All Forum Posts by: Gil Segev

Thank you for the information @Andrew Postell

I am sure this depends on the market but am I right to assume that the time it takes to get a conventional loan would be longer and thus impact my ability to snatch off market properties (especially ones from wholesalers) before they hit the market? 

You say HML will go up to 75% ARV. How can they tell what the ARV would be if the property hasn't been rehabbed yet? I'm sure they won't just take my word that the property I just bought for 100k will be worth 150k in 5 months.

You should get boots on the ground or at least speak with a few contractors to get a feel for the costs of rehabs in IN.. If you can get a couple of weeks to inspect the property as part of your contract it would be a very good fail safe.

@James G. Thank you for your insights. I love hearing about alternative solutions to problems!

I'll look into HML options in my desired investment area and probable reach out to you for some advice if you're willing to give it :)

I'm definitely starting to see that :) 

Thank you for your answers @Kevin Sobilo and @Lee Ripma. 

So looks like BRRR will mostly work when buy a very distressed property (one that banks won't really be willing to lend to) all cash and in a C class area (to get a healthy rent/loan ratio) for the returns to make it work.

I know this is a very open ended question but which market would you consider fitting for these parameters assuming say 100k cash in hand to invest? I'm OOS and don't want to bind myself to the Phoenix market specifically if the numbers won't work. 

Thanks again.. 

Hi all, I like the BRRR strategy as a way to grow wealth in REI. In his BRRR article, David Greene makes a point of how much better it is to buy all cash (faster, many SFH not eligible for financing when buying) when following this method.

I'd love to have cash in hand to complete a 250k deal (looking at Phoenix currently) but in reality, it will take some financing to get this amount so I was wandering.. Can BRRR be as successful when buying with bank financing?

Thanks for your answer. I do have a credit score with transunion and equifax. The thing is it's 4 months old. Still a couple of months away from a FICO score though

Hi all, I moved to the US about 6 months ago on a work visa and now looking to get into REI. My credit score is healthy but my credit history is as expected, only ~4 months old. My home country doesn't track credit but I can definitely show 10 years of on time payments for my mortgages there.

I was able to find a lender willing to lend for a primary residence with 20% down but not for an investment property. 

Can anyone recommend a bank that is more open to lend with newer credit history?

Thanks! 

I would view it as a business decision. What is the current value of the house? What is the potential ARV of the house and what is the cost of fixing it by yourself vs. getting a contractor to do it for you?

Once you have these numbers all lined up, your decision would most probably be a lot easier to make: sell now, flip on your own, flip with a contractor (using your own or outside financing) 

Wow what a wonderful and inspiring story! Thank you for sharing it!