Seeking coaching for underwriting BRRRR’s / Flips in DFW

[Account Closed]

Hey guys! 

Jen here. Before the end of the year, my goals is to jump into the BRRRR or flip space after owning 2 LTR, 2 STR to grow my wealth by value add. I just finished reading David's BRRRR book twice!

I’m looking for someone to watch me underwrite the deal, teach me right and wrongs and if i’m underwriting deals correctly. If money from mentorship is the value you seek for weekly meetings to get me started and taking the leap, i’m open to discussing! Someone experienced in the Dallas/Garland area preferred.

Thank you!!

[Nicholas L.]

@Account Closed

If you're asking about running the numbers on a BRRRR, just post them here and you will get feedback.

I personally think it's tough to BRRRR right now based on the economic and market conditions - high prices, contractors booked months out, materials expensive. So - run the numbers conservatively. Assume it will take longer to find a contractor. Assume it will take longer to rehab. Assume a higher interest rate on the refi.

Another thing I consistently see is that people don't include closing, holding, and refi costs in their calculations.  And these are not trivial items. Especially if you're refinancing into a DSCR loan, you can pay 5-10K in points and fees.  So, your numbers have to account for that.

If you haven't yet check out Tarl Yarber's videos on the BP YouTube channel.  He goes into granular details on some of his BRRRRs in Washington state and talks about holding costs and refinance costs.  They are at higher price points, but they're still spot on and a great walkthrough.

Hope this helps.  Ask any question you want.