All Forum Posts by: Andrew Tucker

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $122,000
Cash invested: $150,000
Sale price: $242,000

We bought This home during Christmas. The house was on the MLS and being sold for cash AS-IS. The seller had begun a renovation and made it about 35% of the way through it. By the time the listing came live he needed to close in 4 days and we were able to meet his timeline. The renovations were completed on nights and weekends and the house turned out great!

Hi Mark, welcome back. “Grand Rapids Metro Real Estate Investors” is a great Face book group in the area. There is an excellent option to search the group posts by keywords to find good lenders, insurance agents, contractors and even hard money lenders to help you get an edge in the market. The group would probably also find value in your knowledge as a home inspector. Feel free to reach out at any time. 

I’m in mid Michigan and could offer some suggestions 

OnX hunt offers a tracking feature in their free version. It’s designed as a hunting app but contains lot lines and some public records. 

Hi Mark, welcome to Holland. Feel free to reach out when you get here. I’m Happy to share what I know about the area. 

Hi Darryl, it’s nice to see another Hollander posting on the forums. The bigger pockets calculators are an awesome resource to help structure a good deal analysis. If you just want practice analyzing you can jump on Zillow and look through listings in neighborhoods you’re familiar with. Most of them will be too overpriced to work for buy and hold but you can use those addresses to start learning how to calculate property taxes and insurance. You can tweak numbers on the calculators until you find out what  purchase price would work for your criteria. Repeating this process over and over will help you to be able to spot deals quickly. Ottawa GIS property mapping and BSA Online are two of our local resources to find public property records. Rentometer is also very helpful to determine rent comps.   I’m in your neighborhood and   Would love to connect. 

@Michael Ulrich single family in my case but the process should work with either option if you’re able to add enough value to the property. 

@Michael Ulrich in the area where I am investing the typical ARV is 165-225K. The last one I did appraised around 225 and we took and we refinanced 155 out. I am not familiar with the lower loan amounts but if you call enough banks in your area you can probably get a really good idea of the lending options available.

I'm a BRRRR investor looking to leave a W2 in the relative near future. My goal is to fill my time pursuing my investing career and working as a 1099 contractor.
     I have been finding that conventional banking proves difficult until I’m able to prove two years of income on tax returns. 
 What are some good strategies in the meantime as I prepare to make the jump to be bankable in the early stages of my transition. As a BRRRR investor the refinance portion is crucial to keep pushing forward.
     I am willing to set up up entities and have cash that I can trickle into them but need suggestions on good methods of creating the right paper trail. 

Thanks
     

Hi George,

If you have the cash to be doing all cash purchases but are comfortable with using some leverage I would suggest using the BRRRR strategy. It's a pretty powerful strategy and it's the one I use. I'm active in Holland but also interested in Muskegon. Reach out anytime.