Updated about 5 years ago on . Most recent reply
BRRR questions for Beginners
I have a couple of questions as I'm assembling a business plan, to venture into purchasing my first investment property using the BRRR strategy, any help would be appreciated.
1. When using a conventional loan to purchase a first BRRR, can the monthly mortgage payment be postponed at least until the house is occupied by a tenant?
2.When calculating what should be offered for a house does the 70% rule apply to every state? for example I live in Michigan can this percentage be lowered, therefore offering lower on a property?
3.Can a second mortgage be taken out to purchase a minimal rehab brrrr investment property? I don't t want to encounter the risk of dealing with hard money and private money as this is my first property, and the possibility of the home appraisal being different than what I anticipated, or extension of rehab, which would cause me to owe extra money, and cut profit, and delay return.
4.Any great software that can gauge the types of renovations that will increase the value of a property? How to determine rehab budget?