All Forum Posts by: Blake Jenkins

Hey Dan, I've never been to one of these meetups before but it sounds like a great time and a good opportunity to network with like-minded people, thanks!

Hey thanks for sharing the details of this project, it sounds like an awesome opportunity to force some appreciation and pull out your capital after it's all done! I'm looking to do something similar and would love to chat more and maybe even swing by and lend a hand sometime, I'm right up the road in the Portland area! 

-Blake

@Mike Menard

I can’t tell if you are serious or not.. haha

If you’re serious, I respect your opinion but I think doing this would likely lead to increased vacancy that would not be adequately offset by a “420 friendly” surcharge for that subset of the market that may be interested in paying the higher price..

Just my opinion!

@Evan Dieffenbach

Hey Evan, my take on this is I think you should either keep trying to accumulate more and more cash (which may involve just making the regular monthly payment on your student loan(s) as you seem to have a very reasonable rate of interest) to eventually get to a point where you have some more capital to finance an investment via commercial financing (non owner occupied), or, to get into real estate investing sooner, use what you have saved up now (but make sure you still have enough left over for closing costs and reserves) and do a 3.5% down FHA loan and buy a multi family (2-4 units) that needs a bit of work and live in one of the units and try to increase rents in the other units as you go / as you make little DIY repairs to try to limit how much you have to put into repairing things, if you are handy, you can really create some sweat equity this way. With this strategy, you should be able to limit you housing expense and have the other units provide a bit of cash flow for you. Each state has FHA loan limits, for instance, on a 2 unit the max loan amount may be 600k, and for a 3 unit the max loan amount may be 700k, and so on (anything with 5+ units will not qualify for FHA). Keep in mind, the lender will include the rental income from the other units to see if you qualify for the loan and will not look at your income alone to determine how much you can buy)

If you want to chat more then feel free to send me a message! Always happy to talk finance/real estate.

Take care!

Hey Leen, I attended the conference a couple of years ago and it was a very positive experience! I'd be interested to hear how it was in the virtual format! 

@Ryan Luby

Hi Ryan,

I really appreciate your detailed response to my post, you made some really good points that I will definitely keep in mind as I move forward with / finalize my plans for my first BRRRR tactic deal.

Your knowledge and experience really shows with the comments you’ve made, thanks again!

Best,

Blake J.

@Cameron Moore

I’m from Hampden, ME (currently living in southern Maine) looking to purchase an investment property in the Bangor area. Maybe we can chat about strategies and put together a deal!

@Harrison Smith

Hi Harrison, I am very interested to connect, I’ll send you a message!

@Derrick Burtle

Awesome, I will get right on the. I just bought them both, which would you recommend reading first?

Hi,

I am hoping a few of you with more experience may be able to share some advice relating to the renovation portion of the BRRRR method

I am currently searching for my first rental property, right now I am looking to do a SFR to start small and establish a good core four. I already have a good realtor that has referred a few handymen / contractors but I don't really know how to go about the process when I am still trying to figure out what house I want to purchase and how much the renovations will cost to make the house the way it needs to be to maximize rents / value.

When I go to look at a potential house, should

I ask a contractor to go with me to help he figure out what I could expect to pay for the renovation so I know how much the project will cost and therefore what my offer will be?

More details about my situation:

-I have about 60k in cash saved up

-I am considering doing a hard money loan for

-4-6 months while renovations are being done and then refinance with a portfolio lender when tenants are in place

-I plan to use commercial financing because I already own my own place so FHA / house hacking, etc is not a viable option for me.

-The local hard money lender I spoke with said it would be a 4 point origination fee and then 13.99% interest with a max loan term of 6 months (does that sound reasonable)

Any contractor related tips / general comments about my plan are appreciated, thanks for reading!