All Forum Posts by: Randy Wiley

So my wife bought her house through her dad. She bought it cheap at 32,000. She paid the house off two years ago. We currently figured out that we want to start to invest in real estate. So today it just hit me to start the BRRRR process on the house we own. Is this the same as a hard money lender. With out the repayment? We are thinking about putting in 10-20 thousand dollars in the house. Does anyone see a problem with this strategy? Or are we on the wrong track. I see it as a BRRRR project without the hard money lender or private financing since it has already been done. Any help or advice anyone can give is very appreciated. Or if you see anything we don't.

@Rob B. I never would have thought about having everyone in the house/apartment have there own renters insurance policy thanks.

@Jeff Brower I really like that idea, we will definitely be looking into that now. Thanks for your help.

Can you make it mandatory for your renters to carry rental insurance? So if they are found to be negligent it goes against there policy and not just yours?

John,

I am located within 5-10 miles of where I plan on investing. Plan on keeping everything close for a while then branching out to about a 20 mile radius. I am not ready to purchase anything right now, my wife and I are learning how to find a good deal, trying to network, and figure out as much as we can before we invest. Port Huron is a pretty good market, we are thinking of just rentals no flips.

Thank you for your reply. We understand what you are saying, after reading your comment we reviewed our calculations and found a few errors. We are thinking about doing a HELOC on our paid off house. Rent in Port Huron on average is 700-800 for a 2/3 bedroom and there are no "bad" areas. Purchase prices are relatively low compared to surrounding areas. We are just getting into REI, and any advice biggerpockets community can help us with is very valuable.

Thanks

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this is the house for 37K. You wouldn't invest in this property?