All Forum Posts by: Tyler Burton

@Tyler Burton is this one you are talking about a house to live in and then also acquire a second property within a year? I agree with @Cameron Tope that if this is your first flip, I don't like the metrics on that or a 70k flip budget for a first-timer. First-timer flippers usually need to add about a 20 percent overage on cost and time just for things that go wrong on the first one. If you intend to live in the house and stay for a while, sure there may be some value in that if your town is appreciating well, but that's a lot to bite off and many first-timers only realize that when they are knee-deep in the muck.

Jonathan this would be a house for us to live in. We would like to acquire a second property in the next 6 months. Appreciate your insight would you have any advice on major red flags or things to look out for. We put in an offer to hopefully get the property under contract and off the market. It is an estate sale and there seemed to be some issues with the roof, and some water leakage my goal would be to re-negotiate after the inspection to get the price reduced. Would greatly appreciate your thoughts.

1 Vote

Cameron I have enough cash that we could finance the rehab ourselves so we wouldn't need to ask friends and family but had not thought of financing it ourselves.

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Originally posted by @Cameron Tope:

Hey Tyler,

Have you tried family and friends for the rehab money and purchase with hard money? Then you can refinance once the rehabs done for a successful BRRRR. That seems to be the simplest way.

However, I would caution against a 70k rehab for your first property. The larger the rehab the larger the risk and when you start, the risk of making a mistake is much higher.

Cameron appreciate the advice and insight

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Long story short we will be putting 10% down for the house. We could put 20% down and still have cash reserves but we are looking to acquire our first rental property this year so we would like to save some of that cash for the rental property. We estimate the renovation will cost between 65k-75k to completely renovate. Purchase Price is 325k, and we estimate after completing the renovation it should appraise for around 450k.

My question is what would be the best way to tackle acquiring the funds to complete the renovation since we would basically be looking to BRRRR the property?

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Sue definitely next time for sure. Really enjoyed last nights meeting and will be attending the meeting in September.

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Thanks for the info Sue I am planning on attending.

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Originally posted by @Ryan Saulle:

Hey @Tyler Burton nice to meet you.

@Daniel Velez hosts an event out in Belmar - you should check it out next week.

https://www.biggerpockets.com/forums/521/topics/741993-free-jersey-shore-open-networking-event

We also host one as well in Rahway if you're looking to come more north.

https://www.biggerpockets.com/forums/521/topics/735934-value-add-real-estate-investment-group

Feel free to reach out to me with any questions,

Hope this helps!

Ryan

Ryan thanks for sending this I appreciate it.

Tyler

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Originally posted by @Sue Z.:

Hi @Cody Z., I am a local investor in that area. There's a good monthly meetup in Belmar if you're interested. Usually a good presenter and interesting attendees.

@Sue Z. do you know when and where the next meetup in belmar is? I am very interested in attending.

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Good morning all,

Long time listener of the podcasts but new to the forums. I read a couple weeks back about a monthly networking meetup in Monmouth County and am interested in attending if anyone has more information on this?

2 Votes

All Forum Posts by: Tyler Burton

Tyler Burton has started 3 posts and replied 10 times.

Post: Apartment Building Inspection Syracuse

Post: Purchasing a home that needs to be completely renovated

Post: Purchasing a home that needs to be completely renovated

Post: Purchasing a home that needs to be completely renovated

Post: Purchasing a home that needs to be completely renovated

Post: Looking to connect with investors in Belmar / Red Bank

Post: Looking to connect with investors in Belmar / Red Bank

Post: Networking Events Central NJ

Post: Looking to connect with investors in Belmar / Red Bank

Post: Networking Events Central NJ