All Forum Posts by: Joel Patterson

I was intending on making an offer on a 4plex with a sale price of 175,000

The company that is selling the property is RealPro in Fort Lauderdale.

They are asking for a 10% deposit with offer - is that a normal amount? Seems high to me.

Thanks Travis, that was what I was originially getting at but what I couldn't figure was how the original financing took place while waiting for seasoning. Hence the reason why I thought hard money would be required during the seasoning period.

Also I think we are heading into a correction for some areas of the country which means you could loose some of the value and eroding the 25-30% discount it took so much effort to find.

For now I think the smart money is to buy with rehab in mind and only take deals that can also buffer for possible interest rate increases and some market softening.

I am new to this but jumping in head first and looking to make offers in the next couple weeks. Any information on the process of qualifying would be nice and specific recommendations on positive experiences with Hard Money and Conventional.

Thanks in advance!

Thanks Tony!

Thanks for the input. I Seems like buying a house that doesn't need rehab just breaks the the BRRRR model as you don't get the lifted appraisal from the rehab and therefore lose the opportunity to get your money out of the deal, your downpayment stays in...

Thanks for the input. I Seems like buying a house that doesn't need rehab just breaks the the BRRRR model as you don't get the lifted appraisal from the rehab and therefore lose the opportunity to get your money out of the deal, your downpayment stays in...

I am new at this and have consumed a significant amount of information over the last month or so.

When I consider the BRRRR method and use the rental property calculator, the whole process revolves around Hard Money Loan and rehabilitation and renter installed to ultimately refinance. And refinancing a house that has increased in value and is generating positive cashflow is what allows for OPM. What if I find a potential rental property that is in fantastic condition and it doesn't lend itself to rehab and therefore hard money loan with refi? But it still would cashflow.

Does anyone have a suggestion? Should I still use hard money, get the renter installed and refi in an attempt to input the least amount of down payment?