All Forum Posts by: Lynn Anthony

I am a newbie trying to take action on my first BRRRR. I find that it's hard to find any properties on the MLS to BRRRR. Wondering if that is the same with other investors? Seems like you have to get properties through wholesalers, foreclosures, or even for sale by owner. Thoughts?

Hi everyone!

Newbie here trying to take action! I am currently on the search for a single family to BRRRR. We have a realtor and a property mgt company lined up. However, we are trying to find a house that does not need a total major overhaul just so we can get our feet wet so to speak and our realtor informed us that painting, putting in granite countertops, tile in bathrooms, laminate wood flooring throughout the house and painting the cabinets does not add value to the house where we could BRRRR it. She informed us the best way would be to add a bathroom or bedroom where you add square footage. I wanted to clarify with experienced investors on here if this was really true? We only have our HELOC and we got approved for a conventional loan as well. Any advice would be greatly appreciated!

@Jared Baker ok perfect thanks!

@Jared Baker Thank you. Good to know! How much of a policy would you take out for only 1 house?

@Marco Giovannoli Small world we are located in Waxhaw as well. I was wondering if you ended up using Harry Marsh Law and was pleased with their services?

After listening to Brandon Turners podcast about LLCs, what are all your thoughts for a newbie investor getting ready to buy a SFH? Would you just get a personal loan with an umbrella policy, if so how much of a policy would you start out with? If LLC, can you even get a commercial loan with a SFH?

I am looking to BRRRR my first property. However, I am looking for ways to do it without being a slumlord. I need some assistance with how to get creative financially in order to keep scaling a rental property portfolio. Can some of you experienced investors shed some light on scenario below? Would greatly appreciate it!

Let's say I buy a property for 150k, only needs cosmetic repairs. I plan to buy & hold with this property. I have a $100k HELOC. If I use the HELOC and a conventional loan to purchase the property, I know if I go to refinance in 6 mths to a year, I will not have a huge increase in the ARV because it only needed cosmetic repairs. How do I turn around and pay off the HELOC so that I can have the money to purchase a 2nd property? Even if I did a hard money lender I would be in the same boat. Just curious if other investors have been able to find a way around this seeing as I don't have the capital yet. Thank you.

@Robert 

@Robert Khalev how are things going now? We are wanting to BRRRR as well in Louisville but in the 40-60k range. Did you find it hard to get approved to do cash out refi? How did you determine your ARV?

@Kai 

@Kai Kopsch Thank you, that was my plan just wanted to get other thoughts. 

@Lee Haenschen would you mind letting me know who your contact person is at First National Bank? Thanks!