All Forum Posts by: Alexander Felice

This is cleaner than my apartment!!!!

honestly it's gross but mostly cosmetic, you've saved a lot more by letting him live in the filth than turning over filthy apartments.  This is a 30 year tenant that has saved you some serious expenses. You would have had to turn that place over 5-6 times by now otherwise, and when he finally leaves all you really need to do is clean out and a lipstick rehab. For me this would be a $5k cost, I'll gladly take that for a 3 decade reliable tenant. 

I would be more scared if he was a hoarder, which is dangerous, this guy just seems grimy. 

hey @Brendun Ferguson I'm an active investor in Fayetteville. 

I help people buy profitable deals in town all the time, I also host a local meetup. There are also plenty of wholesalers in town who could teach you. 

Let me know if I can do anything for you. 

One of the major benefits to BRRRR is that it allows you to separate the purchase and the loan transactions. Also, as said above, the houses you're buying for BRRRR are usually in awful shape and won't qualify for a regular loan.

cash or equivalent up front is the most efficient way. 
 

do some content production

or some marketing

find them deals

give them money

link them up with good contractors

ask them what they need and where there pain points are, then solve those problems. It's often that business owners don't know how to easily implement solutions to their roadblocks so this is not super easy. 

obviously I didn't mean you

....I meant everyone else ;)  

I've one a ton of BRRRR in Fayetteville, and while the market is still producing it's not like in the past. It's very easy to buy average retail deals in this market, and many people buying in the area are buying these sorts of stupid deals and calling them great. Make sure not to compete with stupid. 

I'm happy to help if I can, let me know. 

Originally posted by @JD Martin:

Originally posted by @Russell Brazil:

Come out and hear Rockstar @Joseph Asamoah from the Biggerpockets Podcast Episode #356 at DC REI Rockstars. Joe is an expert in BRRRR in the high cost area of Washington, DC. He is also an expert at section 8 rentals. In addition to being on the BP Podcast, he has been a BP featured blogger, and is famous in DC for the rehab seminars he runs.

Sign up at www.DCREIRockstars.com

Our last event just a few days ago featured @Alexander Felice as a speaker, and in attendance we had 3 BP Podcast guests, 3 BP Moderators and the producer of the BP Podcast. 

 Damn, I thought Rich as Alexander Felice was all fluff but he's actually a pretty decent looking dude. With pretty good hair. I thought he pilfered his profile pic 😂

how dare you sir! Now I'm tempted to post a billion pics of my hair to show you just how real and perfect it really is, but I won't. 

because you couldn't handle it....and neither could Russell. 

@Christian Becker

You pay for the purchase and the rehab all together at the time of closing and you must use YOUR cash, no outside borrowed funds for delayed finance.

Now you can refi 100% of what's on line 120 with no seasoning period.

Make sure you find a lender who can do this BEFORE you close on the deal.

Aslo, you can't edit a HUD-1 after the fact.

the key to BRRRR is to create equity.

If you're buying retail and not creating the equity then save yourself the headache of the rehab. So BRRRR would never work with the example you gave, the ideal BRRRR involves you creating 25% equity in the combination of purchase and rehab. You need to pay far below market value for the deal, bring an efficient rehab process to the project, and have your total all-in cost to be considerably less than what it's value is.

Buying in an appreciating market is better than buying in a non-appreciating market, but buying BRRRR for cash flow in a non-appreciating market is a lousy way to go if you're also paying retail. You want to own for 75% or less of the value.

There are a lot of wholesalers in Fayetteville, there is opportunity here but also competition. It's a grind, it won't be easy money