All Forum Posts by: Jason B.

Hello BP friends. I recently purchased a 3br sfh for all cash. The home has 2 full baths, 2 car garage, and sits on 1acre of land. I'm curious as to what some of you would do in this situation. I purchased the home for roughly 60-65% of current market value, and about 50% of ARV. The home is solid and only needs cosmetic updates. If updated/rehabbed and flipped I could stand to make about $60-70k in profit. I currently own a few rentals and thought about making this another in the portfolio. Rental would bring approximately $1,500-1,600/month. I have also thought about the BRRR strategy.

I'm curious what some of you would do in this situation and why. Please explain what strategy you would use and why. 

Just moved to Pitt and would like to network with RE investors. I have done some flips and lease options along with a few rentals. Looking for others in this area to meet and discuss real estate.

 Thanks Chris!

I'm looking for a reputable contractor in the Knoxville area. Minor to mid size rehab project on a 3br property. Please let me know if you know of a good contractor. If you are a contractor yourself please send me your contact info.

Here is a good place to start. . . 

http://www.nolo.com/legal-encyclopedia/texas-secur...

In October I purchased a rental property and put in about $10-12k in repairs. The property is now rented and I net about $400/month on it. The question is do I take a 2nd mortgage on the home to pull my $10k out. The payment is around $103/month for 10 years with total interest paid around $2,000. I'll still make a monthly net profit even with the 2nd mortgage.

Some things to note:

-I do not "need" the $10k at this time

-The 2nd will increase my DTI and potentially affect my approval amount on a 2nd prop later this year

-If I take the $10k out I need to re-invest this and make more then I'm paying in interest

-Refi is not an option as my 30yr fixed is only 3.5%

Or do I not take the mortgage and use my net profits to pay down my mortgage balance faster? the monthly income is nice but I do not depend on it. The house is in a flood zone so my initial intentions are to not hold this property long term unless the flood insurance premiums stay low with only minor increases YOY.

So I've read a lot about the BRRR strategy. Most of what I see are investors who can buy houses for $30-70k. I live in PA and these prices are unrealistic. Average foreclosure which is a complete rehab from studs out are selling for $125-135k. Does the BRRR only work in lower priced housing areas? Ive been looking to try this in my area for a while now with no success. Does anyone have advice or experience who can chime in?? Thanks.

Has anyone personally worked with Joe Neilson? What were the benefits and drawbacks of being a student of his? Any feedback would be appreciated.

Thanks Paulette!

Thanks James. Learning the city and each of the different neighborhoods is a daunting tasks.