All Forum Posts by: Darnell Fenderson

I am very excited to have my first deal under contract. I am purchasing a duplex and looking to BRRRR/Flip it. The property needs light/medium work and I was wondering if anyone has a rehab checklist that they use when completing a rehab?

Being this is my first deal I am sure I have probably made a few mistakes, but overall I am confident it is a decent deal and I have a solid exit strategy.

Is there anyone who can assist me in some mentorship along the way. I may have a few questions as challenges arise and would love to have a resource to bounce thoughts and ideas off of.

Any assistance with a rehab checklist, mentorship or general advice is more than welcomed and appreciated.

Thanks Family!

0 Votes

Cleveland, Ohio

@Derek Brickley absolutely it would!

0 Votes

Cleveland, Ohio

Quote from @Andrew Freed:

@Darnell Fenderson - Too little information for anyone to pounce on this opportunity. Provide numbers for purchase, renovation, and exit. Show people what the investment looks like over the life cycle otherwise people simply don't have enough information to go off of. I would recommend creating a short business synopsis/plan of the property, the numbers, pictures, and comps and send it around to close family and friends that might be interested in lending or partnering. That is normally what I do when I have a property under contract and looking to raise capital.

Thank you for that. Since it was a buy and hold I thought I could ask if anyone does financing around that price

0 Votes

Cleveland, Ohio

Hi Team,

I have a property I would like to purchase for a buy and hold at $42,500. However, I am having trouble securing financing for this property. Can anyone assist me?

2 Votes

Cleveland, Ohio

Quote from @Joseph Bui:

Hi Darnell, I’m based in the Seattle but have been doing BRRRRs in the Midwest (Memphis and Detroit) where I have scaled my portfolio to 9 doors. I’m also starting to look into Cleveland as well. Would love to connect knowledge about what we are seeing in each market.

Joseph, I would love to connect. Please give me a call

0 Votes

Cleveland, Ohio

Quote from @Simon Ashbaugh:

Quote from @Darnell Fenderson:

Hi everyone, I am a relatively new investor looking to complete my first BRRR in the Cleveland, Ohio area.

Hey Darnell, since you're new to investing in Cleveland, a turnkey property might be a smart first step. Building a strong foundation is key and that involves research, networking, and local knowledge. This allows you to learn the ropes at a slower pace and build the connections you'll need for long-term success.

Thank you for your response. I guess I should probably provide more background. I live in the Cleveland area. I currently have a quad that I bought with an FHA loan. I have about $45K in equity, but not enough to pull it out. Because of that I am looking to sell my quad. I am having trouble figuring out what my next move should be. I was thinking a flip to get some more capital. However not many deals fit the 70% rule, at least the ones I'm finding. Just looking for guidance/advice on how to move forward.

0 Votes

Cleveland, Ohio

Quote from @Vadim F.:

Doing a BRRRR in today's market is very difficult. 9 times out of 10 you will be leaving $$ in the deal if you want any cash flow. You need to find deals well below market to start and that alone is almost impossible today unless you have solid connections with wholesalers. You will need a solid PM and have a contractor who will do solid work at reasonable prices and timelines.

Thank you for your response, what would you recommend instead?

0 Votes

Cleveland, Ohio

Thank you for your responses everyone. I guess I should probably provide more background. I live in the Cleveland area. I currently have a quad that I bought with an FHA loan. I have about $45K in equity, but not enough to pull it out. Because of that I am looking to sell my quad. I am having trouble figuring out what my next move should be. I was thinking a flip to get some more capital. However not many deals fit the 70% rule, at least the ones I'm finding. Just looking for guidance/advice on how to move forward.

0 Votes

Cleveland, Ohio

Hi everyone, I am a relatively new investor looking to complete my first BRRR in the Cleveland, Ohio area.

8 Votes

Cleveland, Ohio

Is there a May meetup?

0 Votes

Cleveland, Ohio

All Forum Posts by: Darnell Fenderson

Darnell Fenderson has started 3 posts and replied 10 times.

Post: Rehab Checklist/ Mentorship

Post: Lending for low purchase price

Post: Lending for low purchase price

Post: Lending for low purchase price

Post: First Time BRRR

Post: First Time BRRR

Post: First Time BRRR

Post: First Time BRRR

Post: First Time BRRR

Post: Cleveland Real Estate Think Tank, 100% Investor and Vendor Networking.