All Forum Posts by: Corey McNabb

So I am in the process of coming up with my Business Plan, but I am getting stuck on figuring out my criteria, I know its likely to change once I have a little experience. I am wanting to use the BRRRR strategy and currently the area type I am looking into is metro Atlanta to mountain rural areas? (Im unsure of what else to call it... Basically little towns in the mountains.)

What I am asking is for anyone who is willing to please share their criteria that a deal must pass before they move on it.

Thank you!

@Tom S.

Ah ok, thank you for clarifying

@Michael Noto

I will, thank you!

Thank you everyone!

I appreciate any and all tips

@Kyle Sterner

I will check with my agent, thank you for the advice.

@Tom S.

Thank you for that,

I do have some questions, you said the property was 50k, rehab was 25K.

You put 20% down.

So the total amount you had invested was 35K?

Also by the end of it you profit 2K right? Cause with the loan and the money you invested you had 75K in it and then you could pull out 77K?

I just want to make sure I understand what was happening with the money.

@Kyle Sterner

Thank you for the info. Having never worked with a contractor I was unsure if it was appropriate to have them look at the property before it was bought.

Hello everyone,

My name is Corey McNabb, I live in Cleveland, Georgia. I am a Firefighter, husband to a wonderful woman, father to a beautiful little girl, and brand new to Real Estate Investing. 
My only experience is when my wife and I bought our first home, which we knew nothing and thought we got a good deal and bought an awesome "asset". Then I read Rich Dad Poor Dad and my mindset changed and decided that for us to do what we want to do we need to get some positive cash flow. So we started researching a few different things. 

I happened to stumble across some BP videos on Youtube but didn't really get stuck on it until my mother-in-law got me two BP books for my birthday. Now I am doing a lot of research and I think the BRRRR method will be a good way to get started. Just need to get into action soon.

I tried to cover everything but please ask questions if you have any, and I look forward to talking or meeting some of y'all! 

So I have been researching the BRRRR method but I am struggling to understand a few things and it may be just due to only having read about it and not having watched the process, but if anyone can help me understand how you analyze BRRRR deals, and I dont mean using the calculator, more specifically, how do you get all the information required? For the ARV do you look at sold comps? How can you estimate the rehab if you haven't seen the property, or can you not do it without seeing the property?

Also I heard a podcast that talked about buying at 70%... Do they mean 70% of asking price? or ARV?

Sorry I know that is a lot of questions at one time but any help would be appreciated.

Thank you

@Taylor L. I've only been using MLS portals like Zillow and realtor, I haven't made any contact with brokers yet.