All Forum Posts by: Andy Zirger

@Randy Smith

Hey Randy we live & invest into rentals in Atlanta. Currently in the process of a BRRRR.

Not sure how much assistance I can offer but have a good relationship with a lot of wholesalers. They maybe able to take a look and try and flip for you to cut losses?

Hello,

We have 6 sfh rental properties that have been turnkey conventional loan purchases. These 6 were purchased under our name using our w-2, not under a LLC.

Now the fun begins! We just purchased our first (BRRRR) home for cash under an LLC. We are currently only a month into the Reno and I know it's not till the 6th month we can refi & take advantage of our renovated property new value.

Questions:

1. When I go to refi it will be under our LLC which will only have a renter under it for 2 months. Will I apply for a cashout refi under the LLC or will it be personal assets w-2 / cash reserves used?

2. If it's under the LLC will my interest rate be higher than if used personal asset/accounts?

3. If we continue to with the BRRRR method do you recommend a different LLC per home (sometimes with different partners) or keep it all under the same?

4. Is it necessary to move the original 6 under LLCs? If so, how does one go about doing that? We’ve owned them from 6-24 months.

Any advice as I prep my numbers for refinancing.

Thanks!

We are currently on the Westside from Bankhead, Grove Park, Hunter Hill etc.  not nearly as expensive to get into and with the sweat equity / reno you could achieve the1% if that is what you wanted.  But as mentioned above the buy & hold is our play for appreciation and rental cash flow is the bonus. Typical 75% don’t have many hitting the 1%. 

I’d be interested. Thanks!  We are on the Westside Riverside/Bolton area. 

@Arlan Potter what city you finding $2,000 houses??

Fairly new into the REI game (18 months). Need some advice on our next move. Little recap of our portfolio & questions below.

-Our current business model is less focused on rental cash flow and more so purchasing in an targeted transitional area of Atlanta that should have big appreciation value (+rental increase opportunity) in 5-10yrs with city amenities in the works.

-We currently have 4 sfh & 1 duplex. 3 of the 4 sfh were renovated and then we purchased and have a renter in there. The fourth was not renovated but still turnkey with no reno needed, still long term rental. Just an older home.

-The duplex one side was renovated and then they sold, yet both sides occupied & rent cash flow.

All properties were purchased with conventional loan 25% down found on FMLS. Will take us anywhere from 6-9yrs to get original down payment back to be “true cash flow”. All properties cash flowing between $100-500 monthly right now.

1. We've been reading a lot about the BRRR method and think that is our next move as we've been able to get some private funds at a 8% interest + our own cash. We also have a GC with a good track record. For simple math of our area distressed properties going for 75k-150k. Reno 25k-100k. All in cost 150-175k. ARV for a 3/2 is 215-250k. As opposed to putting down 50k on a traditional loan / renovated property we figure after a BRRR worse case we are in it for 10-30k, best case, breakeven. What about the above is bad about the BRRR I've heard it's like a cult like following. Either love it or hate it - why the hate?

2. We just started getting on wholesaler list, off market FB groups, and attending foreclosure sales at the courthouse. Those are wild, and a bit scary to trust. Thoughts?

Would love your thoughts on how to move forward with about 75k with option to get hard money / private funds.

Thanks,

Atlanta Investor.

Fairly new into the REI game (18 months). Need some advice on our next move. Little recap of our portfolio & questions below.

Our current business model is less focused on rental cash flow and more so purchasing in an targeted transitional area of Atlanta that should have big appreciation value (+rental increase opportunity) in 5-10yrs with city amenities in the works.

We currently have 4 sfh & 1 duplex. 3 of the 4 sfh were renovated and then we purchased and have a renter in there. The fourth was not renovated but still turnkey with no reno needed, still long term rental. Just an older home.

The duplex one side was renovated and then they sold, yet both sides occupied & rent cash flow.

All properties were purchased with conventional loan 25% down found on FMLS. Will take us anywhere from 6-9yrs to get original down payment back to be “true cash flow”. All properties cash flowing between $100-500 monthly right now.

1. We've been reading a lot about the BRRR method and think that is our next move as we've been able to get some private funds at a 8% interest + our own cash. We also have a GC with a good track record. For simple math of our area distressed properties going for 75k-150k. Reno 25k-100k. All in cost 150-175k. ARV for a 3/2 is 215-250k. As opposed to putting down 50k on a traditional loan / renovated property we figure after a BRRR worse case we are in it for 10-30k, best case, breakeven. What about the above is bad about the BRRR I've heard it's like a cult like following. Either love it or hate it - why the hate?

2. What other options are there for the buy and hold rent method?

3. We just started joining wholesaler & off market deal email listings and FB groups. We attended our first courthouse foreclosed auctions, that was wild. But feel uneasy with those above. Thoughts?

We have around 75k of our own cash but not opposed to getting hard money / private money to do the rest.

Sorry for the long text but would love to scale!

@Jingru Sui very cool. Great cash flow. Sfh or multi family?

@Bill Hampton thank you. I’ll check it out.

Any private lenders you’d recommend to help fund our upcoming Reno/brrr?

@Jingru Sui

We are west of city of Atlanta. Grove park, Bankhead, west end, and hunter hills area!

How are the OTP rentals?