All Forum Posts by: BRIAN CUBERO

@Tomas Roberto rodriguez Thanks for reaching out!

Which area/zip are you investing in? I’m also looking for C/C+ properties, ideally in the surrounding texas tech area. 

I’m messaging you privately now! Would love to connect w/ lenders you may know

Cheers & thanks! 

@Jake West 

Thanks for your reply! Appreciate you taking the time.

I’m messaging you privately now to get more details on the property. Curious if you know a hard money lender that I could work with to get this property under contract & rehabbed with. I’ve connected w/ a traditional lender in the area that I’d be able to refinance with, but they will not lend on properties that are distressed or “not livable”. 

Thanks again for your time and input Jake!

Cheers
 

Hello BP world!

First time investor here.

Got my market narrowed down to Lubbock, TX with a couple of particular zip codes in mind. 79413, 79412, 79416. 

For the last year I’ve been working daily to educate myself and saving the capital necessary to purchase my first property. Feeling confident with the knowledge I have and the ability to learn how to fly after I make the jump. 

For reference, here’s a bit of the criteria of what I’m looking for:

• Multi fam/ Single Fam (>250k)
• 60-65k all in (dwn pmnt, rehab, closing)
• $175 min p/ door / 12-15% COC

I’m looking to learn more about the area & connect with some investors, wholesalers, agents & lenders. 

Would love to hear from you if you invest or work with investors in the Lubbock area!

Cheers,

Brian

@Remington Lyman

This is huge. Appreciate you sharing. Completion looks like its set for 2021. Crackheads better start looking for a new place ahahaha

Appreciate you sharing this. I am going to look into the surrounding area and see if there are multi families in the area that fit my criteria

thanks Remington! 

@Evan Kraljic

Evan I appreciate the straightforward response & honesty here.

Would you say 260k for a duplex is a more realistic figure for a c+ or b- neighborhood in Minneapolis? 

i mentioned in a response to @Jaron Walling that my inexperience is limiting my approach on whats possible regarding funding and how to make it work. Not sure if hard money lenders wrap rehabs into the loan, but if thats an option, certainly makes a duplex with a decent 30-40k rehab possible.

would love to hear your thoughts on this

thanks Evan

@Account Closed

Well said my man. Getting after it!!! I appreciate the well wishes and the push my friend

@Tyler Gibson @Jaron Walling 

Fair enough. May not be the best market for me yet considering my current experience level & cash on hand (about 70k but feel comfortable deploying no more than 55k.) 

Im sure my inexperience is making me think one dimensional leaving out creative opportunities to fund higher priced properties. 

Would a hard money lender consider wrapping the rehab loan together with the purchase price, and then I can put down 20% of that figure? If so I can afford to get a property at say, 185k, rehab for 30-50k & still be under 50k. (W/o holding/closing costs which surely will put me in the high 50’s - willing to take that on).

again thank you both for your input & advice! Really appreciate all the help I can get 

@Jaron Walling Thanks for reading & responding

i’m currently located in nyc, looking to invest out of state. Currently looking at these markets below. Open to any suggestions as well

Minneapolis, Minnesota

Ohio (Cleveland and Columbus)

Florida (Orlando & Palm Bay)

Indianapolis, Indiana (rents dont seem strong enough for $150-200 per unit)

I am looking to find a multi fam (duplex or tri) I can do a relatively light rehab on (10-15k) and add some value/build in some equity, then refi for a 2nd property. Ideally the property would be anywhere from 100k-130k, with an ARV of 150-170k after rehab.

thanks for the tip on the portfolio lenders. Is there another route you’d recommend? Conventional may not be an option if I’m looking for a distressed property. 

thanks again for your time and feedback Jaron! Really appreciated 

@Anson Young

Thanks for taking the time to read that through and respond Anson! Pretty cool talking to you here, after watching all of your appearances on the BP podcast and other videos you put out on youtube. 

I figured that would be the case as a new investor. I’m ready to put some skin in! I will aim to get my initial 20 % down payment on the back end of the brrrr, hopefully all of it to fund the next deal. 

Regarding local community banks, have you ever worked with one that will fund the initial purchase in addition to refinancing? Wondering if it may be cheaper to get a loan from a community bank and then refi with that same bank on the ARV value.

Thanks again Anson, you’re a legend

Hello BP world!

First time investor here and excited to take the first step towards financial freedom! My name is Brian & I’m currently looking to buy my first property.

My deadline for this goal is June 1st of this year. Since last June of 2019 I have been 100% committed to my real estate investing “education”. Obsessed is probably more accurate. I’ve spent what feels like hundreds of hours every evening after work watching/listening to just about every BP podcast episode and reading the books put out by @David Greene & @Branden Turner. I certainly don’t know it all, but feeling like I know enough to jump and figure out the rest as I go.

As a first time investor, I have a ton of questions, as you could imagine. My most pressing questions are about initial financing and the refinancing of the property.

I dont have any potential private lenders at the moment, so I’d either be paying cash for the property (assuming I can be all in for under 55k). I can also use a hard money lender to finance the property.

My first question is will the lender require skin in the game or is the asking price, rehab, closing costs covered by the lender? Not clear on how that works. Do I cover a percentage of everything? Do I cover the rehab & lender covers asking price? Any clarity on this is appreciated!

My second question is, has any one been able to work with a portfolio lender or credit union, put down 20% for initial loan, and then refinance with that very same bank after its rehabbed and appraised at new value?

Thanks for reading this long post!! Appreciate all your feedback in advance

For context, below is my search criteria for the first property

• Multi Fam (2-4 units)
• Exit Strategy - Brrrr & Hold for cashflow. Sell after 3-5 yrs and 1031 into larger multi fam
• All in for 50/55k (including down payment, rehab, closing costs, holding costs)