Unless you have somehow obtained good insider information, this sounds like a HIGH stakes gambling venture.

I don't know his in depth numbers, but I'd venture to guess he made over 50% cash on cash. 

I ventured over to the house after work today and was met in the driveway with 4 cats. 

I prefer to have my first and maybe second property within state before I have the courage for out-of-state venture. 

I think the numbers overall look pretty good but it's definitely a new venture for us so I'm proceeding with a lot of caution!

Through extensive reading, planning, strategizing, and expanding our network, we've laid a foundation for our venture.

For this new venture, I found BECU will still do land loans (30% minimum down for improved land, 50% for unimproved) with a minimum loan amount of $50,000.

The terms can always be restricted based on who's bringing what to the table, but in generality you are looking at a active and passive joint venture agreement.Have you not taken on any partners until this point?

@Holly Ross not knowing the risks can certainly make this more daunting. 1) 50k wouldn’t be enough or a worthwhile venture because of the neighborhood class that would put you in. 2) borrowing money wouldn’t have an impact on your current mortgage since that’s already in place. 3) worst case scenario if you’re doing the BRRRR would be that you’re absolutely unable to refinance the property, at which point the lender would take the property and likely sell it to get their money back.

I know you all are very advanced in this than me.Curious how its been going since starting your wholesaling venture.