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All Forum Posts by: Jayden Gales

Jayden Gales has started 1 posts and replied 5 times.

Post: Looking to Complete my first Deal

Jayden GalesPosted
  • New to Real Estate
  • Fort Worth, Tx
  • Posts 5
  • Votes 1
Quote from @Jonathan Greene:

BRRRR doesn't match with VA and 203k as they are owner-occupied loans as others have said. Also, a VA loan is a straight loan where you can use no money down which is a great advantage as a veteran versus a 203k loan which is a rehab loan which requires a 203k facilitator and contractor and the contractor gets paid in 4 draws that have to be approved first. Most 203k contractors are not going to want to work with a first-time BRRRR or house flipper because it will not be smooth.


 Thanks for the heads-up on my approach. The advice is greatly appreciated.

Post: Looking to Complete my first Deal

Jayden GalesPosted
  • New to Real Estate
  • Fort Worth, Tx
  • Posts 5
  • Votes 1
Quote from @Preston Dean:
Quote from @Jayden Gales:

Hello all. I am new to Real Estate and plan to use the BRRRR strategy to purchase my first property. I have been on the MLS researching different properties that can become my first deal but I have not made any offers. I have set myself up with an agent automotive and I use the properties' prices to get familiar with the BP calculators. There have been a few properties that stand out to me but I cloud my mind with many questions. A few of those questions are:

~ Should I use the VA loan or the FHA 203k loan to fund the property?

~ Are contractors covered in the loan?

I am seeking any knowledge and guidance that can help me close my first deal. Thank you.

 @Jayden Gales

Happy to see you on here brother!

You know I'll be here when the time is right for you to get that first property! Please don't hesitate to reach out to me on whatsapp or email bro


 Will do. You'll be hearing from me soon!

Post: Looking to Complete my first Deal

Jayden GalesPosted
  • New to Real Estate
  • Fort Worth, Tx
  • Posts 5
  • Votes 1
Quote from @Caleb Brown:

You can do a VA or FHA rehab loan but you'd have to owner occupy. Do you plan on doing that? If not then you need to use financing like hard money or private money.


The plan is to BRRRR the property and I'm understanding that a hard money lender or private money is the route I am leaning more to. Thank you for the advice.

Post: Looking to Complete my first Deal

Jayden GalesPosted
  • New to Real Estate
  • Fort Worth, Tx
  • Posts 5
  • Votes 1
Quote from @John O'Leary:

Hi Jayden,

If you're considering using the BRRRR strategy, I recommend looking into a bridge loan for the value-add portion. Many options only require a soft credit pull, and depending on factors like location, experience, and credit score, lenders can offer leverage of 85-90% of the purchase price plus 100% of the rehab funds. Once the property is rehabbed, you can refinance into a DSCR loan with no seasoning requirements.

I'll let some of the traditional mortgage brokers chime in, but traditional financing might require a 12-month waiting period to pull your cash back out. DSCR loans often have options with no seasoning to 3 months, as opposed to the typical 6 to 12 months. Additionally, DSCR loans do not use DTI to qualify, nor do they report to credit agencies.

VA loans and 203K loans also have their own advantages, so consider those options as well.

Good Luck!

Thank you for the advice, I appreciate it.

Post: Looking to Complete my first Deal

Jayden GalesPosted
  • New to Real Estate
  • Fort Worth, Tx
  • Posts 5
  • Votes 1

Hello all. I am new to Real Estate and plan to use the BRRRR strategy to purchase my first property. I have been on the MLS researching different properties that can become my first deal but I have not made any offers. I have set myself up with an agent automotive and I use the properties' prices to get familiar with the BP calculators. There have been a few properties that stand out to me but I cloud my mind with many questions. A few of those questions are:

~ Should I use the VA loan or the FHA 203k loan to fund the property?

~ Are contractors covered in the loan?

I am seeking any knowledge and guidance that can help me close my first deal. Thank you.