Hello awesome people of Biggerpockets!
i just finish Listening to the RSI podcasts show 356 and its awesome, if you guys have listening to it go RIGHT NOW!!
Well now all hands on deck! how many deal are you closing before 2020 right now i'm working on a 4 plex that i will close by the beginning of December and the best part is that is renovated and 100% occupied, i pay 100,000 for it and the appraisal is 160,000 (that what i call a grand slam) i'm really excited because i will get a equity long and buy from the same seller a duplex for 50,000 so i can't wait!!! but this is not about me is about you guys let network a little bit and get to know each other, so what you have, what you are working on?
Hey @Irwin Velez thanks for this post! I am new to BP and am currently trying to network in the Baton Rouge area. My partner and I have purchased our first buy and hold property in North BR using a sellers finance. Our plan of action is to BRRRR the property and buy more rentals in the area and around LSU and surrounding areas. We are currently in the rehab phase and are looking to connect with lenders for the refi. So far, we have put all in cash and are not familiar with what to expect for the refinance. I want to be as prepared as possible for the best transition; so that, we can get as much money back to invest in the other properties we have our eyes on. So far, we bought the property for 20,000 with 6,000 left on sellers finance, rehab budget of 20,000, turning a 2B/1 Ba SFR into a 3B/1Ba with house comps for similar properties in the area are selling for 100K. We have fair credit and both have full time careers. We really are passionate about REI and would greatly appreciate your expertise!!
That's awesome! I bought my first property in May of this year, i rehab one side and the other one is in pending, because is rented. As soon as my tenant leave i will rehab the other side and raise the rents to market. What i can tell you this new experience have been great i love all about REI. Im looking forward to guy a SFH that is abandoned i already have a bid from a contractor (the same one who did the RENO in my duplex) as off right now i'm waiting on the seller to put this house under contract. we are trying to set a final price i give all my budgets and my offer state with i wanted at so low price, the house needs a roof, a/c, a water heater plus put all up to date the garden is a mess the house is covered in super high grass, and the neighbors are not happy with that.
@Irwin Velez Amazing! We have a similar deal in the works for a few SFHs. Do you recommend any local banks, credit unions, lenders that work with first time investors?
Yes the best you can you is to go to a few local banks like People banks or red river bank and bring your deal, and all your numbers. Get them to know you and tell them you plans. not only go to this ones but other ones like credit unions. thes best this is to call them ask, and take notes. them go in person and introduce yourself. how you guys fund this deal???
@Irwin Velez we are funding with cash. We both are putting in 20K as well as have additional reserves in our emergency fund, but we haven’t started on the being approved by a lender yet. We would like to talk with a lender to get a realistic picture of what to do and expect. We will definitely take your advice and start reaching out and connecting.