All Forum Posts by: Curt Davis

@Jackson Long What I meant is that a lot of ppl who do flips or even buy and hold here that are local, any house that works for the BRRRR strategy also works for them either personally or for them to flip. I get a lot of ppl who contact me wanting to do the brrrr and I always refer them to others who are willing to help do it bc for me it is currently a conflict.

Sean, what you are wanting to do will be very difficult to do here. I stopped trying to help investors with this in this current market bc it is just crazy.  There are only 2 ppl in Memphis who might be able to really assist you with this where it would not be a  conflict of interest, Dean Harris with Crestcore and Stephen Akindona. Reach out to both of them, they are here on BP. Most ppl either dont know what or how to do this strategy or they wont help you bc of a conflict of interest.

Good luck

I am a fan of coaching/mentoring programs but with that being said, I suggest you do a bunch of research on the subject here on BP and YouTube. If after you have done this you still feel that a course is a way to go then go for it. $2k will not break you. 

There are a lot of variables. What LTV is your lender willing to lend at? Are you hoping to do this deal with no money out of pocket or are you able to put some of your own money into the deal? Well and septic sounds expensive so I would ask for some time to get them inspected once under contract.  On average HML's usually do not lend above 75% LTV.

Good luck

I completely understand!!!

Remember you have a law degree so you have to be intelligent so don't let being new be your hangup in talking to ppl with money.  House hacking to get started is a good idea if that is what will work best for your current situation.  Regarding partnering with your friend, tread carefully and make sure expectations are laid out clearly, and in writing it will be some type of actual partnership. You don't want to ruin a friendship.

Good luck

A lot of ppl use Yellow Letters HQ but there are several others. Look for one that has a good price. 

I have a CallRail account where I use a different number that allows me to track anyone who calls, even if they hang up before I answer or the voice message picks up, I will be able to call them back.

Good luck

Why are you double closing? I can only assume your profit was sizable thus you didn't want the end buyer to get upset or negotiate a lower price. 

Did you factor in the estimated $4k-$5k in closing cost as I assume you are doing conventional financing?  The numbers in general look good. What are you waiting for? 

Good luck

Is this a good deal? To me, it sounds like your buying a duplex in a D grade area for a total of $113,000 and brings in a gross of $900.  I dont think you will have to evict them. You can make repairs around them living there and then work to raise the rents.