All Forum Posts by: Corey Frank

@Daisy Ferreiras Hi Daisy! Can I ask, what did you do for financing on your BRRR deal?

@Bryan Potter Hi there Bryan! Before I give my 2 cents, I would like you to know I am pretty new at this real estate game so take my advice with that sodium stuff.

I also have 3 kids and a w2 job that I CAN NOT STAND! By far the only reason I am still here is the rate of pay and the ability to save to enhance my position.

I don’t want to speak for you but it sounds like you aren’t in to bad of a position for growth. You have massive amounts of equity in a market you can easily liquidate and a w2 that you can show to financiers. I would hate to see someone in your position lose that advantage. The worse case scenarios that Bruce talks about could cripple that position of yours very easily. What if you have to go back to your w2 without anything?

Maybe I’m missing something and I hope someone points it out if I am but why keep these properties? I haven’t ran the numbers but at a glimpse it seems like even if you raised rents to the market level as Nathan pointed out, wouldn’t a HELOQ over leverage you on these properties? An equity loan is just going to keep you in small cash flowing properties anyway. My personal opinion is stay in the w2, research research research. How can you sell those properties and 1031 the equity into something that cash flows a lot better? Analyze A LOT of properties to understand what you need for reserves and really set yourself up for the future. Hope this helps!

@Ruben Goodbear Anders Hey ruben! I am a complete newb but would like to put my 2 cents in as I am at this stage with my investing too! If I personally was asking your question, I would also ask myself what my investing goals are. If you are wanting to BRRR and long term hold, I think you need to have some idea of what the bank would give you for financing or have a partner ready to go. If BRRR is your targeted strategy, and you manage to get a good property secured, the lack of financing in the form of a bank or partner could lead to you hurrying to secure financing and maybe missing the opportunity completely. If you want to wholesale, it may not be a bad idea to have know of some buyers in the area for when you find a property and if you are solely wholesaling, having financing shouldn't be your worry.

Me personally, BRRRR and long term hold will be my exact strategy therefor at this very moment I am reading everything I can on how I should approach the banks. What type of BRRRR terms I can ask about. Hope this helps!

@Matt M. That says a lot in this market! 😂

@Dillon Marshall Hi Dillon! Are you referring to rental lease agreements? For the state that I am oos investing in I just googled "lease agreement" and within the first 4 search results found a very good one for free. However from spending lots of time in the forums, I have noticed this lease agreement doesn't include everything that more experienced investors talk about. Maybe one the more experienced investors has a better way to get a more solid contract but hopefully this helps!

@Denis Lin yes! let's connect!

@Jack Orthman 😳😳

@Jared Hottle Thank you for the reply! that may be the way i go for sure! 

@Denis Lin Hey Denis! As a feller investor that is also using the BRRR strategy, I have heard a lot of war stories from investors doing OOS BRRR. The market I am currently gearing up to BRRR is only 2 hours away from me and I have a pretty good working knowledge of construction. With all the moving parts of this strategy, (financing, rehab, ARV and everything else) it could be very valuable to have working knowledge of a few parts or at least have a few systems in place before starting a project of this scale. So you dont get completely overwhelmed. Hope this helps. Good luck!