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)