All Forum Posts by: Alex Speiser

@Brandon Sturgill Thank you. It's true, people can really dive into something without thinking it through and they get sloppy and ruin their opportunities.

@Brandon Sturgill Thanks for that advice, and I read the info in the link you provided.

From your perspective, what is the best starting path to go with for someone who is a regular Joe-schmo, with a job and family? I already have one investment (it's a very simple and effective investment and I can repeat it, albeit slowly, but wanted to find a faster path)

@Alex Smith you mention you're going to refinance in December. How many months would that be from when you first got the loan you used to refinancing? Just curious as I've heard that you normally don't refinance until after about a year. 
Also, your story is awesome and I'll be doing BRRRR soon myself, which is why I wanted to ask you.

I have a question. I'm biting at the bit to start using BRRRR. But here's my uncertainty:

When you get the first property, some of the resources I've explored talked about waiting about a year or so before refinancing. So, I wonder, does that only apply if you get a loan from an official institution like a bank, but not the case with a private lender?

ALSO, after getting the first property, having bought, rehabbed and are now renting, how do you get the next loan for the next property you need to buy and rehab (assuming that you're getting the second property just like a month after the first)? Do you have to find a new lender? 

What's the best strategy to do rapid fire like this so I'm not waiting months or a year or so before I do the next BRRRR property?

I'm ready to start doing this, but can't close this gap in my understanding.

Investment Info:

Single-family residence buy & hold investment in Orem.

Purchase price: $296,000
Cash invested: $10,000

I have a wife and kids and wanted to live rent free to get ourselves started on real estate investing.
The home is a 4 level, split-level home. The bottom half has its own entrance and everything to it. I rent out the bottom through Airbnb which has allowed us to earn more than what renting out to a single family would have.
This allows us to live upstairs and enjoy all the perks of owning a home with a yard and space for the kids to run around, while not paying for the mortgage.

What made you interested in investing in this type of deal?

I had a brother who did this, and I thought, I can do that too. So I did it.

How did you find this deal and how did you negotiate it?

I actually looked through Homie (a new real estate service based in Utah). Homie would pay my closing costs for me (WIN) and I thought that was pretty cool.
I just used the agent available through Homie to negotiate down the price only a few thousand dollars for small repairs I would have to deal with. Wasn't a big negotiation, but I also wasn't trying to negotiate much.

How did you finance this deal?

Conventional Loan.