All Forum Posts by: Brett Schickler

@Leema M. @Kenya Teague Thank you so much for the support! I appreciate your kind words. 

@P.J. Bremner check out the link for the exact numbers! :) https://www.biggerpockets.com/calculators/shared/2...

I have done deals, house hacked my first duplex with a first time home buyer loan, second with conventional financing. So, this was my first creative financing deal. I did however do my homework, so I knew that there was great margin in the deal. I found my private lender via Craigslist, presented the deal with confidence and an assurance that paying him back was my 1st priority, regardless of how the deal went I knew that he was getting paid. I think that gave him some peace of mind knowing that above all else I wanted him to get paid first. I paid my monthly interest payment early every month and thus I feel I've gained his trust and I am confident that he will want to work with me again in the future. 

Ayeee, Marty! Thanks bro!

@Jason Brown Thank you for the kind words!

@David Rosenberg Thanks David! In the City of Rochester, to be exact Winton village if you're familiar with area. 

@Frankie Woods put some offers in today my friend! 

@Rafael Reynoso Thank you, I appreciate that!

@Paul Kepner I actually found my lender through criagslist by searching for private lending in my area!

Hello, I Just completed my first BRRRR deal and it went great! So I thought I might share my experience in hopes that it might help some other new investors find the courage to take the next step, because this stuff works! I found a SFR on mls, the property was a short sale and it was listed at $69,000 I knew the area and I believed it was in a great area. I ended up getting the property under contract for $66,000, I worked with a local private lender who was willing to give me a 12 month interest only loan for $80,000 (66,000 purchase price + 14,000 in repair funds). I closed on the property and got to work, I thought that if I did the work myself it would save money and hopefully I could come in under budget (I was wrong) so I spent the better part of 2 months messing around trying my best to fix the property up (Full disclosure, there aren't enough DYI videos on youtube to make me even a decent contractor) So after the first 2 months of working full time, spending every night, weekend and holiday working on the property with little to show for it, I decided it was time to change course. I had already bid out all off the work to different contractors prior to closing and was able to quickly plug them into place. I wanted to share this part specifically because I don't believe you have to know how to build a house from the ground up to be in this business, because I surely am not that talented. I did discover however, that I really enjoyed managing the project, negotiating with vendors and contractors, so moving forward I decided that was going to be my role. After that the rehab went smooth, there were a few minor hiccups along the way but much less so than when I was trying to handle it all myself. We completed the rehab and I put the property up for rent on craiglist and the calls started rolling in. I got the property rented for $1500 per month. After month 6 I went to a local bank and applied for the ReFi, the appraisal came in at $135,000. The bank let me take up to 75% on a 30 year fixed. So heres how the rough numbers broke down:

Purchase price: $66,000 

Repairs: $15,500

Holding costs (6 months): $4,800

Refinanced based on the $135,000 appraisal x .75 = $101,250

I was able to pay off my private lender, pull all of my capital I had into the deal out, got a nice little paycheck on top of that and now I'm achieving Infinte ROI!!!! The property is cash flowing about $350 per month because I'm managing it myself. I can't thank biggerpockets enough! The information provided is changing my life and I can't wait to start my next project! Hope this helps anyone aspiring to achieve their dreams and get that first deal!

Thank you!

-Brett 

Congrats on your accomplishments! Very inspiring to hear. Keep up the good work and thank you for sharing this!

Hello, 

Please forgive me if this is common knowledge. But I'm still learning and I want to stay compliant with a fair housing laws and regulations. I'm an investor in upstate NY I have a vacant unit and a friend sent me a referral for a prospective tenant. After speaking with this individual they seemed like a good fit from my initial phone screening (I still have to do a complete screening and background check) except he told me at the end of our conversation that he has a dog (Micro bully, pitbull mix). I do not want pets in my units as I've had bad experiences in the past and being a multi unit property I'm nervous about my other tenants. I told him I do not except pets. He then told me that this dog WILL be a service dog and he's working on getting all the dogs documents to become a service animal. My question is, do I have to accept this tenant with a potentially dangerous breed? If so, I'm I allowed to ask for documentation proving the potential tenants dog is indeed a service animal? Or should I let the individual apply and try and find something else that disqualify him tenancy in my property? 

Thank you for any feed back 

@Dylan Keyer Glad you could pull some useful points away from the post. Good luck!