All Forum Posts by: William Garrett

@Stephanie P. 

I will likely try to use the BRRRR method with private lenders that I know personally. I did not know until last week that they were already lending in other real estate ventures. Now that I have someone that I can partner with it comes down to finding the right deal and presenting it to them. The duplex looks like it went through auction again and sold. Thank everyone for your input.

@Erik B.

I hope both of those deals work out for you!  The numbers made sense for the St. Pete duplex but I had to pass it up due to auction time constraint.  Going to stay active and find that first deal with private lending partners.

@Stephanie P. travel nurses are paid per diem to leave their area and work.  Just like construction workers for instance.  If I worked within 60 miles of where I lived I would be forced to take on staff position and cut my income in half.  

I'm not sure where your confusion is coming from with the gift of equity.  It was a in-family transaction where I am purchasing a home for significantly less than what it is worth.  Instead of coming up with the 20% down payment for the home my step-grandfather is providing a gift of equity.

I have grown fond of the St. Pete area and would love to have property here that my family can one day vacation to.  I would even consider living in this area full-time when I have finished traveling.  

I agree it is a lot of debt however I have also already mentioned that I have a "renter" already in place for the home I am purchasing since my mother lives there full-time and will be paying the mortgage every month.  If I'm not mistaken many investors have 10+ properties that they still owe hundreds of thousands of dollars on and yet have steady renters that cover expenses with extra cashflow right?  I'm not trying to take your response in a negative way but I am confused why it appears that I do not have my ducks in a row...  

I'm not starting with large cash reserves so that is the purpose of wanting to invest in real estate.  To create my own wealth.

Thank you for your input.

@Raymond J. Rodrigues I would certainly be interested in connecting with a lender like that.  My issue at the moment is that I will not have that money available to use until after I am able to pull equity out of the home I'm currently purchasing.

@Antone Heyward that is the thought process I was having.  I see that you probably know the market well here in St. Pete.  Would you mind if I PM you some details of the property and a question I had about it?  I'm in need of a realtor in the area that I can work with and get further advice.

@Antone Heyward I do not really have FOMO.. I have seen plenty of properties come and go since I have begun searching and I have recognized a deal that I would like to move on and I know timing is not on my side.  There will be other deal yes but I'm only in St. Pete for a limited time to due to my job and if I were to invest here then I need to get started somewhat soon.

I am hoping someone can give me some advice on using hard money in this situation.  Often I hear that it is a great option when there is time constraint.

Thank you for your input.

@Brie Schmidt I was looking for advice regarding my financing options and any other creative financing avenues I have not thought of.  Thank you for your input.

Hi everyone,

I am a newbie investor (full-time travel nurse) looking to make my first deal happen. Currently I am in the St. Petersburg, FL area and have been looking for multifamily property here and near my hometown Nashville, TN. I found a duplex in St. Pete ( 2:1 and 1:1) that has gone through the foreclosure process and is now listed on the MLS, and therefore I do not expect it to remain available for long at the current asking price. The property will need to some rehab (roof, dry wall repair, windows, paint, flooring, etc.). While using the BP rental tool I'm seeing a potential to have a renter cover mortgage costs, or more, every month. I would not be opposed to offering a furnished rental to other healthcare professionals or Airbnb instead. Currently I live in a furnished duplex (very similar neighborhood/sq. footage, only 5 minutes away from the foreclosure) and am paying $1400 in rent with the owners successfully Airbnb-ing the other side.

At the moment I am planning to close on a single-family home in the next 2-weeks back in Nashville.  This home is my current "permanent address" and I am purchasing it from my step-grandfather for significantly less than what it is worth.  It is a conventional loan with 20% down from a gift of equity and I am looking to have about $153K in equity on the home after closing.  My mother resides at this home full-time and will be paying the mortgage along with 90% of utilities every month.  I will make this a rental property if she decides to move in the future.

Being a travel nurse my job requires that the hospital I have a contract with be approximately 60 miles or more from my permanent address.  That being said, I cannot take on a loan with a bank that requires me to move my permanent address to this foreclosure duplex for the next year.  

This being the majority of my situation, I am struggling to decide on the best financing option. I do not have the cash for a large down deposit nor the cash for a rehab. I have been leaning towards hard money if I am able to borrow 75% ARV ($120k purchase price with ARV expected to be $160K or greater) and refinance to a conventional loan after renovations. This would still require me to find the funds for the rehab and I have leaned toward the possibility of pulling equity out of the home in Nashville to fund it.

I apologize for the lengthy post but I figured it would be hard to get thorough responses without a proper situation explanation.  These are thoughts I have had and know there is a strong likelihood I am missing key factors or possibly misinterpreting the numbers.  Any advice or creative financing thoughts would be much appreciated!!