All Forum Posts by: Christopher Garcia

Below you will find some details of my first BRRRR strategy. As of right now everything seems to go very well and we are expected to start the refinancing process within a week or so.

My partner and I were able to get this deal with a whole-seller 6 months ago. Both of us are real estate agents and have experience in rehabbing. We combined our team and within a week the rehab was done. The rehab consisted of replacing the roof, changing the floor, doing a new kitchen, updating bathroom vanities, and painting the entire house. 

When we purchase the house it was already rented with a good tenant so we rented a hotel room for a week that way we could rehab the house and after we were done they went back home. 

Very excited to see how much the house will appraise for. I look forward to announce the great news in the next couple of weeks. 

If anyone has experience in mortgage and financing, I would like to know if it is necessary to wait 6 months to do the financing. 

Purchase price: $230,000.00

Down payment: $50,000.00

Rehab Cost: $25,000.00

Estimated ARV: $320,000.00 - $350,000.00

I have not ran into any problems. Knock on wood :) 

Hi Andrew,

The first property I bought was a triplex and I bought it as my primary home with a 3.5% down. I have never lived there and it was one of the best investment I have ever done. Now, this is not legal, you are supposed to live in the property. (Change your license and mailing address to that address). Please let me know if you have any other questions and I will be glad to help you.

Hi Clair,

I do not think this will be a deal breaker. But just spend a little more time in the area to see how often the dogs are barking. Also, do not be scared of neighbors, as long as you have your permits and everything in order you will be fine. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $235,000
Cash invested: $25,000

This property was my first investment and were I was able to learn a lot about real estate investing. This property consist of a 2x1, 1x1, and 0x1.

What made you interested in investing in this type of deal?

I was anxious for my first deal because I was listening to BiggerPockets podcast and Grand Cardon. It was also a great opportunity because my best friend offered it to me.

How did you find this deal and how did you negotiate it?

My best friend was flipping this property and sold it to me.

How did you finance this deal?

3.5% down conventional loan.

How did you add value to the deal?

Adding a bathroom and creating parking.

What was the outcome?

Higher rent.

Lessons learned? Challenges?

Never pay a contractor until the job is done. This mistake cost me $5000.00 dollars because I paid him first. Also, don't over open on unnecessary adjustments.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

As a real estate agent I was representing myself.

Investment Info:

Single-family residence other investment in Hollywood.

Purchase price: $385,000
Cash invested: $60,000

Casa Mare was our first vacation rental investment and by far the best business we have ran into. This is an amazing pool home with 4 bedrooms and 2 bath with capacity of 12 guest.

What made you interested in investing in this type of deal?

After going for vacation multiple times and using AIRBNB I got interested in this type of buisness. Before making the move I listened to several podcast, YouTube videos, and attend to different meetups which that made me even more intrigued.

How did you find this deal and how did you negotiate it?

As a real estate agent myself I found it through the MLS. House was in good conditions and needed minor repair so after the inspection we received a credit of $5000.00.

How did you finance this deal?

Primary home with 5% down conventional.

How did you add value to the deal?

We changed all the windows, doors, and patio floor.

What was the outcome?

Great appreciation in value and more bookings.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate agent myself.

Is it better to create a corporation or an LLC?