Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Nadia N.

Nadia N. has started 3 posts and replied 12 times.

Post: Crystal Clear Criteria

Nadia N.Posted
  • Winchester, VA
  • Posts 13
  • Votes 4

Forgive me if this is a naive question… I understand the importance of determining your criteria but I’m having a hard time with the specifics.

When a wholesaler, real estate agent, or lender asks what I’m looking for this is my response.

SF or MF (under 4 units) long term rental properties under 100,000. Below market value and in need of repairs. (In order to increase value through a BRRRR method). In my town and areas/counties surrounding.

My question is how can I be more specific? What other information can I include in my criteria? Any deal that comes my way I will analyze and determine if it’s a deal or not so I’d rather be more general in order to have more options.

What is your criteria that you provide to your team?

Then what is your criteria you use to determine whether it’s a deal or not?

Post: First Deal Financing

Nadia N.Posted
  • Winchester, VA
  • Posts 13
  • Votes 4

Yes, thank you for your advice!!

Post: First Deal Financing

Nadia N.Posted
  • Winchester, VA
  • Posts 13
  • Votes 4

@Andrew Postell What a great and detailed response, thank you! So I'm thinking maybe I should pivot and change strategies. I would have the $100,000 LOC, then an additional $50,000 cash available. But even with that, in my market, I don't think it will be sufficient enough. My plan was to use the HELOC then refinance and reuse that for another property. Realistically, I won't have enough capital to buy a property (in my market) for all cash.

Another option would be to cash out refi and use that money as a down payment for one or more properties as well as for rehab.
Or I could continue with HELOC and use a hard money lender. What do you think?
I honestly think using this money as a down payment may be a better option for me as I would be buying a better property that would need less renovations. As I’m also constrained with time (working two jobs and mother to a toddler). And it may be a better starter property in order for me to learn. I just wouldn’t be able to recover that capital. 

I appreciate all of the responses and appreciate the time you are all putting into these responses. Thank you!!


Post: First Deal Financing

Nadia N.Posted
  • Winchester, VA
  • Posts 13
  • Votes 4

Hey everyone!  I’m in the beginning stages of trying to figure out a game plan for the purchase of my first rental property and looking for some advice. 

My original plan was to BRRRR a LTR using the money from a HELOC on my primary residence to buy the property in all cash then refinance afterwards.

I'm currently in the process of obtaining the HELOC with the potential to have about $100,000 in that LOC but the bank is already telling me my DTI would not allow me to tap into that much. If I'm already having issues with my DTI, how will I be able to refinance after I purchase the property with my DTI being even higher?

Also, from my understanding of the BRRRR method, you should find a lender that will refinance the property from the beginning before you purchase the property. How does that work?

I’m a little lost and would appreciate guidance or any tips would be greatly appreciated.

Post: Newbie investor in Winchester, VA

Nadia N.Posted
  • Winchester, VA
  • Posts 13
  • Votes 4

@Roberto Rodas will do!

Post: Newbie investor in Winchester, VA

Nadia N.Posted
  • Winchester, VA
  • Posts 13
  • Votes 4

@Taylor Hyatt thanks for replying Taylor! I think we are trying to arrange a meetup here shortly in February. Will let you know the details once everything is set! 

Post: Newbie investor in Winchester, VA

Nadia N.Posted
  • Winchester, VA
  • Posts 13
  • Votes 4

Thank you!  @Natalie Kolodij and @Justin Windham!

Post: Newbie investor in Winchester, VA

Nadia N.Posted
  • Winchester, VA
  • Posts 13
  • Votes 4

Thank you @Andrew Syrios!

Post: Newbie investor in Winchester, VA

Nadia N.Posted
  • Winchester, VA
  • Posts 13
  • Votes 4

@samir thank you for his contact! I appreciate it! Since writing this post I have joined that FB group. Thanks for recommending! 

Post: Newbie investor in Winchester, VA

Nadia N.Posted
  • Winchester, VA
  • Posts 13
  • Votes 4

That sounds great! Thanks for taking the initiative. Late January works great for me. Were you thinking weekend? What about January 29th? As for location, a brewery sounds perfect. There are so many in the area.