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Jonathan Mentor's profile image
Jonathan Mentor's profile image
Jonathan Mentor
  • Rental Property Investor
  • from Miami, FL
  • Member since Oct 17, 2020

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Jonathan Mentor's profile image
Jonathan Mentor's profile image
Jonathan Mentor
  • Rental Property Investor
  • from Miami, FL
  • Member since Oct 17, 2020
Jonathan Mentor
  • Rental Property Investor
  • Miami, FL
11
Votes |
23
Posts
Starting Out

Looking for my 1st BRRRR Deal

Jonathan Mentor
  • Rental Property Investor
  • Miami, FL
Posted

Hey All - Newbie Here.

I've narrowed down the goal for my first deal. I want to land a BRRRR deal in Tampa Bay/Central Florida.

I’m aiming to get into a distressed property at $100k or less (all in purchase price + rehab) in that area. End goal? $2-$300 monthly cashflow.

I’m looking for a realtor or investor that can advise on the market and make introductions to private lenders/hard money to structure a $0 down deal.

I’m listening... 👂🏾

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Mark Pedroza's profile image
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Mark Pedroza
  • Real Estate Agent
  • from Sacramento/Placer ~ San Francisco Bay Area counties
  • Member since Apr 6, 2012

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Mark Pedroza's profile image
Mark Pedroza's profile image
Mark Pedroza
  • Real Estate Agent
  • from Sacramento/Placer ~ San Francisco Bay Area counties
  • Member since Apr 6, 2012
Mark Pedroza
  • Real Estate Agent
  • Sacramento/Placer ~ San Francisco Bay Area counties
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Mark Pedroza
  • Real Estate Agent
  • Sacramento/Placer ~ San Francisco Bay Area counties
Replied
Originally posted by @Bernard Sanga:
Originally posted by @Ari Hadar:
Originally posted by @Bernard Sanga:
Hi Jonathan, 

I'll be honest - It is probably not a good idea. Especially since you are a newbie. This is coming from a fellow rookie, I own just 3 properties but I did extensive underwriting on possible scenarios for BRRRR and 0 down deals.

A 0 down deal means you will be 100% leveraged. So the room for error on estimating your max allowable offer and ARV is very little - actually none since every cent that you miss is negative equity on your part. It could work but like the others say - this is too much risk.

0 down deals are okay for experienced investors with a lot of reserves when **** hits the fan. The only way it may work is if you source your own deal and you find a home run where you have significant equity even before rehab - this can be your cushion.

Good luck!

What do you mean "I source my deal" and home run is 30% OFF the market value because it's a run-down house?

It means you have to do your own direct mail campaign, drive for dollars, cold calling or ring-less voicemail are some strategies/ you talk and buy directly from a distressed seller. Note: I said distressed seller not property. These are sellers who are in pre-foreclosure, in a middle of a divorce, have financial difficulties and etc. Goal is to help first, get a win-win for both parties. 

Distressed sellers going through a divorce with financial difficulties? Yes, I agree BUT to determine the final price of the home which will be difficult to discount, will be determined by analyzing the marriage balance sheet from the divorcing couple which list all assets and most importantly the couples liabilities..

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