All Forum Posts by: Jessica Parker

Great tip!  My husband and I used this when we bought our house last summer!  It actually jumped my husbands score up by about 12 points, if I remember right!  I wish the other credit agencies would offer this! 

I would focus all your energy right now into learning as much as possible and networking! Listen to the BP podcasts, browse the forums, the Blog posts are great too, Check out local meetups if there are any close to you! 

@Brandon Kiser well we do have more than one reason! My husband is originally from Birmingham, and we have a plan to move to the south in the next 3-5 years depending on how our real estate investing goes! We're thinking pensacola sounds nice! So we are really kind of looking at that whole area right now!

@Brandon Kiser that's awesome! We don't have any properties yet, except our personal residence, but we are hoping to change that soon! It seems like you can easily get the 1% deal there in Mobile!

@Brandon Kiser the market here is pretty expensive, so we started looking at other markets that would cashflow! We are primarily looking for buy and hold properties we will be able to rent out. Mobile and the surrounding area seems like a good market for that!

@Brandon Kiser Hi Brandon! Not local, but my husband and I do plan on investing in Mobile in the very near future! Welcome to BP! ☺️

@Whitney Hutten Thank you for clearing that up for me! Also, really great article!  It has shown me though that I still have soo much to learn!  

@Whitney Hutten Thank you so much! Really great advice! I realize now how short-sited I was thinking, that you had to have cash to start doing BRRRR! I just finished up David Greene's BRRRR audio book and when I had posted this yesterday, I hadn't gotten to the part where he speaks of using OPM or Hard Money to start the process! This is great news as it makes me feel like our goals are very attainable! Thank you again! :D

@Max Versteppen I agree! I think it's a great way to get started! But I would disagree on not having to have a lot of cash.  I think you need to have a good amount of cash to be able to buy a property and fund the rehab as well.  We are looking into cheaper markets, so that we don't have to have a lot of cash upfront...most people would disagree though, $25,000 might be a lot of cash to one person...but not much to another. In other more expensive markets, somebody might have to have 100k+ to get started BRRRRing.. 

Hi! I am wondering if I am being realistic about mine and my husbands goals of BRRRRing?  We have a 5 year goal to move to FL and we would like to have enough money to live on from cashflow from our properties!  I have been looking in the Alabama market and looking at very inexpensive houses that we could pick up for $20k and rehab and turn around and rent for $900/month, hopefully making about $300 cashflow per property after it's refinanced.  

We won't have enough money to start the process until February...by then we will have the cash to purchase a property and I have a lot of zero interest cc's I could use to help with the rehab process to get us started a bit quicker (more than likely using the cc's would only be for the first and possibly second deal).  I've leveraged CC's a lot in the past when a zero interest deal comes my way..It seems a lot better than a hard money loan. We also plan to continue to save $2,000/month minimum to add to our investing fund. 

Anyways,  How realistic is this, Year 1, buy 2 properties, one after another...pulling out cash invested and repeating the process.  Year 2 would scale to 2 houses at a time,  4 total in the year, year 3 would be doubling again to 8 houses..and we would continue BRRRRing 8 houses a year indefinitely until we are making the cashflow we need.  Does this sound realistic?  

I am also concerned about the refinancing part. When refinancing a property, how realistic is it to find lenders with 4 month seasoning requirements? I've heard of this on David Greene's BRRRR book and other places..I'm just wondering if that's realistic to be able to find that!? When you go to a bank to do a cash out refinance with LTV, Do they do the refinance just based on the income from the property, or do they use your personal income as well? Thanks in advance!