All Forum Posts by: Joshua Herald
Joshua Herald has started 9 posts and replied 34 times.
Post: BRRRR Strategy Questions and Some Clarification
- Posts 34
- Votes 55
I know I keep referring to the podcast but another lead generation tool he would use was the MLS. I know this is what realtor use but is this a service I can pay for. The guest mentioned that he would meet every morning and go over the list one by one to try and get ahead of everyone else. I would love to do this but I have called around and realtors are not interested in this unless its directly their territory Im look all over tri-county not just loveland or forest park.
Post: BRRRR Strategy Questions and Some Clarification
- Posts 34
- Votes 55
To be honest this is even more confusing.
I was looking for the 2% rule. ( Brian Garrett your explanation makes sense)
I know how to calculate Cash on Cash ROI
I guess that episode of the podcast was old because nothing around here is close to 2%. Especially from the MLS
Post: BRRRR Strategy Questions and Some Clarification
- Posts 34
- Votes 55
I apologize Michele B. but I dont quite know how to tag anyone as of yet.
Is the 2% rule the same as Cash on Cash?
Cash-flow divided by total personal investment.??
Post: BRRRR Strategy Questions and Some Clarification
- Posts 34
- Votes 55
I have been standing on the sidelines watching many of my Cincinnati REIA counterparts make their way in Real Estate. The unknowing of it all tends to turn me away but I keep coming back. This time it is for good. I am currently looking for my first multi family and have a question about the BRRRR method. I understand the perpetual nature of this strategy and the struggles with finding traditional refinancing options once an appraisal is done and you want to pull all of your equity out. My question is related to the very first renovation costs. I was listening to the BP Podcast 197. There was a guy who used this strategy to purchase a large number of units over a short period of time. He however started his whole process with small loans from family and friends.
To most people (NON REI) my life is pretty good right now. I have a good Job, my wife has a good job. We make more than we spend but I am a slave to the 9-5. I could start to save up but I want to think creatively and fund my first rehab another way. What suggestions do you have?
Also, in that same podcast, there is mention of the 2% rule when evaluating properties on the MLS (his strategy). What does this mean? Is it similar to the 70% ARV number?