All Forum Posts by: Theo Georgelos

So here's a newbie question then. It's a true BRRR something where are you can pull all of your money out? Basically any down payment towards the mortgage and the renovation costs all come out of the refinance?

$440,000

The deal fell through. We were number two, but lost out to a higher offer. I offered for 40 with an escalation, but the other offer came in at 4:50 and they took it. Off to the next deal.

Great questions @Andy Sabisch  Let me clarify

Yes the house is livable in its current state.  It was actually recently remodeled, yet the former homeowner didn't give it the love that you would expect.  Regardless, new vinyl flooring, appliances, and a nice deck in the back yard was all added.  The $35k is an estimate based on a recent renovation my realtor did on one of his own properties.  

The ARV, looking at similar comps in the neighborhood, would be in the low $500's. Hope this helps. Thank you!

Hello BP Community. I'm may put it an offer into a SFH that needs work. Looking at the sales price and comps in the area, this might be an opportunity to Brrr it, yet I'm struggling to figure out the calculator to understand if it's the right deal. Here are some of the numbers and hoping all your experts out there can give this newbie some advice.

Property: Single Family Residence

Location: Aurora, Colorado

Neighborhood: Mission Viejo

Specs: 3 bed / 2 bath, 1,260 fin area, new appliances

Asking Price: $435,000

Rehab Cost: $35,000 (estimated)

Specs after Rehab: 3 bed / 3 bath, 2,002 fin area

Hopefully this gives y'all enough to work with.  I'm pre-approved at 3.75% and plan to put 20% down on a 30 yr conventional loan.  This will be my first deal and I already have contractors lined up if it all goes through.  I've tried the Brrr calculator, but there are some things on there I don't understand.  Thanks!

Wow, when I read that the forums are great ways to get advice and meet people I was skeptical, but you have all proved me wrong.  Thank you so much for all the great advice and direction.  I've got a family of 4, so house hacking just isn't an option for me and my family.  I'm going to be in this business for the long term appreciation / reverse 401k model.  

@James Carlson - Great question in terms of how I define a deal. I'm still so new to this that I just don't know yet. I know this market is crazy and that the competition will be fierce, so deciding if I try to go down the wholesale route vs. MLS. I will need to learn so much more before I can make one of those decisions though.

I'll keep on listening, reading and learning.  Thanks again everyone.  Your insights are always much appreciated.  

Hello BP forum!  

My name is Theo Georgelos and I'm new to the site and to real estate investing. Plan to focus in the Centennial, Parker, Littleton markets and holding onto SFH for long-term rental / equity. Being so new to all of this, I'm having a hard time finding good deals though. Would love any advice from all you seasoned pros out there. Great to meet you all and big thanks up front.

Theo