All Forum Posts by: Ashley Lochli

@Jack BeVier Thank you for your response, it is very insightful. 

@Eric James Thank you for your response as well.

Hey there!, We are trying out the BRRRR process and are having a hard time to get lenders to work with us. Following is a draft of an email I would like to use to reach out to a few others – perhaps I could get some feedback in posting it here. Emailing works best for me as I am typically tied up between two jobs. Additionally, if anyone has any recommendations for lenders I could try to reach out to, that would be Awesome.

“Hello,

My family and I are in the process of forming a rental real estate business. We are searching for a lender who will fit our proposed method of BRRRR (buy, rehab, rent, refinance, repeat). Each property we purchase, we want to structure it under it's own LLC. Do you provide lending for this type of structure?

A little overview of where we are at currently. We have two properties available, both of which are currently financed. My partner and I own one, as well as his mother. We currently have enough available cash to pay off one of the two to set up as our first rental.

Our properties:

(I have listed what the two properties are, as well as some financial information in this section.)

Our goal is to ultimately title the properties under separate LLCs.

Additional questions that we have:

1. Do you provide financing options for an LLC structure?
2. 1. What is the typical seasoning period for properties and financing?
3. If we paid off one of the two properties today, how soon could we refinance it to move onto the next?
4. What is the max LTV offered?
5. Does cash flow perspective dictate LTV percentage?
6. Is there a penalty for early loan payoff?

We look forward to working with you!

Thank you”

Haha, after reading it again, it does sound like I'm in love. I'll have to ask my partner what the numbers are to share that. We are hoping to get our current home as a rental within a year. We still need to put in place how many homes we want to try to pursue a year etc. 

Hello, 

My family and I are from Minnesota. We are looking to start up a rental real estate property business for ourselves. The only experience we have with real estate at the moment is the collective knowledge from doing research and reading books. What brought us here to BiggerPockets are a couple of books that are from BiggerPockets itself. We are interested in starting with single family homes for the time being and working towards multifamily. We are wanting to use the BRRRR method. Currently we have our personal home that we want to convert to a rental, but afterwards will continue to look into more properties. Our goal is to have a passive income coming in so that we can essentially quit our full time jobs and spend more time together with each other.