All Forum Posts by: Shawn Dulan

So I'm looking to get my first deal done using BRRRR and I'm going with a hard money lender. Do they usually require a down payment and are there some that will fund the rehab?

Just concerned about using one, don’t want to get burned...

@Nathan G. Thanks

Do you think I should focus on primary or investment property?

What's up BP?

So I'm fairly new to BP but I've learned so much and appreciate the feedback that I have been given so far. This one hits close to home, no pun intended. I have never owned my own home. After working hard on my credit and making decent money at my job, I was recently approved for a home loan. It would not be my forever home, just something till the next one. However, I am really ready to become a real estate investor. I have analyzed several properties and looking to buy my first investment. I am not able to do both at the same time because, If I get investment, it couldn't be attached to my name, it would effect my pre-approval for a home loan. I have been looking for multi-families to house hack, unsuccessful so far. We need something move in ready for my family needs and lack of time to do a lot of work myself. Just trying to figure out which to tackle first.

I have conveyed to my wife that I would like to do investment property first to begin our cash flow, help her with her credit so we can get the move in ready house that she deserves and not one that we have to settle for. I know that owning my own home would give me a sense of pride and joy. The same could be said for my first investment property too. She supports me in whatever my decision is because I will do what is best for my family. 

I've thought about buying investment and putting in her name as to not effect my loan pre-approval. Or putting in a LLC for the same reason. I've been going back and forth with this for a while and it is time to make a decision. Thanks in advance for yall's advice and I look forward to reading and connecting with you.

@Richie Thomas thanks! I’ll work in that immediately. I truly appreciate tour

@Richie Thomas how much out of pocket? That’s my struggle. I’m working on a wholesale deal to raise capital or partner up with investor with money.

@Richie Thomas this is a rough neighborhood. I will check on property managers immediately.

I did 6 month rehab cause this is my first rehab. We are in the winter months. I figured most hard money lenders would want their money back between 12-18 months. Then refi the loan using BRRR method. That's why partner needed for rehab cost because hard money doesn't make loan on rehab, just purchase.

Thanks Richie for helping me along.

@Bryan Noth

Thank you so much for your feedback. I’m a new investor that has been playing with the BP calculator and found this deal!

I can not be more appreciative!

If you are interested or know someone that I could partner with, I’m ready!

I’m new, excited, not a lot of money.

@Bekkah Vidal thank you so much for this info!

@Dustin Lauer I have lived in Louisville for the past 17 years and just got involved in investing thus year. This is definitely a foodie town. The Portland area is great up and coming place. There are so many more too. I’m looking to learn, gain experience and make some deals!

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