All Forum Posts by: Justin Rucker

Curious if this would be good for my first deal. I would like to BRRRR the property. But it's in a small town and not a big enough margin in between sale price and value.

Sale Price: 55k

Exterior in really good shape

Good windows

Good roof

Nice brick home

Seller is going to put a new AC unit in.

Needs cosmetic work and new fence.

15k rehab cost

Cash flow between $300-$370 a month depending on interest rate.

I already have a tenant and will charge $850 in rent. Again small town so that’s probably the top end for rent. But it is never hard to keep rentals full in this town.

 Hey Tony! Currently I do not need work. However, I am trying to do my Due Diligence and cover all my bases. Try to put together a little team before I jump in completely. But I need someone who can do cabinetry, countertops, flooring, and electrical. Need someone who is a licensed electrician for sure. Those are the things that I am most uncomfortable with doing myself when I get my first deal.  Any suggestions or thoughts? 

It would be great if anyone knows of contractors in the Amarillo area! Yes....way up north!

@Andrew Postell

Hey man! Thanks for the help. I’m new to BP. That’s all good info. Thanks again!

@Justin Rucker

Ttt

Does anyone or has anyone executed a BRRRR in Texas? Or have any info on doing so in Texas? Texas, from what I have learned thru research has some different laws in reguards to buying, selling, or renting property. Just want to make sure it can even be done! Thanks.

@Michael Kinsella

Ok. Sounds good. Thanks

@Michael Kinsella

Ok. Is it possible on the refi loan to only take out the amount you need to pay back the hard money loan? Instead of having that 50k out of the cash out. Would doing this keep my mortgage down and increase my cash flow?

@Michael Kinsella

Ok. So you say in this example I would get 50k back after paying the initial loan off with the 250k refi loan! Isn’t that 50k loaned money? Not actually my money right? I’m lost on that part!

@Brad Hammond so the 20% equity in the home would count as the down payment on the refi loan? Is that what your saying?