All Forum Posts by: Brooks Rembert

Hi @Laverne Rivera, if you have patience and drive, a complete rehab is fine for a first time purchase.

You simply have to be extra vigilant, find and vet a great general contractor (someone who's worked on investment properties before and values long-term relationships) and stay on top of things.

@Douglas Alexander, best advice is to mind your numbers and don't fall in love with a particular piece of real estate.

People get emotional over homes... I'm guilty myself sometimes... but it's a business, so make business decisions. Even if you're buying a home for yourself.

Hi @Douglas Alexander, I've used the VA loan many times, but never for MFR.

You can't use it for more than a 4-unit building, so 1-4 is OK, 5 or more... nope.

Great plan though to house-hack it.

Let me know how your research turns out ref. building from scratch.

Could be an interesting idea... build like a 3/2 for your family and 3 more smaller units.

Then when you move out, you can rent the 3/2 for more obviously and could earn some good cash flow.

@Shiloh Lundahl, what an awesome deal.

Great job!

Hi @Alan McClain, if it's ONLY paint and cleaning which needs to be done... do it.

A fresh, clean home shows SOOOO much better.

Plus, at three months vacant... something needs to change.

Hi @James T McBride, it all depends on your personal situation and the numbers, but I use a HELOC to BRRRR because once you refi the new property and pay off the HELOC, you can... Repeat.

It's really not an apples to apples comparison. 

If you pay off your primary residence... then what?

Save the $2,000 - $3,000 you were paying for your mortgage for 5 years until you can buy a house and reno for cash?

Hi @William D., there's really no set rate to offer. Some sellers will go for 0% and some may want 2-3% above a typical bank financed rate.

The pros for the seller include continuing to get a monthly check, but without having the headaches of being a landlord... 

Plus, by holding the note, they safe a huge chunk of tax bill to Uncle Sam this year. By only paying tax on what you pay them, they spread out the tax hit over a number of years vs. paying a big chunk of moolah this year.

Hi @Dusty Kozlowski, Welcome!

The site is a treasure trove of info as I'm sure you've seen.

I'm happy to help answer any questions you may have.

Best of luck!

Hi @Matt Chappell, sounds like you really hit the ground running. Great job!

I'm happy to help in any way you need. 

Best of luck.

Ahh man, I just saw this this morning.

Is it a monthly meeting? I'd love to attend the next one.