All Forum Posts by: Raad Qumsieh

Hey guys,

I’m trying to start tackling leads off market. I came across somebody talking about tax liens leads. I would love to start learning more about this and if you have a suggestion for a book or a blog or a podcast I can listen to, to get educated about how you approach this niche and succeed in it. I appreciate all suggestions and all the help.

Hey Anthony, the points are the percentage you pay as a fee. so Lets say you borrowed $100,000 from a hard money lender. Say they charge 6 points upfront, that means 6% of the borrowed amount (100K) so your points (fees) up front are $6,000. Depends on the hard money lender, some of them will let you pay only monthly interest on those 100K borrowed, and at the end you pay the whole lump sum.

Hey St Louis Investors,

Im negotiating a purchase duplex of a duplex in 63115 Zip code. I have no experience around this area, and worried this would be an area where I could have problems with tenants. I went to drive down the duplex, its not too bad, but its not too great either. Any suggestions or experience in this kinda market? 

Also, what is a good PM you recommend in the st Louis area? Any guidance is very much appreciated!!!! Please let me know if you want any more details? Its a BRRRR investments, needs major rehab and a new roof, but the numbers work fine.

Thank you in advance! 

@Philip Calixto

I live in Missouri, but you have every right to double check on your PM and there is no problem sending a roofer there to double check for you. After all, this is your business. I had a cousin investing here from AZ and their PM screwed him multiple times that he has to sell his 4plex. Good luck! And let me know if you need any help out here.

@Martin Lindsay

Thank you for your reply! It is indeed a tricky environment we’re in. The question would be: would hard money lenders give long term financing like 20-30 yrs? Otherwise it would kill my cash flow. What’s your through on that?

@Brian Van Pelt

Thank you Brian! I might do the silent investor option. Not sure how hard money lenders work. Do they provide long term like regular banks?

Happy Easter everyone! Hope you are safe and healthy.

I have been trying to read and listen to podcasts about lending and refinancing specifically, but still cannot find an answer to my “problem”.

I own my own home, with my father on the loan as I own a business that makes me enough money to basically provide my basic needs. My wife is a stay at home wife to raise my 9 months old boy. I was not able to get the loan by myself so I had to add my father as a co-borrower.

Going forward, I want to start investing in rentals, using BRRRR. I am in the Midwest. We have cheaper housing and good opportunities. I will have a HELOC on my home and that's how I will start with my first investment. NOW, THE QUESTION IS: in order to do the BRRRR, I need to get a refi on the investment property, my credit score is 804, but the income I have wasn't enough to get a loan (until I added my father)nor I was able to refi my own home. Would I have trouble finding local banks to refi my brrrr investment going forward if I didn't bring more income?

P.s. I do not want to bring my dad to all of this as co borrower, I wanted to do it in my own.

Is there a way around it? Or I will have to get a W2 job to be able to refi my investments? Any help would be so much appreciated!!

@Kenneth Garrett

Thank you for replying. The unit 3bd/1bth is in very good condition, when I said “rehab” I meant to go in there: paint and do a few touch ups to make it rent ready. So I anticipated around 5K. But I would agree with you, I love Brandon but 100$ is low for an investment.

It would be my first deal, I haven’t contacted the wholesaler yet to maybe counteroffer, just wanted to see what you guys think of the numbers.

@Trenton Miller

Thank you for your input!

ARV is crucial as I would like to get a refi after the small rehab. You are spot on about doubling the rehab cost, however; the property has been rented out and the pictures look good. it literally needs paint and few touch ups to be able to rent it again. Roof is 3 years old, HVAC is good, foundation is great.

Hey guys! I heard Brandon Turner once saying that he targets a minimum of 100$ cash flow on his brrrr deals.

I have a possible brrrr deal that will cash flow around 133$ monthly. And it is my FIRST BRRRR deal.

Asking price 75k

Rehab around 5k

ARV 116K

Rent 1000$/month

Is it worth pursuing? Little worried, please advise. Thank you and stay safe and healthy.