All Forum Posts by: Tripp Smith

Hello!

I'm moving to Hickory, NC for a job opportunity next month. I'm actually having a hard time finding a pet friendly place to live while I get on my feet so I wanted to see if anyone is looking for a tenant! I will likely buy in the area sooner rather than later but would like get a feel for the area before I do so and I'm also on a bit of a time crunch.

Its just myself and my dog so a 1-2 Bedroom Unit/House for rent will do fine. Please reach out if you have any properties or know anyone with properties in the Hickory area that need be filled! Able to present credit, proof of income, etc. 

Thanks in advance. 

@Marc Rice

Hi Marc. I got into my current house hack in December 2019, so right at 9 months ago. I was under the impression I needed to live in this house for a full year before starting the process on a second owner occupant loan so I’ll need to look into that further with my lender and perhaps shop around. 

Thanks for the input! 

Hey Everyone!

I’m currently stashing as much of my income as possible in order to come up with a down payment for my second investment property which, like my first one, will likely be a house hack. 

So my question is this: Where should I put those savings in the meantime? Particularly which investment buckets, not which financial institutions. I’m a big believer in the long term success of total stock market index funds but understand that poses risk in the short term; though I also have a hard time stockpiling cash in a traditional savings account knowing that money isn’t working for me.

I technically have the funds for an FHA loan or small conventional already but I won't be eligible for another owner occupant loan until 2021 and would like to put more down anyways so I've set my timeline for six months - one year.

Any and all feedback would be greatly appreciated. Thanks in advance!

@Jonathan Taylor Smith Thanks for the reply Jonathan. So would a BRRRR even work if you purchased the house with a conventional loan?

Greetings!

Quick question about "cash out" refinancing on properties that already have a mortgage. I submitted an offer on a BRRRR opportunity in Greensboro this afternoon only to realize afterwards that my lender would not offer a "cash out" refinance after rehab work if I was already under a mortgage. Luckily my offer was not accepted (I guess?) because it would have led to me leaving way too much cash in the deal.

Is this common in lenders? Which types of lenders do you use that offer “cash out” refinancing? Big banks, credit unions, private lenders etc.? 

I’m also in the market for a real estate agent in the Triad that is experienced working with investors; bonus points if you invest yourself. Please reach out! I am eager to create a partnership where all parties involved can succeed. 

Any and all recommendations and connections are welcome. 

Thanks in advance,

Tripp Smith

Hello all! I'm based in Greensboro, NC (all connections welcome). I've been bitten by the real estate bug and am ready to take action but I have some questions! 

When I first started my real estate education journey about a month ago I thought a 2-4 unit multifamily unit would be the way to start out. After analyzing multiple deals nearly every day since then, I've realized that the kind of cash on cash return I'm looking for is difficult to find right now. In a search for a new avenue, I found the BRRRR investing method which I think could work well for the area that I'm based in. This leads me to my actual question:

When bidding on foreclosures at your county auction, how do you know what kind of repairs the place needs?? Of course if you have the cash on hand then you can fix a place up but what if you were planning on $20k in repairs and it leads to being $100k in repairs? Seems like a bit of a gamble to me. Do bidders just put in lowball bids and hope for the best? 

I do see opportunity in finding a fixer upper at below market value via auction but as a first time investor I want to be sure that my money can provide a return. The numbers are important to me. Any thoughts, tips, advice etc. when it comes foreclosure auctions and finding opportunities for BRRRR investing in general? Again, any connections in the North Carolina market are more than welcome.

Thanks in advance