All Forum Posts by: Shane Gordon

@Jean Marx We are also thinking of investing in the area. We want to do BRRRR but with houses not appreciating much in this area, is this even possible? We were looking around Conway area.

Hi everyone!

We are newbies just starting out and trying to get a feel for which category to invest in. We go back and forth between the brrrr method for single family vs. STR. Also heard from someone if they were starting out again they would've done mobile homes. Just wanted to get some thoughts or discussion going from the more experienced investors out there.

Thanks!

@Ruth Blue we are looking into this as well. Did you end up getting a property management company to handle the bookings?

@Hadar Orkibi Sorry, this would be a SFR. Using HELOC for purchase and rehab, then cash out refi would be around 100-130k. Have not found property yet but looking in NWLR and LR. Just trying to get some idea if it is even possible to do refi's right now with everything going on with the banks.

@Guifre Mora Sorry I did mean cash out refi for the end after the property has been appraised following the rehab. I have heard horror stories of investors not even being able to do a cash out refi after they have purchased the house and rehabbed it.

HELOC is 4.5% and 15 year draw period.

Thank you.

I am a newbie real estate investor and will be using a HELOC to pay for the purchase of a house including rehab costs. Couple questions below:

1. Should I be getting preapproved to get a cash out refi, will the banks even consider this if I haven't even purchased the house yet? 

2. How do I figure out the BRRRR calculator for a HELOC? I have been selecting the cash button for purchase, but then that isn't counting the 4.5% interest I will have for the HELOC.

3. Are banks even allowing refi's right now due to the Coronavirus?

Thanks in advance for your advice.

@Hadar Orkibi I know this thread is old, but I was wondering if you have any banks that you work with in LR as we are just getting started and I have heard banks are not refinancing right now. We are looking to do BRRRR. Any suggestions for local banks you have had success with?

@Ray Fisher Did you ever end up finding a bank that would do cash out refi's for BRRRR after your bad experience? If so, would you mind sharing the name of the bank as I am trying to find local banks to work with from out of state.

@Joshua Schmidt Thanks so much. Keep me posted and safe travels!

@Joshua Schmidt I am a newbie getting started in BRRRR in Arkansas as well. How did you pay for the house upfront before you rehabbed it? We are looking to use a HELOC to purchase, then do the cash out refi later on. Please let me know of the bank you are using if they are lending right now. Thanks!