Basic BRRRR Questions

1 Reply | Cleveland, Ohio

For my first deal, I'm gong to be using the BRRRR strategy on a small multi-family property. Has anyone in the Lorain County area done a BRRRR before?

Here's a breakdown of my current position:

  •  Pre-approved for a loan up to $170k
  •   $28k saved up
  •  Looking for a small multi-family (2-4 unit) that needs work
  •  I work full time as a salesman at AutoNation (DRIVE PINK!)
  • What hard money lender(s), contractor(s), appraiser(s) have you used/ suggest? Would you be willing to show me a recent deal you have done. 

Hard money is hard to use for BRRRR deals (or flips for that matter) because the rates are so high and they charge a bunch of points. It's much easier to use private lenders (if you can find them) or another strategy (cash, HELOC or even a bank loan)