All Forum Posts by: Mohammed Milord

 It is hard, but it is also doable. Whether or not you will be successful at it is up to you.

Our property manager checks on our contractors before they get checks released to them so we have additional eyes on things. Also, you can fly to anywhere in the country in a couple hours if needed. This is a very expensive supervision option and only works if you scale so you can check out multiple properties at once. Having your contractor and your property manager being different entities is important. As you are building your team, just have clear expectations and communicate about what you are looking for and you should be able to find a team that can provide adequate checks on each other.

You can use hard money or private money on the front end for the acquisition and the renovation. Then you can refinance into a long-term, DSCR loan. This is basically a BRRR on a multifamily deal - kinda similar to how it'd be on a SFH. This could work out if the property is a value add type of deal. If you're looking to get into turnkey property or something that doesn't need as much in the way of repairs and such - you could look at going the traditional financing route. In that case you might need more than you would if you went the BRRR route.

Anyway you go you’re gonna need access to some type of additional capital… Probably more than what you have on hand now.  Have you considered partnering with someone on it? That might be a reasonable option if you have some solid contacts - and, of course, if the deal is sweet enough!

@Mohammed Milord

getting in with no money down on your first purchase will be tricky with no experience even with hard money. happy to share my experiences

@Mohammed Milord, probably not the advice you want to hear, but I would recommend paying off your student debt before investing in real estate. To invest with no money down essentially means that you're going to have to acquire a deal significantly below market value. That's not to say it's entirely impossible, but with current market conditions, it's challenging. If you do happen to come across a home run deal, I'd also highly recommend parenting with someone who has experience with rehabs and working with hard money lenders. Hope this helps! 

You can use hard money or private money on the front end for the acquisition and the renovation. Then you can refinance into a long-term, DSCR loan. This is basically a BRRR on a multifamily deal - kinda similar to how it'd be on a SFH. This could work out if the property is a value add type of deal. If you're looking to get into turnkey property or something that doesn't need as much in the way of repairs and such - you could look at going the traditional financing route. In that case you might need more than you would if you went the BRRR route.

Anyway you go you’re gonna need access to some type of additional capital… Probably more than what you have on hand now.  Have you considered partnering with someone on it? That might be a reasonable option if you have some solid contacts - and, of course, if the deal is sweet enough!

 I can answer that question for you :)

This can only be answered correctly by a lender if you are looking for anything traditional. If your DTI is high, you probably knew going in that you couldn't do an easy refi so what was the plan on the way in if you are trying to complete a BRRRR?