All Forum Posts by: Ryan E.

Good luck! I've been hitting it hard looking for vacant properties and cold calling. No luck yet but I'm confident I'll find something. 

You could maybe look into doing a lease option if you want to sell it to your current tenant...maybe pass along the maintenance and repairs to the tenant thus improving your cashflow. I just read the no and low money book and a lease option was the first thing that popped into my head while reading your situation.

When you say you are breaking even are you just looking at the cash flow or are you factoring in debt pay-down, appreciation, and tax benefits too?

@Matt Cruz if you are BRRRR-ing a property then I assume it's in pretty bad shape and thus will not qualify for conventional financing. So you'd most likely need to initially use some combination of personal funds, hard money loan, home equity line of credit, private money etc for the purchase and rehab.

Once it's rehabbed and rented you will then want to refinance the property on a long term loan with traditional financing through a bank by getting a loan for up to 75-80% of the ARV and paying back the money you used to acquire the property and rehab it.

To find a list of hard money lenders go to the menu tab on BP, marketplace, hard money lenders, then choose your state. 

I don't see the point in adding yourself to the loan on your personal residence. I would recommend looking into getting a home equity line of credit if your wife is on board. The good credit score will come in later when you go to refinance. 

I'm looking to do this as well in my area and researching all this like crazy. 

@Dave Jeltema did you ever have any luck finding one?

@KC Morgan did this ever work out for you? Any updates? 

@Thomas S. I understand that it's rent to value but where he only has 100k into it and it rents for 1200 wouldn't that still work? In my head it makes sense that the rule of thumb would work for rent to cost as well but please correct me if I'm way off. 

@Ryan Perkins I know there is a monthly BP meet up. I think it's usually at The Huddle on the first Thursday of the month. @Jeff Rappaport usually puts this info out. I keep trying to go to all these but work keeps getting in the way. 

As far as REIA's I'm not sure as I haven't been to any but there's a bunch and I plan to attend one of these too.

Right now I've been using direct email on the ones I find driving around haha. I've also though about using databases like Thomson Reuters CLEAR as its a pretty good database. This way I could grab phone numbers and cold call owners as well. I've been contemplating starting a direct mail campaign too. I'm pretty anxious to get rolling with it. My goal is to find and put under contract at least two properties before the end of the year. 

@Yele Omo

@Yele Omo thank you!! Exactly the info I was hoping to get so that's awesome. Are you driving neighborhoods or doing direct mail or some other technique? 

@Steven Bond thanks for the tips! I haven't gone to any REIA's yet but plan to. So far driving neighborhoods has been great. Just learning the areas is valuable.

I don't have a huge sample size yet but so far have had pretty good luck getting in touch with owners through email just using publicly available info. I have no doubt that I'll be able to find a great deal eventually.