All Forum Posts by: Tyler Jennings

Thank you all for the replies, I really appreciate it! I guess i’ll just break it all down the best I can:

I have $24,000 in savings. I have a 730 credit score. I have a good W2 that cashflows at $800+ after all personal expenses. I have a primary residence that I live in (obviously). That primary residence is the only debt I have. No car loan, no student loans, etc. That primary residence also has around $100,000 in equity. This initially led me to think about using a HELOC to get financing for my first deal. My mind began to change, because I kept hearing (on the Rookie podcast for example) about finding small local banks and credit unions that offer 100% financing for the purchase and rehab with the condition you come in under 75% of the ARV. This said is why i've found myself in the position i'm in which is going to a lender to get pre-approved for financing so I know what numbers to work with when looking for deals and see what is a good deal and what isn't. Correct me if i'm wrong, but it seems like I can't move forward at looking for deals to put offers on if I don't know what my financing will be? This is all what led me to think my next step is going to the bank hence me trying to figure out what the best questions are to ask. My why is to get out of my W2 eventually. So I would like cashflow to start but equity will also be front of mind. I would like long-term rental, buy and hold. Like previously stated, i'm looking for SFH and possibly multi-family after getting my toes wet. Also, yes, a "quick" BRRRR would be ideal for scaling purposes, but I understand what you mean by taking "longer". Additionally, I can't house hack because my SO isn't on board with living in a multifamily and isn't keen on moving at the moment. I would love to be able to recycle the capital I put in to keep buying deals. Sorry for being long-winded, and all over the place but I'm just trying to lay it all out the best I can. Thank you again for all of your replies, I really appreciate it. Thank you @Abby Humphreys, and @Kaitlyn Beard! If I left anything out, just ask.

Hey everyone!

You guys (and girls) have all been a great help to me, so thank you very much! I'm getting close to taking some actionable steps to get my first deal. I'm a little stuck on what questions I should be asking lenders when I go to try and get pre-approved. Also, how wxactly does that process work? To add some context: i'm looking to BRRRR a SFH. So if anyone could give me some insight on what I should be asking these lenders, how to approach the situation, and things to avoid. Thanks a ton!!!

Hey y’all!

I have a (probably dumb) question about looking for deals. I plan to buy my first property and dipping my toes into REI within the year. I've been immersing myself into everything I can learn every day. One thing i'm trying to figure out are my numbers for analyzing deals. I want to start looking for a deal, but am trying to figure out what makes a good deal for me. Do I go to a lender first and ask what they will probably pre-approve me for, then start looking? I really just want to know what my numbers are that make a good deal for me so I can start looking. Any help would be great. Thanks y'all!

Awesome, new to the BP forums. I should have looked around more before posting. Thanks for the info, I appreciate it.

That’s all super helpful! Thank you very much for responding, I really appreciate it! I’m trying to figure out the best plan of attack. I guess what I also need to know is how to figure out my numbers to know what is a good deal for me. Then having a number to stick to when searching for a good deal. I’m just having trouble getting to that number. Thanks again for your help!

Hey y’all,

New to investing and just had a few questions.

1. What is the best wait to start building a team so when the time comes I know who to get a hold of?

2. For a BRRRR, do I go to a small bank first and get pre approved for a cash-out-refinance? Then look for a property?

3. I own a primary residence with ~$100,000 in equity. I would like to do a BRRRR on a Single Family Home. Any suggestions?

Thanks a ton!