All Forum Posts by: Ian Price

No problem! I learned a lot from the class and material. Definetly stick it out and soak up as much as possible. I'm happy I went because it introduced me to the idea of RE investing. Good luck!

@Briana Vega seriously beware. I went to it 3 months ago. The whole credit thing is priming you to say it'll be fine to spend 20k on their program. AnD when they ask you to open a new credit card with $100 annual fee, be ready, cuz it's okay because it's an investment in yourself and education! This happened to me and I actually did open that card. Yes credit is great, but you have to know what's right for you.

I think there is plenty of good advice about real estate though.

Investors in Northwest Indiana and South West Michigan, I am lining up my dominos for a BRRRR deal and I need your help.

First thing first, I would appreciate referrals to local banks/credit unions that will do cash out REFI 75%-80% LTV. The target is as short as 6 month seasoning. I am looking at rentals ARV $60,000 - $90,000.

I am making my own list of banks to call on, but warm calls are always better than cold ones. Also, advice on the BRRRR financing process is greatly appreciated.

Thanks

I asked this question yesterday...I asked about using hard money to BUY

Originally posted by @Chris T.:

@Ian Price

When you refinance, the new loan is going to pay off the HML or cash-out or whatever loans you used to acquire the property.

Therefore the numbers are more important especially the ARV. In fact, if you use a HML, they will help you underwrite the property, to make sure your numbers are accurate. If not, they will not lend you $ if it's not a deal.

If you haven't started calling local banks yet. reach out to local investors in your area. Introduce yourself and ask them if they've referrals. A warm call, with an introduction, is much easier than a cold call.

@Darlena Jones How did you present your duplex? Were tenants in it paying already? Owner occupied? Was it a portfolio lender?

Has anyone used hard money to BRRRR a duplex that I can house hack for my first deal?

The trickiest part of this will probably be the REFI. Any advice on how to approach local lenders before I start buying? Will the bank be hesitant if I am paying part the mortgage?

Thank you 

Awesome! Thanks @Lee Smith @John Mathewson @Account Closed. I'll check those two schools out now. 

No I am not. The FHA loan can be used for 1- 4 unit res properties and must owner occupied for atleast 1 year I believe. Only 3 . 5% down. Tons of resources in forums, webinar, and books on how they can be used.

@Ryan Shaw Thanks so much for your response! I didn't see it until now. I will take these questions to my next interviews. I had not thought of most of those. Thanks again!

Great question! It all depends on the structure of the entity. I won't answer any specifics since not attorney or cpa! Checkout the latest podcast! They cover this towards the end of it.

https://www.biggerpockets.com/renewsblog/bp-podcas...