFRs (One SFR I acted as Owner/GC). My goal is to expand greatly and I like the idea of being able to manage one large property rather than several different. Like I said before, I just don't have the knowledge in apartments. I think what I need to do is find out what size buildings would fit on the land, estimate the cost to build, determine what a lender could offer, and see if the numbers make sense. One issue I have is that I want to call the county and ask what they know as far as what I can build there however, I don't want to bring any attention to the land as I fear another investor/builder would scoop it up quickly. What are your thoughts on this?