All Forum Posts by: Casanova Brooks

Thank you all for your responses. I am not asking them to do the deal for free, I completely understand and agree they should be paid. That's why I put in the title "be creative" As in I know they will get their commission but maybe there's something I can do on my end like throw in an "acquisition fee" or something for me to gain the benefit as well. I guess I'm asking is there anything other than a standard "finders fee" as I wouldn't need them to represent me in the I'm just looking to find the deal. Hope that makes more sense. Thanks again!

Thank @Christopher Phillips yeah, i think the tough part is just trying to figure how I can maybe structure so it's a win-win for both of us in most scenarios without just giving up my entire commission.

Hey everyone, just a quick question. I'm a residential RE agent in my market and I'm wondering if you've found any ways to be creative with your commission? For me to find some of the better deals I know I need to connect with more commercial brokers, I can definitely do that but they will want to represent me on the purchase of apartment deals but obviously that kind of defeats the purpose when I have my own license and can represent myself. 

Just wanting to hear your thoughts if you've been in this situation. Thanks!

I do understand that you refinance after the seasoning period. My question is would it be better to just find a vacant property that I can do brrr on so then I would not have to worry about tying up my cash reserves. Let me know if that still didn't make a lot of sense

Good morning BP! 

I wanted to see if I could get some insight from you all! I'm under contract for my second property. On my first property I bought for 18k and put 6k in for rehab, I got the internal evaluation back and it came back at 65k. So I have 42k of equity in this property. I do have a LOC which I would need to pay back the total of the 24k so after that, I would be additional the additional to my current LOC. On this new property, there is a tenant already in the property I am acquiring and has no plans of leaving so I wouldn't really be able to rehab that property and pull the equity out to buy a new property.

My question is starting out is it always better to find a brrrr that's vacant rather than turnkey so there is potential rehab and get it refinanced to pull the money out? My understanding also is that if you're using the banks help with funding they must go off the purchase price or 75-80% of appraised value and must use the lesser of the two. This would mean I would have to tie up 10-15k of my own money and wouldn't be able to leverage and scale for a period of time, Thanks for your thoughts!

@Darren Budahn I do not believe so, my first property i purchased for 18k and put 6k in so 24k total. It appraised for 65k. Now I looking to acquire my second property and wanting to do the same thing. I can advance the money from my LOC for the 55k property but want to make sure I can pay off the LOC once the property is appraised out. Hopefully i made sense there.

Hey guys, so I'm thinking of purchasing a property listed for 69k. ARV is around 75k, and I believe I can get it for 55k. It is currently rented with a section 8 tenant for $1010 a month who would be a long term tenant as she's currently lived there for 13 years and wants to stay. Using the BP rental calc my CoC return would be 42.4% after putting down 25%.

My question is, would this be a smart BRRRR situation? I wouldn't need to necessarily do any repairs as it's already in pretty good condition and it would make it tougher to do any remodeling with a tenant in there. I would be funding the dp with my LOC, and the bank will perform an initial Evaluation of the property to determine a value, and the loan amount will be 75% of that Evaluation but won't exceed 75% of purchase price, so I just want to be sure it is a good situation for me to not have the funds tied up from LOC long term. Thanks in advance for any insight!

 Double post.

 Yes I can come up with 10%. Can you give me more details?

I have a property I am looking at purchasing for about $250k as a buy and hold for about 40% under market value and doing BRRR. My question is if I was to use a private money lender or even hard money lender how would it look when I went to refinance? Would a bank still look for me to come up with down payment when looking to refinance or would I be able to take it out of the ARV?

Also, would you say private money is the best way to go if I could get a conventional loan go that route? I ask because I have funds tied up so my concern would be coming up for down payment AND rehab money. Any insight is appreciated. Thanks!