All Forum Posts by: Thomas Brandon Petty

Hey, trying to build a list of people in Birmingham to contact about deals. Comment information if you would like to be added to the list, and also what areas you would be looking for deals in.

I am a wholesaler looking to get started in Birmingham AL. I am just looking for information about the area to help my business. Does anyone know what markets are hot in the area right now?

@Frank Hinck

I did recently listen to 392 but i’m betting on the continued need for student rentals paired with the fact that with covid, off campus housing is going to become an option for a larger percent of the student body that before. I’ve asked around and $650-$700 is not far off from regular asking price for rent on an apartment so I see no reason why I couldn’t charge that per door at a luxury type house just miles from campus. And in my market, luxury houses that i’m looking at run from around 300-500k with tons of unneeded space that I could turn into more bedrooms to increase cash flow.

I know this would be hard to do but that’s why I want to live in one for a year and rent out the rooms/ house hack and then wait one more year before I buy another so I can learn how to manage the property and budget for expenses. I don’t see a reason why this is unreasonable if I buy smart and play my cards right.

I would like to get someone’s input on a possible way to start myself in real estate with a friend.

We are both upcoming freshmen in college and have been saving up for a down payment to buy a rental. Would it make sense for us to use an FHA 3.5% loan to buy a semi-luxury house and house hack it for a year by the door. And then do it again the next year under my friends name and turn the first one into a luxury student rental.

Would this idea work if I bought turn key properties and added as many bedrooms to the houses as I can when I’m staying there to maximize profits?

What does the mortgage look like on a FHA loan on a 350,000 house along with mortgage insurance, and would it be better to refinance as soon as possible to get rid of the mortgage insurance payment?

These are just questions floating in my head that I would really like to nail down before it’s time to buy one of these rentals, Thanks!

@Lee Ripma, @Arsen Atanasovski, @Kenneth Garrett

Thank you all for the insight. I understand how it works better now. 

I'm going to start out this by saying I am new and curious so I haven't dug too deep into this subject yet. When doing a Brrrr, I am confused on how you pay back your lenders after you refinance. If I borrow money and I'm not able to get all of my money out of the brrrr, how am I supposed to pay back lenders, and/or repeat. Are you supposed to do multiple brrrrs before you pay back your lenders, or do you need to get a new lender for every brrrr?

Hello BP members, my name is Brandon and I am very new to real estate. I am 18, and I just graduated high school. I want to learn as much as I can while I have time on my hands so one day I can invest. I live in Leeds AL, but if I were to invest, it would be somewhere in the Birmingham AL area. I hope to join the conversations and continue to learn. Thanks!