All Forum Posts by: Brandon Turner

Hey @Account Closed - Good questions :) 

1.) You could definitely do that. Though - the main reason people use the BRRR Strategy is because it allows you to do a "no or low" money down transaction. By using a Private Money Lender to fund the deal and maybe the repairs - and then refinancing later into a long term mortgage, you can spend nothing. But if your first loan is a 15 year, then you'll have to put a down payment (20-30% down) AND have to fund all the repairs. Furthermore, it can be tough to get a loan on a property that needs a lot of work - so you might not be able to get the 15 year loan at all.

2.) As for having tenants ... I don't like to inherit tenants, so if I buy a place with tenants already there, I budget to make sure they don't stay (either I pay them to leave, ask them to leave, or evict if they won't and their lease is up.)  Tenants are usually poorly trained. I've had a couple good experiences, but mostly bad. Don't refuse to buy something with tenants, but be sure you know what you are getting into and budget accordingly.   

For example, I recently bought a 4plex to BRRRR. 1 unit had tenants, paying $500 a month in cash. They are Hoarders - with about 1,000,000 pounds of garbage in their house. I'm going to raise the rent to $700 and make them clean up, so it clearly isn't going to work. I tried asking them, tried paying them, etc. They just buried their heads. So I'm evicting them now. Not fun but I budgeted for it, so it's okay.

Hey @Kevin Harrison @Tom Cooper did you mean these? https://www.biggerpockets.com/rei/glossary/

https://www.biggerpockets.com/rei/real-estate-abbr...

;)

Thanks @Bill Bleich and welcome to BiggerPockets!

Hey @Thomas Mason welcome once again to the site! 

Hello @John Eric Pierce welcome to BiggerPockets. You may want to check this post: The Ultimate Beginner’s Guide to Real Estate Wholesaling

Hey @David Fisher welcome to BiggerPockets! It's great to have you! 

Hey @Shakeel Rashid thanks for jumping in and introducing yourself! If you haven't yet- be sure to setup some "Keyword Alerts" to get into conversation in your target area.

Seeya around!

Hey @Nathan Smith welcome to BiggerPockets! You've definitely come to the right place to learn more about investing. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast. They are both great at learning the fundamentals.

You may also enjoy this post, about multifamily properties: How to Buy a Small MultiFamily Property: A Step by Step Case Study

Oh - and don't forget to set up your Keyword Alerts!

See you around the site!

Hey @Jordan Honeycutt welcome to BiggerPockets! Glad you enjoyed the webinar! Rock on!

Hey @Brady Lee I love creative financing, and I laid my techniques in my book: http://biggerpockets.com/nomoney

Or you can check my posts on the BiggerPockets blog: http://biggerpockets.com/renewsblog . :)