All Forum Posts by: Anthony White

The problem I have seen with the BRRR strategy in Memphis, is that the properties I go after as not that expensive, the cost to refinance doesn't seem worth it. Paying $6k in fees for a $40k-$60k property.

I used 3 different types of funding. 

Seller financing

My HELOC

Unsecured Line of Credit

I may look at a Portfolio Loan, I am not an expert AT ALL. I still have tons to learn. 

At the moment 

Timeline:

Bought Duplex

Bought SFR

Bought SFR

8 Unit Multifamily

Sold Duplex

Bought Duplex

Bought SFR

Bought Duplex 

 Honestly I love it... I ran a High School football program and am currently a high school teacher, so watching over 15 properties seems a lot easier, especially when they pay you monthly to look over them. 

I do have a a property manager, I went with the big company at first, which I just terminated my contract and then found an individual who was just as hungry and eager as me, who answers when I call, my MUST - so that has been great.  

I would like to THANK BiggerPockets for your guidance and information made available!

Reading, Listening to the Podcasts, networking on here and just everyone has been awesome! 

It has been a WILD RIDE! As just a year ago I owned nothing but making my monthly payments on my primary residence here in CA, and work as a HS Teacher. Now I am in the middle of a rehab on my 3rd duplex which is going well. (fingers crossed) :) 

When I retired from Coaching Football, my friend handed me a book, 'Rich Dad, Poor Dad' and I was hooked to action instead of watching others on HGTV! 

I'm 37, a High School Teacher, Married with 2 Beautiful Children.  I am not rich, I did not have a huge savings, I did not have parents or anyone gift me anything - I worked, and met great people that helped and guided me and I STILL HAVE TONS TO LEARN!

I am in California and my Properties are in Memphis. 

Just wanted to express my gratitude and say IT IS POSSIBLE!

 Where are they located?

Hello All - 

I have a some questions and looking for some expertise help... 

In the recent months I have purchased 4 different properties... 

All properties Cash Flow, and as you can imagine all properties were bought pretty low. ($40k, $20k, $25k, and $60k) Equity should be  25%-50% including the purchase price of these properties. Meaning the duplex I got for $40k, its identical neighbor sold for $79k, 2 weeks ago. 

Now here are my questions:

I am looking around a few months in and I am finding some trouble and that there is either a minimum as you know to cash-out refinance these properties.

I was thinking of grouping them all together and doing a portfolio cash-out refinance... Is there such a thing?

What would be the best way to refinance out to get all my cash back out of these properties? 

One last thing - I am in SoCal and the properties are in Memphis, TN

Thank you... 

Sorry - here you go!

Description: 8 Unit (2Bd 1Ba each unit)

Area: .55 Acres

Purchase Price: $60,000

Insurance: $4,200 yr

Est. Repairs (Scope in Hand): $40,000 (New Flooring, New Painting, Tankless Water Heaters, Toilets, Tiling, Tubs, Sinks, Ceiling Fans, Update Exterior, Window AC/Heaters)

Est. ARV: $150,000+

Rent: 2 Occupied - Units 1 - 4 currently at $375/mo ($450-$500 after Rehab)

Rent-o-meter at $500 https://www.rentometer.com/results/hBXuzdupU3I

Thank you for your input!

The cash flow is great on this deal - also half the unit are already rented. 

I have a 5+ complex under contract. 

Need help finding Hard Money - to fund the Purchase and Rehab. 

Please let me know what you need I have W2s and anything else you need. 

Total cost will be under $110,000 including purchase and rehab. 

Need this ASAP!

THANK YOU!

Anyone have a Hard Money lender for a property in Memphis?

Multi-Family (8-Plex) need money for Purchase and rehab for a year. 

Please send me any referrals you think would help! 

Thank you!