All Forum Posts by: Randall Hoeber

@Ben Cohen, first off congrats to your parents for seeing the value in real estate investing. One of the immense advantages of investing in real estate is you can do it with OPM (other peoples money). The question to ask is: would you rather do it with your money (cash) or someone else's (the bank)? Personally we have used a HELOC to fund our BRRRR projects, and then we refi and pay down to the HELOC with the intention to do it again. My advice to you would be to encourage them to use the HELOC for their own BRRRR projects and keep the cash in hand for personal reserves. To really diversify their involvement in real estate and add a second stream of income perhaps they would consider being private lenders themselves. #bethebank.

Hey man.  I just downloaded it and will check it out.

@John Oh, good luck man

Thanks for all the replies to my query.  I appreciate it.  I will dig into the suggestions in more detail.

Hi there fellow BP members.  I want to start a direct mail campaign in my local area and could really use some helpful tips on how to structure the letter.  I thank you all in advance for your guidance.

To make BRRRR really effective you need to use your own cash or OPM first, do the rehab to pump up the value THEN go the bank to refinance at the ARV. Hopefully your bank lets you pull 70% to 80% LTV so you can most of your capital out of the project in order to repeat the process. Good Luck fellow Canuck!

If I understand your question correctly, I think you are asking about the bank's "seasoning period," which is the amount of time you need to own the property before you can refi the mortgage.  If that is the case I suggest you discuss this directly with the lender so you have full disclosure before proceeding.

I see from your profile that you are interested in flipping.  You have a master flipper in your own backyard (Winnipeg) who has tons of videos on you tube about that very topic and so much more.  Stefan Aarnio - ever hear of him?

@Ezra Harris absolutely. As Red Green would say, “if they don’t find u handsome they better find u handy.”

@Brandon Spurlock hey man, it looks to me like u nailed it. You got most of your cash out, have instant equity, great RTV and a property that will likely appreciate quite nicely.

I have a property in Warner Robins, GA currently under management and I am not pleased with the service provided.  It is time to start looking for a different property management company.  Can anyone in the Warner Robins area recommend a reputable property management company?

I thank you in advance for assistance provided.