All Forum Posts by: Richard Bradshaw

@Peter Padalino I was in the same position after purchasing my first investment. I was low on down payment cash and wasn't sure if I would qualify for another traditional loan. 

Then I watched @Brandon Turner's webinar on his BRRRR strategy and have been able to purchase 2 properties so far this year.

Essentially you have to find properties at a discount, purchase with hard money, private money or, of course, cash. Rehab property, rent, refinance and repeat. 

Not sure what your market looks like, but inmine I have been able to find properties at a 50-60% discount. My HML lends up to 65% ARV which allows me to cover almost all of my costs without putting a lot of cash into the deal. I rehab and refinance at 75% of ARV with a conventional loan. As long as your properties are cash flowing you shouldn't have a problem refinancing. I have even been able to pull equity out of these properties which will allow me to have more cash on hand to purchased multiple properties at a time.

Hope this helps, good luck. 

And thanks @Brandon Turner, that webinar changed my life.  

Thanks @Manny Cirino, that's what I've been thinking. 

I have a property under contract. It is a Hud property that I can't sell for a year. I plan on renting it out for a couple years then selling. 

Purchasing for $60k

Rehab - $25K

ARV - $130K+

Rent - $1400 

Taxes - $3400/yr

So this property will cash flow beautifully so I may never sell, but depending on my financial position in the next couple years I may sell to pursue other ventures I plan on pursuing. 

Should I put less into the rehab now, to assure the house doesn't get trashed and update later? Or should I spend the money to make it flip ready? If I spend the money it will also cash flow $200+ more/mo ($1200 rent with basic rehab / $14-15,000 with great rehab). 

Thank everyone! 

@Darren Eady I have looked into both Visio and Lima, their origination fees are through the roof! Looking like they are my only choice at the moment. Thank you. 

Keep an eye on the areas you'd like to invest. Download the Zillow app, save searches of your areas of interest. This will get you familiarized with what homes in those areas sell for. You'll see what foreclosures sell for, make sure you save homes that are sold at discount so when the investor resells, you'll have a vague idea of what your margins should look like. 

Moral of the story, get familiar. @Jesse Aiken

@Darren Eady Value is about $75,000, looking for a loan 75% of value, so 56,250

I am in the same situation. I am looking at non-traditional lenders to refi. I really want to avoid this route because they only offer high interest loans with REALLY high origination costs. If anyone has any advice for me, and @Xu Som I'll take it. 

I am having trouble refinancing a fix and rent I just purchased because of a bad debt to income ratio caused by the purchase of a property last year which was rented to only 3 months out of 6. 

Could anyone assist in my search for a company that will not consider debt to income and also will not charge me $3,000+ in origination fees. 

Thank you! 

Best way to find a mentor is to meet those people you would like to be mentored by, let them know who you are and your intentions in the business. Go out and find a deal first, bring it to them and ask for their assistance, give them 30%. 

Saying you will give them 30% of something you don't have isn't going to entice most to assist you. Bring value to the table before you ask for help. 

Good luck! @Joshua Hawkins

Well, personally I wouldn't see any value in investing in solar panels for a rental property because  tenants tend to pay for the electric.