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All Forum Posts by: Kristi Wolfe

Kristi Wolfe has started 17 posts and replied 33 times.

Post: House flippers- what can a BRRRR investor do for YOU?

Kristi WolfePosted
  • Rental Property Investor
  • Palatine, IL
  • Posts 34
  • Votes 16

As s future BRRRR investor, I'm brainstorming on how to get good deals into my funnel. The idea of finding a house flipper came up. Since I will be doing BRRRR, my price to acquire a deal can be a smidge higher than a house flipper might be able to pay- right? So if I could get a local flipper to give me his/her "almost but not quite" leftovers, I could have a good deal going. But- what can I do for a flipper in order to establish a mutually beneficial relationship?

Post: Cash or hard money to buy a BRRRR property

Kristi WolfePosted
  • Rental Property Investor
  • Palatine, IL
  • Posts 34
  • Votes 16

I have heard (from a hard money lender, so he is motivated to encourage me to borrow hard money) that it's much easier to get the refinance at the end of a BRRRR deal if the property is finanaced for the purchase vs using cash to purchase and rehab a property. David Greene's BRRRR book and other things that I've read say cash works just fine, as long as you make sure to get your preapproval for the refi before entering into a deal to make sure your exit strategy is in place. Assuming I have the cash, and the plan is to get that cash right back out in a few months, I'd rather save the headache, closing costs, and interest rate associated with a hard money loan, but not if that means I cannot refinance.

Can anyone weigh in on this?

Post: Where are all the female investors and real estate agents?

Kristi WolfePosted
  • Rental Property Investor
  • Palatine, IL
  • Posts 34
  • Votes 16

@Jennifer Pauyo. I think women (more than men) believe investing in real estate is too risky. Men tend to be taught at a young age that risk taking is a positive thing, and the reverse for how women grow up. That’s why I personally believe there aren’t more women here. *shrug*.

Post: Lender for a Milwaukee BRRR

Kristi WolfePosted
  • Rental Property Investor
  • Palatine, IL
  • Posts 34
  • Votes 16

Newbie here. Have 1 rental property (originally my husband's primary residence). Looking to buy a SF or duplex in Milwaukee Have a property in mind- asking price is $59K. Credit in 700s, plenty of reserves in retirement accounts to cover 2x purchase price. The plan is to BRRR.

Any lenders out there that would be a good fit?

Post: Analyzing properties - NOTHING looks good.

Kristi WolfePosted
  • Rental Property Investor
  • Palatine, IL
  • Posts 34
  • Votes 16

Post: Analyzing properties - NOTHING looks good.

Kristi WolfePosted
  • Rental Property Investor
  • Palatine, IL
  • Posts 34
  • Votes 16

@Joe Villeneuve- how can I use actual numbers when I haven’t seen the property?  Shouldn’t I be doing preliminary analyses at home looking at potential deals, then if the deal looks good on paper, then go out to look at it?  Seems like a stupid question but am I going to physically be looking at 1-2 properties per day to find a good deal? 

Post: Analyzing properties - NOTHING looks good.

Kristi WolfePosted
  • Rental Property Investor
  • Palatine, IL
  • Posts 34
  • Votes 16

I'm a newbie. I'm obsessed with learning about RE investing (for all of 3 weeks or so now), and have gotten my husband and brother involved. We're all very excited about moving forward (giving ourselves 1 year to learn/save/strategize/niche down before pulling the trigger). That said, I've been analyzing deals daily to help determine if we want to Buy/Rehab/Hold or use the BRRR strategy. According to my calculations, NONE of the 20 or so properties (SF and Multifamily) I've analyzed makes sense. I've found properties to analyze on wholesaler websites, foreclosure websites, Zillow and Realtor.com, I've looked in my area (NW Chicago suburbs), Chicago proper, Milwaukee, Beloit WI, SF and multi-family, etc...so I wonder if the "good" deals have already been picked over by the veteran investors before I'm even able to see them, or if my numbers are too conservative because I'm afraid over underestimating costs and overestimating cash flow/profit. Is this typical? Does it just take kissing a lot of frogs to find a prince? How do the veterans come up with ballpark numbers to determine if they want to go see a property in person? I can look a photos to see that the kitchen cabinets need to be replaced, or the floor needs to be refinished, or I need to purchase a refrigerator, but trying to figure out if there's a pipe leaking inside a wall or the furnace is 40 years old or the beams are sagging in the basement is something you need to see in person, so how do you not waste your time when you're at the point where you're ready to buy seeing countless properties that need more work than it makes sense to do from a numbers standpoint? Or do you just need to spend a lot of time to find a winner?

Post: Chicago/Suburbs, Naperville, Aurora, Racine, Kenosha, Milwaukee??

Kristi WolfePosted
  • Rental Property Investor
  • Palatine, IL
  • Posts 34
  • Votes 16

@Patrice Boenzi. I sent a pm but then my phone froze. Please confirm you received it. Thanks!

Post: Chicago/Suburbs, Naperville, Aurora, Racine, Kenosha, Milwaukee??

Kristi WolfePosted
  • Rental Property Investor
  • Palatine, IL
  • Posts 34
  • Votes 16

@Patrice Boenzi that would be amazing! Please do- (I’m new here - do I need to PM you my email - ?). Due to a few factors, we cannot buy until March 2021 or so, but if you could send a few for me to do practice number crunching, I’d greatly appreciate it. That way when the time comes, I’ll likely know a great deal when I see it so I can move on it confidently!

Thanks!

Post: Chicago/Suburbs, Naperville, Aurora, Racine, Kenosha, Milwaukee??

Kristi WolfePosted
  • Rental Property Investor
  • Palatine, IL
  • Posts 34
  • Votes 16

@Kenneth Garrett do you work with wholesalers? Care to share who is a good source of deals in this area? :)