All Forum Posts by: Morgan Gutierrez

Bigger Pockets has a BRRRR calculator that can help you understand evaluating thee properties. Deal Check is an app I used to help me evaluate as well. You can go to the app store or google to get some other ideas. There are spreadsheets out there and people do make their own as well.

Like @Nicholas L. was saying, Your Comps to ensure ARV, rehab estimates and an actual scope of work from a contractor, and a lender to refinance are critical for a BRRRR to go right!

My recommendation would be to get on list in areas you are looking to invest in and start analyzing deals. You can get on off market list in your target areas from wholesalers and real estate agents. You may even want to get connected with property managers as well. 

You should also consider the distance from you because rehab is involved and it is your first one you are going to want and need to be more present and hands on then you think. 

Consider the type of refinance you are going to need to do and start chatting with lenders about your options to refi and what you will need. Also, even though rates are expected to drop this year. It is ALWAYS better to be conservative and run your rates higher. You want to be content with the worst case scenario because trust me... the worst case scenarios happen!

Feel free to reach out and connect if I can answer questions or help in any way.

Since you are out of state, are you looking for these to be turn key properties? If so you could look up the area you are interested in followed by turn keyy and see if there are any companies providing that service. 

You may also want to call some STR property managers in the area and get insight from them on areas, deals, things to expect, etc. They may also be able to help you find a rental arbitrage property.

Congrats on your start and your growth! 

I'd be interested in hearing more about the turn key flips! 

This is a great community full of insight, stories, and resources!

google meetup.com and eventbrite.com and look for real estate. There are probably several near you.

He is the Bigger Pockets Podcast Host. I'm sure there is a BRRRR webinar coming soon as well.

https://www.biggerpockets.com/webinars

 You can use 2 TREC 1-4. one for seller side and one for buyer side. There are also assignment contracts out there. I'm not sure if providing any kind of templates through here is allowed, but I would encourage you to see the advice of an attorney before using anything that is provided to you anyways. 

Did this answer your question?

For your first investment, especially one with rehab, I would suggest being somewhat closeby if possible. There is a lot that happens during rehabs! 

I would suggest picking a few areas you would be comfortable investing in and then working with wholesalers and realtors to get access to off market properties. Start analyzing deals that are sent to you and get your funding (if needed) and contractors in place in the meantime. That way, when the deal for you comes, you are ready. 

Even though interest rates are supposed to drop this year, I would run your numbers at current interest rates. Always better to be conservative!

I hope this helps!

Madeline, Welcome!!

I'm curious, as an agent and a STR owner, do you manage STR for others as well, or is that something you have thought about adding to your repertoire?

Hey Tino! Welcome to BP and congrats on finally listening to your friend! Also, thank you for your service to our country! 

Texas is a great market and landlord friendly state! If you are interested in house hacking you could use the VA loan and get your first property with 0% down and have infinite returns!

Forth Worth is a fantastic market! Lots of growth, need for rentals, and the DFW area has been trending he best in Texas over the past year. 

Happy to connect with you and help in any way I can!

Welcome to BP! Congrats on starting your journey! If you would like to flip and rent, I suggest checking out @David Greene BRRRR book! It combines the two strategies in a way that can really help you scale and grow!

Wishing you the best of luck on your journey and happy to help in any way I can!