Specialist · Washington, DC · Member since 2018 · 21 posts · 1 vote
Hello BP,
I am brand new to this app/forum but listened to Brandon's podcast for a few months now. It really clicked for me when learning about BRRR and how the strategy is set up.
All the information in the world is worthless if my execution is not on point, or at least in the general area of where I should be.
Background: I currently work / live in Heilbronn, Germany, and my business partner is located in Washington DC.
We are open to any US market to invest using the BRRR strategy with a focus in the MO / VA area.
Would someone be able to guide me in the right direction as it relates to the below points?
I am brand new to this app/forum but listened to Brandon's podcast for a few months now. It really clicked for me when learning about BRRR and how the strategy is set up.
All the information in the world is worthless if my execution is not on point, or at least in the general area of where I should be.
Background: I currently work / live in Heilbronn, Germany, and my business partner is located in Washington DC.
We are open to any US market to invest using the BRRR strategy with a focus in the MO / VA area.
Would someone be able to guide me in the right direction as it relates to the below points?
1. HML (Hard Money Lender)
2. Agent / Wholesaler
3. Methods of finding BRRR properties
4. Any additional topics I should keep in mind.
Thank you in advance, BP!
BR,
Marcello
I'm going to take 1, because know HML better than the other questions.
So generally a HML lends money to buy and fix up a property. They can often close quickly, don't need pay stubs etc., can lend on properties normal banks can't. The loans are usually short term with high interest annualized rates 9% to 15%.
Now Some HML offer buy and hold loans and can do a refi or cash out at better rates, this can help with a refi if paying a higher interest rate than a conventional loan is worth it.
Hard money will require an LLC or something similar. Many want experience.
if you refinance out of a HML flip loan make sure the lender does not have a problem with the property having had an LLC. Make sure you know seasoning requirements. Some banks want title in a personel name for 6 months or more.
So if you are not selling a property after a flip loan have a game plan for refinancing. If a conventional lender does not fit because of things like income requirements, LLC on title, seasoning requirements have a plan. commercial buy and hold loans or longer term HML can help you out in those cases.