All Forum Posts by: Jeremy Georghiou

unless you're going to go there in person to oversee it, then... don't. i know those purchase prices seem attractive compared to Denver, but it is exceptionally difficult to execute a successful BRRRR from thousands of miles away. part of BRRRR is sweat equity and watching things closely, and that's exactly what you can't do remotely / from Internet.

you tell me - how will you not do this?

https://www.biggerpockets.com/forums/963/topics/1195280-expe...

and why not stay local and BRRRR in Colorado where you can be hands-on? too expensive? save up more =)

Thanks for taking the time to reply Nicholas! To be honest, @Luka Jozic (from the thread you linked) doesn't seem to be in terrible shape in my opinion, despite the discouraging comments he received. Assuming he actually got the majority of his capital back in each of his 10 or so BRRRRs (which seems to be the case) he's likely accumulated a good amount of equity and is benefiting from debt paydown and tax advantages (with potential appreciation and improved future cash flow once the properties are stabilized being nice-to-haves if they happen). As someone without a ton of capital who's eager to "take action" (buzzwords, I know) and put in the necessary work and due diligence, BRRRRing OOS in a cash-flow market seems like a reasonable option (even if it isn't for everyone). Seems to me that at scale, a portfolio like Luka's would indeed build wealth over time and open up options to transition into higher quality appreciation markets several years down the line, with the benefit of more capital and (more importantly) more experience. I know this isn't the path everyone would choose, but it seems like AN option to me. Would love to know if you think I'm missing something here, or what other options you think someone in this position could explore to start getting their feet wet and moving forward in the near term.

I agree with your assessment here. My first BRRRR I got $10k back on a $155k all in investment (including financing) and I'm cash flowing $450+/month. These deals are out there in the right markets. I'm on my second and I project to break even and cash flow another $400/month. All in a city I never stepped in.

I think you're thinking about this the right way. Don't be afraid to jump in and learn the best and hardest way. You'll have your fair share of setbacks but we all will/do. The hardest part of doing things remotely (after learninghow to spot deals) is finding a trustworthyGC that is cheap and quick (ask their ETA when they bid).

Good luck!

1 Vote

Cleveland, Ohio

Quote from @Simmy Ahluwalia:

@Jeremy Georghiou - what is the location for property #1?

Ferguson MO

0 Votes

Saint Louis, Missouri

Quote from @Erik Estrada:

Hi Jeremy,

Is property #1 complete? Or do you need financing to complete it? How many fix and holds/flips have you completed in the last 36 months?

Property #1 is in progress. I have a bridge loan but looking to refinance when it's done in less than the six months required by the lender. This is my first fix and I plan to hold.

1 Vote

Saint Louis, Missouri

Quote from @Kathy Utiss:

In St. Louis I hear Faster House gets rave reviews...Although, they will want good credit and about $10,000

Do you have a link to their website? I only saw a wholesaler when I searched

0 Votes

Hi,

I'm a new investor and I'm looking for two different loans:

1. I need a cash out refi for a home I'm rehabbing with 3 months or less seasoning. Ideally the lender is willing to do 75-80% of ARV and include rental income as part of the valuation. PP $115K, adding $35k in rehab, and aiming for a $200k+ ARV.

2. I also need funding to purchase turn-key units in the $60-95k range with the ability to close in two weeks or less.

I have great credit and cash reserves and a strong team in STL.

Once done refinancing this current rehab I'll also need some bridge loans.

2 Votes

Saint Louis, Missouri

All Forum Posts by: Jeremy Georghiou

Jeremy Georghiou has started 1 posts and replied 5 times.

Post: How to BRRRR in Ohio in 2024

Post: Looking for multiple loans

Post: Looking for multiple loans

Post: Looking for Hard Money Lender in Missouri

Post: Looking for multiple loans