All Forum Posts by: Bret Treadway

I'm currently under contract for my first brrrr deal. My realtor worked with me in finding a house to invest in. My realtor who show me the current house I'm under contract for has many years of investing herself so I mistakenly trusted her word. I was told the ARV of the house would be 149k and the rehab would be between 30-35k. No brainer right?! After getting the house under contract for 59k with no closing costs, I brought in a contractor who told me the work would be closer to 45k and upon asking another realtor for an ARV, I was told that it could be valued at 133k on a good day but more than likely 127k. I have one more contractor coming out today to give me a bid. I'm still in my option period right now

and I’m considered just backing out completely.

The realtor I had was a my mom’s friend, distant friend but friend nonetheless, so I figured she would be more involved like she told me she would when I hired her.

I would love some mentorship so all advice would be appreciated.

I’m still a newbie and I’m considering a 4-plex in Texas. I’m set up where I can use a fha loan and put down 3.5%. At first it seemed like a no brainer but my concern is that I won’t be able to acquire more rental properties do to my credit (dti) being exhausted. My real estate agent told me I can only use my rent money from the property after 2 years of rent history as well as having 30% of the property paid down. Is this right? If so how do I get around being tied to this house with no opportunity to Continue Investing?

@Logan Kirchhoff 127k ARV

@Jerry Padilla it is a Single Family Rental

I'm pursuing my first rental property and I have questions/concerns on how to go about it. There's a property in Houston that's appraised at 121k. The seller is will At 85k. The roof will need to be replaced as well as some other repairs. I'm estimating the repair cost will be around 20k. I am approved for a loan from a credit union that will allow me to acquire the home with no money down for 80%LTV. However he loan requires me to payback the loan in 7 years with 7% interest with a potential refinance in 7 years. I don't see much profit with that option. My other option would be to get a hard money lender to loan me the money for the house and rehab costs then refinance when the roof and other minor repairs are finished.

Opinions??

The appraisal is coming for the Harris County Appraisal district.

I haven’t asked these questions yet.

I have a home in Houston, Tx that a landlord had up for sale. He will sale the property for 84k to me. The appraisal says it’s worth 121k. With this being my first rental property, I’m pretty hesitant. On paper it looks like a great deal. And there’s already a long term renter in the home.

Thoughts?

I have about 15k to start investing. I'm currently paying rent for $175, my roommate us getting a killer deal because of his job. I'm ready to start investing in real estate but I'm not sure if I should begin with buying myself a house or starting out with an investment property via rental or brrr strategy. I've even thought about buying a duplex or triplex with a FHA loan and just renting out both units while still living in my apartment. Any advice?