All Forum Posts by: Ginina Louis

Thank you so much! I was thinking the same thing about the debt to income ratio. I think it would be best to see what I can do once the primary residence is completed I just needed a second opinion. I was told I could do both but something is telling me not to. Thank you!

I want to buy another investment property using BRRRR. I have one rental already. I'm ready to start looking for my next property but I'm just starting the plans for my primary residence. We should break ground on my primary residence no later than December. Should I wait until I'm done with my primary residence to get started with the next investment property or is it ok to get started now?

Hi Brooks! I receive $894 a month right now. I plan on increasing the rent to $925 a month in October. The last time I had it appraised was in 2015 After I did the first renovation and it appraised for $93,000. There is room to refinance. I've been reading up on the BRRRR system and I plan on using it for the next property.

Investment Info:

Single-family residence buy & hold investment in Westwego.

Purchase price: $40,000
Cash invested: $16,000

3bd/1bath Single family residence. 1000sq.ft

What made you interested in investing in this type of deal?

I wanted to invest into real estate and I couldn’t pass up the house of at that price.

How did you find this deal and how did you negotiate it?

I worked with my realtor. She suggested the property.

How did you finance this deal?

Bank loan and the down payment was from savings.

How did you add value to the deal?

I did $15,000 worth of renovations by adding new cabinets and countertops. Added laminated floors to the living room and hallway. I also added tile surrounding the bath tub and painted the whole house. After my first tenant turnover I added ceramic tile in the living room and hallway, painted the whole house, and replaced all of the windows in the house.

What was the outcome?

It is being rented out right now.

Lessons learned? Challenges?

I should have tiled the whole house initially.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes