All Forum Posts by: Daniel F.

@Nathan Schiess

Thanks so much Nathan! Truly appreciate you taking the time! I really wanted to BRRRR with a full Reno but I'm afraid about staying without any funds. I think I'm leaning towards the second idea of doing a minor Reno and taking some money out (probably through HELOC) to fund my second multi-fam. Which do you think would work best in this scenario, HELOC or taking out a mortgage on it?

First time posting in the community, any insight would be greatly appreciated!

I recently purchased my first investment house, a 2 unit multi-fam for $100k. I was able to pay for it fully from my savings and own 100% equity. The first floor is rented & second floor is vacant. I've been debating on whether I should BRRRR or if I should just do some minor fixes in the second floor to rent it out ASAP to start recouping some money to put into my second multi fam?

1. BRRRR- Reno the second floor unit (it's only a 1 br), but has a huge attic (that's connected to it) that can be turned into a second (huge) BR. It would cost about $16K, which would leave me pretty much without any cash (and I would have to put about 8K-10K of it on my Home Depot card). I should add, I have never BRRRR'd so this would be my first time.

Or

2. Do a minor Reno in the second floor unit (not touching the attic), rent it out ASAP and start getting some cash flow going so that I can save up to put a down payment on my next property.

Which idea do you think would work best? Is there a better/more efficient way to get to (fund) my next multi-fam?

Looking for some insight from the community.

I live in CT, and recently purchased a 2 unit multi-fam for $100k. I was able to pay for it fully from my savings and own 100% equity. The first floor is rented out to a tenant and the second floor is vacant. I’ve been debating on what to do in the second floor unit, here’s what I’m thinking:

1. Reno the second floor unit (it's only a 1 br), but has a huge attic (that's connected to it) that can be turned into a second (huge) BR (or even 3 br). To do this Reno would cost me about $16K, which would leave me pretty much without any cash (and I would have to put about 8K-10K of it on my Home Depot card). But my goal here would be to BRRRR so that I can finance my next multi-fam. I should add, I have never BRRRR'd so this would be my first time.

Or

2. Do a minor Reno in the second floor unit (not touching the attic), rent it out ASAP and start getting some cash flow going so that I can save up to put a down payment on my next property.

My goal is to find the best/most efficient way to be able to fund my next multi-family.

Which idea do you think would work best? Is there a better/more efficient way to get to (fund) my next multi-fam?

Any insight would be greatly appreciated.