All Forum Posts by: Caleb Vance

@Paul K. and @Sally Carr

Thank you for clearing that up for me. I appreciate your help.

Hello BP,

I recently found someone that is willing to loan on my first BRRRR deal. It's both our first time, me using private money and him lending. To keep it simple, let's just say I am asking for 100k loan (purchase price of property) and giving him 10% interest on his money. I am anticipating no more then a 6 month rehab time (which I am using my own money for rehab costs).

Is it a simple 10% on the 100k when paying back the loan? So I essentially am giving him 10k + original 100k? Or does it depend on the term of the loan? If we agree to a 12 month loan but I can refi and give him the full loan amount in 6 months, do I only pay the interest amount for 6 months?

I am not sure if I am confusing myself and combining two different ways to stucture a private loan or what, but I would appreciate any help or advice on how I should structure the private loan.

Thank you in advance. 

@Evan Polaski Thank you for the advice and information, I appreciate it!

Hello BP community!

I am getting ready to put my first flip on the market. I have heard and read multiple people giving/leaving a packet of information for the appraisers. This packet would be information about the property they might have not been aware of. Such as an itemized list of updates, cost of said updates, comps (I have heard different opinions on this), etc.

I am curious to know if anyone has had luck with doing such and what information you have given appraisers to get help get your property appraised at top value.

Thank you in advance,

Caleb.

@Zachary Alex great idea. I was looking to do the same strategy. I have a few questions:

1.  How long did the whole process take?
2. Why do you recommend not living in the house as you are rehabbing?
3. Did you worry about "taxable gains"?

@Michael Noto @Jim D. - Thank you for the reply. All good things to think about. I know FHA has a strict criteria when deciding if they will loan on a property. Im glad to find out that its still possible. Sounds like that strategy may be only good under the right circumstance, and I should focus on trying to complete the BRRRR method how it was intended to be executed. I appreciate the help.

BP Team,

I am trying to buy my first investment property with the intent to use the BRRRR method, but I am seeing if its possible to use that method with out purchasing the property all cash. I was planning on putting 3.5% down, fixing the property up and, refinancing from there. I know one of the main ideas of the BRRRR method is to purchase all cash to be able to get a better price and buy the property under market value, as well as the equity side of it. But I am curious to see if its still possible to use the BRRRR method or if its better to use a "live and flip" technique.

I appreciate the help in advance. Thank you all.

Caleb Vance

@Joseph Firmin Thank you, all of that is very helpful. I appreciate the help. 

@Jay Hinrichs thank you for the insight. 

BP Team,

I am looking to create a pitch deck for a private lender. I was looking to see if anyone has some insight on some "must need" content that I make sure to cover as I am creating it. Ideally, I am looking to add very in depth information to ensure the lender is fully aware on how they can have "their money, make more money." I appreciate anyone and all's help in advance. Thank you.

Caleb Vance