All Forum Posts by: Scott Steger

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $60,000
Cash invested: $13,000

I did it! This is my first BRRRR investment. There is work to be done so that I can raise the appraised value and cash out some of my initial investment. I don't expect to be able to fully cash out in 6 months, but since this is my first property, I am more concerned with the learning process than executing a perfect BRRRR.

How did you finance this deal?

I used a local bank and a 80/20 loan.

If there is still room for the In Person meet-up, I'd love to come!

@Brett Klooz, I'm going to try to make this one. If not, I'll be on the Zoom.

Looking forward to seeing everyone again!

After running the numbers on some BRRRR deals in Burlington, I'm left wondering if a bank will finance these cheaper properties. Is there a standard minimum amount that you have seen on an initial (pre-repair) loan? Secondly, does this change during the Cash-out-refinance process? I had one bank say that they won't do a Cash-out-refinance on anything lower than 175K. Is this a pretty standard number?

Thanks!

Scott

Hello,

   I'm looking to purchase a property in Burlington, but I don't have a great feel for the scope of work needed. Is a 203K consultant the best way to evaluate a property...and if so, when do you bring them in? Are you putting in an offer with a Due Diligence period and then calling in a consultant?  Lastly, do you know of any in the area that you would recommend?

Thanks!

-Scott 

Hi Ryan,

Thank you for sharing this! I'd love to hear an update on this deal now that you are a few months out. How has the Mebane market worked out?  It's where i'm looking to start BRRRRing as it's my backyard. I'm also stalking everywhere from Hillsborough to Burlington for the right Single family home for my first deal.

Hello BP community! I am ready to dive in to this world. I've been following the blogs, YouTube Video, and books for the last 18 months. I didn't want to dive in until until my wife was out of Grad School. I am happy to say that she has graduated and started a new job last week. I have saved a little money and could pull in some family backing if needed, but really want to do this with OPM (other people's money). 

I am all about setting goals. My goal this month is to find a Real Estate Agent (or maybe 2) to help funnel properties my way. I'm also wanting to start interviewing Property Managers, General Contractors, and meet with 2 of the banks local to me. 

If you are in the area, i'd love to connect! I'm hoping to develop friendships that challenge me to be a better, more courageous, me.