I'm looking to do my first BRRR Deal

[Marion Lee]

I'm looking to do my first BRRR deal in the Hampton Roads area (city of Hampton). I've been pre-qualified with a traditional lender and have been submitting offers through my agent but getting beat out by cash offers.

Will a POF from a HML help me compete with the cash offers?

Thanks in advance,

Marion 

[Patti Robertson]

@Marion Lee - Local agents would rather see your POF from a traditional lender than a HML. Agents are getting burned by HML deals not closing and unless they know the lender from past deals, most don't trust them to be reliable closings. Just yesterday we had a HML rant in one of the agent groups I'm in because some investors HML pulled out at the last minute. Probably because the investor never planned to close and only wanted to tie up the property to wholesale it. That practice is hurting the rest of us who can and do close on our contracts.

If you are planning to use traditional funds though, maybe you should look at properties that are already fixed up.  You will pay a little more, but you won't have to do the rehab and you will have less competition from cash investors.  Just a thought.