All Forum Posts by: Alex Smith

Has anyone done any good BRRRR's lately in todays market? If so I'd love to hear about the deals and your best methods to find such great deals.

Could anyone direct me in the right direction for owning section 8 rentals in Houston or surrounding areas? The protocols to enter your property into section 8. How the market is for section 8 in Houston. The best areas in Houston or surrounding areas to own section 8 housing. 

Thank you in advance. 

@Scott Wolf my FIL just wants to help me out. I have sorta been through the idea of him just giving me 100k but My lender at the time said it wasn’t possible for him to gift me 100k. So I guess what I have to do is have him pay cash for the property including any fees for closing. Then I will go in a rehab with my money. Rent it out and then refinance the property and pay my FIL back everything he spent on the deal and hopefully pay him extra for funding the deal. 

Say I find a good deal. All the numbers work out. My father in law pays cash for the house 100k. I then put 25k into rehabbing it. Now I want to pay my father in law the 100k back and try to get most of my 25k back.
Would the next step be going to a bank and saying I need to get a loan for this house that my father in law owns? Or would it be as simple as getting a contract together taking it to a title company. My father in law sells me the house and my lender (a bank) mortgages the house in my name? The bank then releases 100k to my father in law? And 25k to me? And I have a mortgage for around 160k (little over 20% equity) 

Could someone please simplify the processes the easiest way possible. I have a father in law that is ready to fund my deals if I do the rehabs. I just need to Insure that I can get his money back and switch everything over to my name under a mortgage. 

I am looking for a sponsor with EXP Realty in the Houston Real estate market.

Is it legal to use “Realty” in wholesale company name ? There are no positive answers on the web. Forums just go back and forth.

Soon to obtain my Real Estate License. 

I am eager to find the best broker in Houston to work for that is geared toward property investments for their clients.  A fast paced brokerage with great coaching, training and mentorship. 

Thanks for the advice ahead of time. 

@Kaelyn Motzel another thing I need to look into.. the LLC route. So many different ways to scale a portfolio in this industry. I think that is why I am so intrigued. When I hit a road block there is always a detour around it. Thanks for the advice!

@Whitney Hutten makes perfect sense. I knew there was a way! Thank you for the advice.

The BRRRR method is incredible. Reading so much about it every chance I get.

How can you keep getting new loans for the refinance though? I was told by my lender that my Debt to income ratio cant be more that 50% to qualify for the loan. I have a good paying job and after about 5 BRRRR deals I will be maxed out on that 50% debt to income ratio and not able to get another loan.

Not to mention hearing about these people with say a teachers salary or David Green as a police officer... How can you qualify for so many loans and scale such a large portfolio? You would max out your capability to get approved very quick!

2nd question. You can only have up to 10 conventional loans. Thats if my debt to income is under 50% and I get approved for the loans. What do you do once you reach 10 loans?

Also anyone in the Houston Area know any good lenders to work with the BRRRR method please direct message me.

Thank you in advance for the amazing advice Im sure to receive.