All Forum Posts by: Venkata Soma

Investment Info:

Single-family residence other investment.

Purchase price: $92,000
Cash invested: $24,500

What made you interested in investing in this type of deal?

Good price

How did you find this deal and how did you negotiate it?

Checked it on zillow and coordinated with my realtor who represented me

How did you finance this deal?

NA

Estimated ARV is 185k and rent around 1600$

Hi All,

I have currently invested in my second property in Milwaukee. I acquired the property in all cash and it is currently being rehabbed(rehab around 45-50K) and it is set to be completed this week. I acquired the property at 70,000$ and it is a 1420 sqft 3bd 1 bath. I am looking to list the property for rent and also looking to get a DSCR loan on the property after I get the appraisal done post rehab(expected ARV is 185K). I will getting loan on my LLC(it is my second property in the area) and I have a credit score of 800+. I am happy to work with lenders in this forum. Looking forward to hearing from you.

My First BRRR Deal in Milwaukee

Purchase price: $95,000
Cash invested: $33,785

This property was acquired by a hard money loan with an interest rate of 12.99 percent. We rehabbed the property and rented it out in first week of April. I have plans of refinancing the hard money loan with a traditional 30 year loan in May'24. I am using the BRRRR for this and hoping to scale my real Estate portfolio.

What made you interested in investing in this type of deal?

BRRRR seems like a good option for the market in Milwaukee. The reason being the ARV value of the house is considerably higher after rehab and refinancing a hard money loan with traditional 30 year essentially leaves some cash on the table and you can continue to invest.

How did you find this deal and how did you negotiate it?

I found the deal using Zillow and used the BP calculator before I negotiated the offer

How did you finance this deal?

Hard money loan, in the phase of refinancing it now(may'24)

How did you add value to the deal?

I hired a local contractor to add TLC to the property. My experience working with him was smooth

What was the outcome?

The property immediately attracted tenants.

Lessons learned? Challenges?

The challenges I faced in the process was negotiating with private lenders

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

yes I did. Happy to share and refer him to you. Please reach out directly.

yes I do know about this. Thanks @Michael

Hi,

Sorry for the confusion, I am actually interested in STR and Airbnb(rental arbitrage). Looking for leads on landlords in and around the dallas area that I can connect to. Please let me know.

@Jay Hurst I am happy to connect with you on the refinance. Will reach out. Thank you.

Hi Everyone,

I have currently acquired a property in Milwaukee, Wisconsin. I am planning to do a BRRR deal on this one. I have acquired the property through a short term loan with a ballon period of one year and at higher interest rate (12.99 percent). The appraisal for this property came to be 135K (sub-to) based on the scope of work given to the lending company . However the houses with similar sqft are somewhere between 150-160k. The purchase price of the property is 95k plus rehab is coming up to 25k. I am planning to do refi in April/May time frame this year, hoping to get Appraisal for up to 150k with 80% LTV making it a break even deal and also considering the rental estimates(1600/month). What are the options I should pursue when I refinance, should I pursue a conventional bank or a private lender? I know the interest rates are going to vary and I have good credit score/clean history. Please let me know.