All Forum Posts by: Chris Grizzaffi

@Grant Stuard There's a lot of good advice here, but I think it is important to understand what kind of deals you've already invested in. From your post, it sounds as if you've exhausted your cash putting 25% on ready-made single-family rental properties.

My suggestion to you would be to study the BRRRR method and link up with investors and wholesalers in your area. Between those people and the MLS, I'd begin looking for value add properties where you can purchase at a deep discount with hard money or private funds, improve it, capture more equity and have less out of pocket. If you find them at a dep enough discount, you can end up being in a deal for none of your own. I know! I've done it!

Of course, the next level of scaling would be multi-family.

I see your from the Houston area. That's where I am as well. Let me know if you want to link up.

-cg

Howdy, BP! My name is Chris Grizzaffi, and I am located in Houston, Texas.

I am a licensed real estate broker in Houston, and while I have been licensed for 12 years, my path forward in real estate is through investing and assisting others in that realm. I have been doing less and less on the resale side for homeowners.

In addition to my real estate license, I currently work as an escrow officer in the title world. 

I am here to: (1) Be around like-minded investors; (2) Learn from the people that have scaled their investment businesses; and (3) Assist others with my experience in both real estate and title.

Ready to connect with you!

There were zero details in his case study. A case study with no details. Wow. 

Looking forward to it @Matthew Gullo!

@Al Phillips, I have just been invited to purchase a similar business - really, just the property management contracts on 70 single-family home - and I was wondering how this worked out for you. Did you find an ideal valuation method and a win-win method of acquisition?

I would be new to property management. I am a broker in Texas with a couple rental properties of my own, and while I have had interest in property management, I am just starting down this road.

Thanks in advance! -cg

 Alex, thanks for the inquiry. Currently, we are moving forward with the refi with my current lender. I am self-employed, so I can imagine this will continue to manifest itself! How do rates vary from conventional investor rates on these kinds of loans?

Tania, my partner in the second one ended up putting the home in his name until I get the other home leased and complete my refi. My lender stated that once the first refi was done and the home leased, they'll be able to continue onto the second. I was very open and transparent with them. 

I had one or two people offering advise that it was risky to allow him to put this second one in his name on the deed. I discussed this candidly with him. I've known him for ages, and he is not interested in the real estate. He is willing to work with me as we learn it all together. he wants it to be a win-win, so once we get this one done, we can just move on to the next.

There are a couple people who mentioned refis without a DTI component, and I am intrigued by that moving forward as well. These are my first two, but this endeavor is something I want to RUN with, and I would love nothing more to focus on following finding great deals rather than worrying about my DTI.

This is good to know, George. Thanks for the insight. I will likely look into this for the future though!

Ultimately, my equity partner is a good friend, and time was of the essence. He bought the house, and I am working through my refi on my first property right now. I know this is not ideal, and some advised me that this manner is risky - like him never transferring the property, but I believe we have it worked out properly.

Both properties have great numbers and will be excellent rentals.

@Jaysen Medhurst, Thanks. I think I've worked out a solution.

I am self-employed (I write off a lot), and I purchased my first BRRRR a couple weeks ago. I am in the middle of both renovations and a refi on the hard money I currently have in place.

Another property has fallen in my lap, and I have a private equity partner lined up for this property. However, the lender for my refi (who does a ton of investor loans) says purchasing this home (even with cash) puts my DTI over their threshold and jeopardizes my refi.

I would still like to proceed with this second home, but how should I do so? Do I ask my buddy (private equity) to just buy the home himself, putting the deed in his name while I do the work on it, and then we deed it over once my refinance is done? 

I am in option on this second home, and I am set to close on Monday. What do I do?