All Forum Posts by: David Reeves

I am doing a fix and flip in Gatlinburg, Tn and looking for any recommendations for a contractor in that area.

I am about to undergo a fix & flip and am looking for possible contractors I could work with in Gatlinburg. Thank you!

Quote from @Jay Thomas:

The real estate market can be a tricky one, especially when you're trying to make such a large return on investment with so little money. It takes careful planning, budgeting and hard work to get an existing property up fifty percent in value for just five percent of your total investment. But if all goes well, you could walk away with a $35k profit! Real estate is always changing, but with the right strategy in place it can be very lucrative. Good luck!

 Thank you Jay!

Quote from @Bill B.:

You forgot to put your market in your profile. Do you live in a market with $100k duplexes? (That would take 25k of you money for the down payment. About $5k in closing costs, and leave $5k for the remodel.) Then if you can get it to appraise for $155k you could probably get a new mortgage for $115k. Pay off the existing $75k plus $5k in closing costs and walk away with your $35k. 

But it’s going to take some work in improve a property $50k, or in this case 50%, with only a $5k or 5% investment. 

I am sorry. I should have been more detailed in my post. I planned on using a VA loan with little down payment so that the 35k could go mostly towards remodel. I believe, depending on the lender, I will have to wait a few months before refinancing my VA loan. Please correct me if I am incorrect.

Quote from @Eric Yu:

Quote from @David Reeves:

I have 35k saved up and am wanting to get into the Short Term Rental market. But I feel like I could get more out of my money if I was to take that 35,000 and spend on a small duplex, do the BRRRR method, get the money I put in back out of it (with the refinance) and put it towards a nice STR property in my area. Does this seem like a reasonable plan? I have nobody around me who I can speak too about these things and just wanted some feedback! Thank you!

You could look for BRRRR opportunities to STR as well (e.g. BRRRSTR lol say that one 5 times). Funneling your cash forward with BRRRRs is definitely a great move; if you could find the right property that makes sense as a BRRRR & an STR, then you're golden.

Separately, you might have a better opportunity to partner up with people instead & have your $35k go further. 

Not sure where I would even begin to look for other investors in my area to partner with. I also feel I would be unable to bring things to the table when partnering with other experienced investors. I do like the idea of doing a BRRRR with a STR. I have thought about it and was worried Id seem like I am over doing it with so many different investment strategies at once lol! I will keep that as a option though if I can find one that fits that! Thank you!

Quote from @Ty Suggs:

Hey David, have you thought about house hacking? Good way to get in to a property and have most of your expenses covered, if not all. Try for multifamily 2-4 units with the possibility of making one of those units an STR.

 I do not see house hacking as a option for me becausd I have a wife, 2 kids (one on the way) , and 2 german shepherds. Buying a 2-4 unit complex and living in 1 unit would just be too small for my growing family. Unless its a complex with units that have like 4 bedrooms lol. 

I have 35k saved up and am wanting to get into the Short Term Rental market. But I feel like I could get more out of my money if I was to take that 35,000 and spend on a small duplex, do the BRRRR method, get the money I put in back out of it (with the refinance) and put it towards a nice STR property in my area. Does this seem like a reasonable plan? I have nobody around me who I can speak too about these things and just wanted some feedback! Thank you!

I have just under a year left until I get out of the military. The time is flying by and before I know it I will be doing my first house hack/BRRRR on my very first property. One of my primary goals for real estate investing is to make it as passive as possible for me. I do not want to miss my two girls growing up anymore than I already have. Where do I begin when it comes to creating a system? Whether I am creating a system for what will happen when I have a tenant leave and begin looking for a new one. Whether it be a system that is in place to find the best contractor's for the job. Where do I begin when trying to create systems that will be in place so that once I start my real estate investing journey I can feel confident that I have the proper systems in place to take care of certain things? Thank you in advance for any and all of your help.

Look for Real Estate investors in my area that are use to working with investors. I am looking to get another property here within the next year. I am stationed in Quantico, VA and willing to invest anywhere within that location. Thank you in advance.

So with that being said the cash out refinance will not work.