All Forum Posts by: Josh Coup

@Tim Woodbridge and @Mark Pelshak They reached out to me today via email, which was the first strange thing I noticed. They were responding to my offer to bird-dog the KC area for free as a means of networking, relationship building, and experience gaining. I'm unable to find a BP profile though. So the offer of funding seemed a little off topic but not unusual for a growing business. I'm glad Google redirected me to the forums when performing due diligence. I may still contact them just to see what's up.

Best of luck to you guys!

@Adam Sankowski Thanks for the insight. Have you ever added a bedroom? A GC buddy of mine quoted me $10k which he said included egress and putting up wall and the works in a basement. I can see how newer basements are conducive to rooms, but some of the older basements in KC worry me.

@Koki Agata I'm also interested in section 8 after hearing a recent BP podcast. But, one thing that I feel was easy to overlook in the podcast, was that the investor bought near gentrifying areas for appreciation purposes and attracting tenants looking for improving neighborhoods and schools.

My name is Josh.

As a newbie, I'm looking for a way to gain experience and knowledge by leveraging my familiarity and residence in the KC area. I seek to bring value to a partnership with a more experienced investor. (likely out-of-state)

The value exchange: 

I provide a few hours of bird dogging a weekend by driving for dollars in stategically chosen locations throughout the metro.

In return, I'd simply like the ear and advice of a seasoned REI veteran.

Please PM me.

Thanks in advance for your consideration,

Josh Coup 

@Jake Sanders On another discussion post, an out of state investor, said they use lendinghomes.com as hardmoney, then limaone.com for refi. I know what you mean by wanting that relationship with someone local though. Online and out-of-state money could be just another tool in he toolbelt though.

Thanks @Brandon Roof. I'm wondering if I fat fingered the 9 and the 0. 

If you don't mind, I'm just kind of throwing out a ballpark ARV in a few comps in the area that have yet to sell. They are both 3bds whereas mine is 4, and their selling prices are in the 90's. Is there a better way to estimate ARV in your experience. I haven't asked my realtor. I'm considering networking to find a more "Rockstar" caliber agent.

Thanks again for any advice! 

@Joseph Firmin Thanks for the reply. I'm actually about halfway through David Greene's BRRRR book. The General Contractor part. Sometimes it's hard to stay focused on reading and not come to the forums for specific things/ideas that come up while reading.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Not sure what I entered incorrectly, but I have checked multiple times. Why is my CoC ROI INF% ?

Thanks in advance,

Josh

@Don Nelson Thanks for sharing all this amazing detailed information!

Thanks for the valuable input! I wanted to be as conservative as possible since I have yet to land a deal. A 3bd 2bth a block and a half away is listed for 94K. I'll keep an eye on that one. Could be encouraging if it sells. In light of how the market as a whole is, I definitely don't want money left in the deal, since I only have a bare minimum to contribute myself. 

@Allan Smith I see what you mean now, by razor thin margins. It's been on the MLS for about a month and has already dropped by 10k once. I agree that 40 is too much for a BRRRR unless the new appraisal would be 100 or more. Thanks for the financing preference. Unfortunately, we bought our house 2 years ago at a little less than 20% and I looked into a HELOC and it would only be a few thousand if any. I'm going to start looking for partners and looking for Refi companies.

@Joseph Firmin I didn't even think there would be a minimum loan. Thanks for letting me know. I'll make sure to ask those kinds of questions when looking for a refi company.

Dear BP community,

I found a property that I'd like to BRRRR. The asking price is 40k, which I don't have the cash for. The ARV is 60k at least. I haven't seen the inside and can't vouch for how much work needs to be done, but based on Zillow and MLS, the current owner has started several projects throughout the home.

My issue is how to fund this and make sure I can BRRRR. Without the full cash for purchase and rehab, can I do a conventional (I have the 20%) and hard money the rehab. Then refi after seasoning to pull it all out?

Please advise.

Thanks in advance!