Updated about 3 years ago on . Most recent reply
Buying first BRRRR property in cash in Augusta
Just moved down to Augusta after selling my house in Norcross, leaving us with 100k capital to play with. My first week here I saw an awesome 3b/1b that is cash only offer in an awesome side of town with good school district going for 55k and ARV is 155k. I ran the numbers and with rehab will be all in for 90k. I'm about to go look at the property and if I like it, will put down a cash offer for the first time on my first rental property. Excited but nervous about using all the capital and underestimating rehab costs. My bro in law might help me with private money for the rehab cost but I gotta convince him this weekend (not savvy with real estate). I want to lock down the offer, so should I put an offer and worry about financing the difference for the rehab later which is about 40k? Would a hard money lender be an option after I buy the house? Sorry new to this so thought I'd post it in here to get some advice.
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@Chris Momongan Georgia is a really hot market. @Andrew Postell is accurate when he advises you to talk to lenders before you make a purchase. Most rehab lenders want to do a all in one loan. It is hard to find a ender who will give you a second on a rehab. property. I always advise that you assemble your team before you start your rehab business. Among others you need a good real estate agent,(helps with values) lender, contractor and property manager as you go forward. Good luck.