All Forum Posts by: Ricky Chau

Hello Fellow BP Members,

I'm ready to submit an offer on my first BRRRR investment in San Antonio, TX. The seller was remodeling the property and decided to stop the rehab work less than half-way of completion and now selling as is. There are holes in wall, floors partially removed, plumbing unfinished, foundation issues along with other remodeling work. I know it's a tall task for my first BRRRR but I'm willing to take tackle it on.

I worked out rough numbers and it may potential work, but before I send an offer, I would like some advice how to go about the next steps.

Here are the steps I’ve listed for myself.

1. I have made plans to call an engineer tomorrow to quote me for foundation repairs and a contractor for the rehab

2. If the numbers work, submit my application for Hard Money Loan

3.  Submit the offer

@Jake Garrity Thank you for the explanation and kudos to you again. 

@Jake Garrity. Thanks for sharing your experience and congrats. I am currently in the research process and would like some advice on estimating the rehab cost. How did you run your estimates? Can you give us a ballpark total of your renovation cost?

Hello Fellow BP Members,

I'm currently looking to purchase a distressed property in Akron, OH and would appreciate if anyone can recommend me a contractor in that area.  The property will need to be fully renovated inside & out.  Thank you!

@Odie Ayaga, Thank you.  That makes sense.  I was able to find a lender that require 25% down for a rental property (subject to property condition of course).

Hello Anna,

Thank you!

Hello Fellow BP Members!  I'm looking to purchase a rental property in the Summit County Ohio area and would appreciate any referrals for a great property management company.

@Cameron Rockwell

Thank you again!  I'll continue to look for more lending options.

@Cameron Rockwell

Thank you for your reply.  I appreciate it.

Based on conversations I had with several with mortgage lenders, they do not provide loans for non-owner occupied mortgages, which I'm wondering if I will encounter the same issue when trying to refinance.  Why would a bank/traditional lender decline a mortgage loan but would refinance the same property?

Hello Fellow BP Members. Hope everyone is well & safe!

I'm trying to wrap my head around how one would refinance a hard money loan into a 30 year conventional mortgage loan.

It seems obtaining a conventional loan (non-owner-occupied) for a rental property investment is difficult, which is why people use hard money.

So why would a mortgage lender refinance a property say 1 year later to an investor (non-owner-occupied)?   Am I missing something here?