All Forum Posts by: Jay Dekker

@andrewpostell thanks for the great advice. Is this similar to a 203k loan? I will talk to a lender more about it

Nghi Le , I haven’t yet spoken with the seller about the terms but then again I don’t have experience with seller financing and she does not either. So I will have to do some research on typical terms for seller finance. Thank you so much for your help and I will talk to a loan officer soon!

Jim Goebel Nghi Le @brentcoombs, thanks guys for the advice. But back to the financing, what I was asking was I have a family member willing to loan me the 30k for rehab @10% for the full seasoning (Thanks Dad&Mom). So I can afford the purchase of the property with my 20k through a bank. I do have a low six figure salary and am very handy, so I will be able to do a bit of the work. Will I have any problem getting a small loan from a bank and then refinancing for my first time? Or is there a better way of doing this with my 20k.

Congrats @Brendan Moehn! Cool story

Hi everyone, I have a couple questions when it comes to the BRRRR strategy. Lets say I buy a SFR for $70,000 and pay the 20% down to Bank A. I get a Hard Money loan for the $30,000 needed for renovations. After I wait the seasoning period of 6 months, I refinance with a ARV of $150,000. Am I able to refinance with bank A and cash out refinance to pay my hard money lender and get my 20% down back? Also, am I able to get another loan from bank A soon after? And with these numbers, does this sound like a good deal? Or is there a different approach someone would recommend me doing with $20,000?

Also, seller is willing to do seller financing. What scenario would you rather do?

Jay Hinrichs ,Clayton Mobley , thank you guys for the great advice! Will respond back once I️ make that first deal :)

Absolutely, thanks for the response!

Thank you everyone for your replies! You guys rock

Jason Lavender , great advice! I️ will definitely consider this in the future. Any other creative ideas?

Sean McDonald , thanks for the reply! I️ have looked into doing that but unfortunately the market I’m in is not the most ideal and I’m looking a few hours outside of my residence. So the less work the better