All Forum Posts by: Daniel Mendez

Good afternoon BP,

One of the things that I have noticed about the BRRRR strategy that many investors use is that it seems like everyone seems to be buying the property with no loan from a bank. Then they rehab it, rent it and finally refinance it.

However, I have yet to hear of someone that executed this BRRRR strategy without paying 100% of the asking price and taking out a loan and only putting 20%.

Has anyone had success with a BRRRR strategy when only putting 20% down?

@Kenneth Garrett so the only benefit of using a mortgage broker is that they do all the leg work for me on finding a good lending company that can provide me a good mortgage?

@Kenneth Garrett Yes this definitely helps out! In regards to a mortgage broker, I would only use them if I am having trouble finding lenders to finance my rehab property correct? Also, the fee for the brokers is that something I pay up front? Or is that included in my closing costs? 

@Kenneth Garrett Thank you very much! If I may ask, what is an insurance broker? And how is he/she different than an agent working at companies such as State Farm?

Good afternoon BP,

I am a new investor and looking to build my network. 

One of the obstacles that I have encountered recently is finding an insurance broker. 

I wanted to reach out to all of you and see if you could provide me guidance on a couple of questions.

1. Is an insurance broker the same as an agent that works at an Allstate, State Farm etc?
2. How do you go about finding an insurance broker?
3. Can an insurance broker help me with any property no matter what state?
4. Should I be interviewing insurance brokers? If so, what should I ask?

Your guidance is greatly appreciated.

Good afternoon BP,

Out of curiosity, how did you all decide in which city you were going to invest in? AND How did you make connections in those cities? 

@James Gates congratulations! I have 1 question. When you refinanced the house. How did you make sure that the mortgage wouldn’t be higher than the amount that you were renting it for?

@Matthew John

Matthew, congratulations!

I have 2 questions for you.

1) That first conventional loan that you obtained for the first property, was that through a big bank? Or was that through one of your community banks that does portfolio lending.

2) how were you sure that when you refinanced the house that the mortgage payment wouldn’t be higher than the rent? I believe you mentioned that rent was around $1,000. Chase gave you a new loan for $115,000. How did you make sure that the mortgage payment for that $115,000 wasn’t higher than $1,000? Or was it higher than $1,000 and you just raised the rents?

@Micah Thomas

Yes please that would be awesome.

Good morning BP,

I am currently looking into getting a real estate agent that can assist me in purchasing my first rental property in the DFW area.

What is the best way to go about finding a good real estate agent? Is there a website that tells me too performers?