All Forum Posts by: Logan French

Hello,

My wife and I are looking into doing a BRRRR and hold. We have done lots of homework, but there is one thing we still aren't sure about. How do you pay for the rehab? My understanding is that the loan goes toward the purchasing price, but what if it is a large rehab that estimates around $100,000? Where do you get the money to do this? I know the 203K loan for owner occupied includes the rehab, but is there a loan for the rehab for non owner occupied? Is there a way to include the rehab in the initial loan, or is there a separate loan we would need to apply for to do the rehab?

Hello,

My wife and I are looking to BRRRR and hold or first property. We currently live in Boston, MA and the prices can be high here. So my question is can my wife and I both apply for loans separately and then combine them to buy a property together? For example, my wife and I are both doctors and there is a bank offering a physician loan for up to $1mil with no money down. Would it be possible for us both to apply for this loan separately and get a total of $2mil loan instead of just a $1mil loan if we applied together? And then use these 2 separate loans to buy a property together?

@Anthony Thompson That is great advice, thank you! I am actually attending a local meet up later this month. 

And yes, I have heard a lot of talk about the real estate market turning and the need to be cautious which does make me a little hesitant to get into the market right now. Our plan is to do a BRRRR with a long term hold, so hopefully that works a little better, but we are concerned about the interest rate at the refi.

I will definitely check the debt service coverage ratio, thank you for giving me that information! 

@Andrew Valeri Thanks for the detailed reply, that was very helpful! I will definitely look into the loans more and make sure it also works for a multifamily property and with refinancing. 

Our first deal will likely be a BRRRR since the properties around the longwood medical area seem to be too expensive to house hack effectively (and out of our budget for our first deal). We have to live close to the hospital for when we are on call. We currently rent in the Fenway area, and the rent vs. buy models I have looked at shows that renting at our rent price while investing increases your net worth more than buying a primary residence for the first 5-6 years. We will only be living in Boston for 5 years, so renting and investing seems to make more sense for us unless we can find a good house hack opportunity. So this is why I say BRRRR somewhere outside of Boston will likely be our first deal.

@Jeffrey Albaum Thanks for the help, that makes a lot of sense! I do have a question though. From what I have read, it seems that most people begin with getting pre-approved from a lender. Me and my wife are both doctors who can apply for physician loans with as little as no down payment. Do you think we should try to get pre-approved from a lender first before trying to assemble our team? or should we have an agent, property manager and contractor before we seek pre-approval? 

Hello! 

My wife and I just moved to Boston, MA and we are very motivated to start investing in real estate in nearby areas (house hack would have to be near Brigham and Women's Hospital for work requirements, but the BRRRR could be anywhere within 2 hours of the Fenway area). We are new to real estate investing, but we have done our homework. We are looking to build our rockstar core four (agent, lender, contractor and property manager). If anyone has any suggestions for the core four or any tips on investing in or around these areas, please let me know. Also, I am excited to be part of the community here, so if there is anyway I can help you, just let me know.

Thank you!