All Forum Posts by: Eric Neeb

Great, I'll check them out.  Thanks Scott!

Anyone have a good flooring installation company in Grand Rapids?  Looking for vinyl plank installs.

When investing with the BRRRR strategy do you use two banks, one for initial purchase and then one for the refinance? Or is the initial purchase bank usually willing to do the refinance once rehab is done?

I recently brought up REI in a group email with a bunch of friends and I had a lot more feedback than I was thinking I would. It sounds like there would be a group of about 8-10 who all have interest and most of them actually can get their hands on $$ (I'd assume collectively we could come up with 100-150k).

Has any one ever done a deal with that size group?  Can this be successful?

My initial thoughts/concerns would be:

- Working with friends (always heard this isn't the best idea)

- Too many chefs in the kitchen

- Not enough meat on the bones to split profits 8-10 ways

- Not sure how this effects my personal investment goals. I'm viewing REI as my future, some may view this as just a way for side income.

Great info James and Scott!  Much appreciated.

 Scott, do you deal with a small local bank or are you dealing with a bigger regional/national bank?

Hey guys,

I'm looking at purchasing a small 855 square foot 2BR house for $20,000 that needs about another $15,000-20,000 put into it in improvements.  Once rehab is complete I'll want to finance the property to pull out my cash.  Being that it will be below $50,000 (or at 50 if I can pull extra cash out :) ), will a bank finance this property?  I'm not very experienced in this space and would love to do more of these low dollar rentals in the future.  Any help would be greatly appreciated.

Eric

Thanks, Sarah!  It's definitely going in the right direction.  It's just been a LOT of money getting it into shape.

I guess I just hear the podcasts or read the articles that are "I bought 20 properties in my first year" or "50 properties by age 25" and I think I must be doing something wrong.

@Carl Mcknight local credit unions and doing commercial for a little while then refinancing again down the line are both great calls!  Much appreciated.

And is it weird that I got that sort of response from a large national bank?  In my mind it seems like they'd be more willing to do a cash out refinance more than a smaller bank.