All Forum Posts by: Jordan Albright

Ashley -

I will have owned the property for a year once I refi. Am I still only able to pull out the 75%? My goal is to cover the original purchase price of 250k, and cash out as much as I can to cover the rehab investment.  

Tarik - Thank you for the advice! I should have it rented out by December this year. I will have to wait until February to refinance any way because of the original loan I used so I think it will work out. I just want to get my money back out quick so I can start with the next one.

Oh one other question... Does the value of your home go up when it is rented out? I.e Is that why people who BRRRR rent it out before refi??

So I have done some research on this but wanted to see if anyone had any Tips. 

Situation: I bought the home for 250k. It is currently under renovation around (50K). So all in 300k. I plan to rent it out in a couple of months when the rehab is done. I would like to Refinance it to pull my (50K) back out. I believe it will have an ARV of around 315k. So my questions are:

1. Do I wait until it is rented to get it appraised and refinance it like the BRRRR method? Or refinance it after the rehab is done?

2. Is there any other fees minus the funding fee I have to pay when refinancing? 

3. Is it worth is to use a property manager? Do you recommend an online one? or Traditional local PM company? I understand I will be paying a premium. 

This is my first deal! It wont be a crazy money maker but it will be a foundation to start buying more. I appreciate all and any advice!

 

Thank you Laura! I will check them out. 

Maxwell, I am going to message you to talk more about that opportunity.

Thanks!

Jordan

Hey everyone, 

I am a new "investor," and for my first deal I would like to either buy a duplex, or flip a house. A little about me... I am a business owner < 2 years, I am in the National Guard, and I just became a relator as well. I have roughly 40,000 in debt.. I am located in Richmond, VA. I would like to start investing in Lynchburg, VA as there are two colleges there. Does anyone have any tips and/or advice for getting started? I would like to use hard money but would I have to bring a lot of money to the table as well? Essentially, I am trying to get started with low money down to either produce a cash flowing property. OR to flip a house to use on my next deal.

Any advice is appreciated!

Thanks,

Jordan