All Forum Posts by: Brennan Crick

I’m trying to get more info on doing a BRRR strategy. I currently have a triplex under contract. It’s a “creatively” put lease option where I control the property and I pay the seller a percentage of the rents I collect untill I’m ready to purchase the property as a down payment torwards the purchase price ( it’s a year long option to buy) currently I’m renovating the property and getting it ready to rent. And I have untill April of next year to buy the property. SO! With that being said, what the best way to prepare myself to buy, and refi? I will already have tenants in place. And on another note, my credit isn’t all that good and I put all my credit and resources into the renovation. My debt to income is very high. Is there a broker that you have to line this up with? I talked wIth a hard money lender and He laid out to pay the 10% on the purchase price, and then refi into the appraised vaIue of the property after the renovatIon. So he‘ll cash out on the equity and all my hard work! I kinda need that sweat equity. And this is my FIRST deal! Any info will be greatly appreciated!! The property in located in Norfolk, Va.

We use the self employed app from quick books and it’s $12 a month. It tracks all of your miles, but you have to label the routes that’s for business and the ones that’s personal. Also you link it up to all your accounts and it tracks and labels your spending as well. Saved me hours on tax time.

Sometimes you have to narrow your focus on what you want out of the investment, rather then analyzing "ALL" the numbers. You have to simplify to make things a little easier. 

You have to keep in mind that you have to go off the existing lease with the current tenant and after that make the adjustments to make it justifiable to raise the rent to what you need it to be. You would have to probably renovate the other side to add value and give the existing tenant a choice to move in the new side and pay a slightly higher rent. Then "house hack" or live and flip while your living there, then once you got that up to par. move out, then add your new tenant. Then you can charge more and the property just raised in value. 

Hello BP community! This is my first post and I'm also a newbie in real estate investing. I've been "sharpening my axe" for some years now and I finally took the step out of my comfort zone to begin my journey as an investor.

To get to the point, from my first mail out campaign, I received a couple of calls of possible deals. One of which is a "try-plex" multi-family property. "I really want to start building a rental portfolio, but it might be too early in my career." I told myself. "And I have little money to buy for myself, Let alone the 20 or 30% if I use a hard money lender, and my credit needs a little work." So I'm thinking just get the property under contract and wholesale it out and someone might make it a nice rental.
BUT! I'm also a designer/tattoo artist and driving home from one of my appointments, I had a epiphany! What if, just WHAT IF I can have the seller let me "control the property" possibly get the deed, and have him some how let me rehab the property (under contract of course) , and I can allow him to refi and the seller gets the equity out the house (as if he sold the house in the first place) and I still control the property and let it pay off the new loan (if he choses to transfer of the the LLC of the property of keep it under his name for credit building purposes , who knows *shrugs*) and I just collect the passive income for the rental. BOOM! A win win situation. The seller is A BIG winner in this case but getting a property with just the rehab cost is a win as a newcomer with no money. A surge of ambient energy flows though me is if I just won the lotto. And of course the real world comes knocking and reminds me of how much of a newbie I am. SO, that brings me here, to ask you wonderful knowledgeable guys. Could this possibly work? It seems like it's a lovechild from a BRRR and a subject to strategy. But is this legally possible?

Thanks of reading, and I hope this strategy can help....if it's possible.