All Forum Posts by: James R Dean

@Lisa Cox A BRRRR is basically a fix and flip that you keep. If it's not a good fix and flip, it won't be a good brrrr. Especially with interest rates now, brrrr is a difficult venture.

@Ashley Kinnaird I would look at a lease option or contract for deed now and retry in a couple years after things cool down with the bank. Lock in a contract for purchase price, rates and what will happen in 2 years. Go through a creative finance related title company and tell them what you are trying to do. If you have any questions, I will try to check back here or DM at IG waymakerresolutions

@Ashley Kinnaird Of course the lender will not allow you to assume the mortgage, because they have not check every crevice of your person to see if you are credit worthy. Homeowners want the same money others were getting 6 months ago, but then do something stupid like ask the bank if it is ok to let someone else own their house and pay their mortgage. Most large banks, Chase, Bank of America, don't know houses have been taken Subto. Smaller banks however keep closer track of their assets. Now that his bank knows his plans, it could be difficult to continue that path.

@Rahnesha White One way I was thinking is to get a mortgage backer. Someone with enough funds in a 401k or stocks that can back your loan. They won't need to pay out anything if you do what you think you should be able to do, but it gives the bank peace knowing it is covered. It's called "sponsoring" the loan.

@Joe S. Melissa is very active in the community. I just posted a recent review and don't care if you join or not, but if you do, you become family and it is different in there than the free YouTube or the free Facebook page. He does over deliver as every one says, but that's only part of it. Now others that have been in awhile are doing more and helping newbies get started and answer their questions. I wish you well.

@Chida Truong You would not regret joining Subto. When Pace first started out, from my understanding, he was teaching everyone one on one in groups because he was building a community. Now that he has been here over 2.5 years, the "community" of students are making their own zooms teaching every different way to do real estate and helping newbies along the way. There is so much content, you will not get through it in your lifetime. The problem is you need to focus on a niche or you will be overwhelmed. Pace over delivers and cares about his people. Between his personal 8-10 zooms a week and other 25 to 30 zooms, you will need to discipline yourself to do something besides watching zooms. And everything is recorded to watch later. I've been here 2.5 months and barely touched all the content. I will never leave and glad I'm here with this family.

@David Greene

Hi David, big fan. I was looking at a mhp and not sure how to run the numbers. It's not like multi or brrrrs I'm used to. Do you know someone that could help and maybe financing too. I appreciate it.

@Jacqui Whalley

You may be overthinking this but are on the right track. If you are using cash to buy as some have said to get better deals, that doesn't mean you have to leave it in cash as the third R in BRRRR is refinance. So if you can get the better purchase by using the cash, you do have that advantage, then find a long term refinance after the rehab and rent to return your cash to repeat the process.

My first BRRRR I financed from a local bank that held my home mortgage for purchase and rehab, up to 80% of final ARV. It was exactly what I needed as I had only 10k available. I still over-spent on it as I missed a few expenses in original budget. I survived it, learned from my mistakes, and working on my second BRRRR with the same deal.

My point is you may want to talk with small local banks or credit unions and tell them what you are trying to do and if they have any programs that could work in this area with your plans. Or if you have the cash available, just wait to refinance after and save the extra refinance fees. I didn't have that option available.

Also find a realtor with investing experience to work with in the area you are thinking of investing. Ask if they own any investment properties and/or work with other REI's. Between the 2, you should be able to proceed in a good direction with confidence as long as you have a plan on the rehab expenses(contractor, or yourself)

Best of luck. BRRRR seems to work for me. I'm sure you will get this too.

@Greg Scott I liked The Richest Man in Babylon. Also The One Thing. The others I haven't heard of. Thanks.

I am trying to figure out mindset books for my kids, 22b, 24g, and 28g. What are some recommendations, not necessarily real estate, but mindset. I have bought the older Rich Dad, and the second Set for Life and the boy Grant Cordone Sell Anything I think it was. Thanks for any assistance.