All Forum Posts by: Blake Stringer

Thanks everyone! 

@Wendy Sweet what areas do you lend in? I’m mainly looking at Westside. 

Hey everyone! My name is Blake and I am currently in the process of trying to land my first deal.

I’m trying to figure out a couple ways to finance my first brrrr. I have a way to raise the down payment but the rehab is the problem. My real estate agent has told me about the fha 203k loan, but I was wondering if I had any other options? I am going to try to put in as much sweat equity as I can but the rehab is looking to be around 50-60,000. The numbers are working even after rehab and I am desperate to land this as my first deal. I want to be as creative as I can and I have the people to help out with the rehab.

From my understanding, the fha 203k loan is looking to be a big mess and monotonous. Are there any private lenders willing to work with a newbie?

thanks everyone for the advice, I’ll continue to peruse all the resources and further my education!

@Mark Fries

Hey mark, thanks for the reply! I am currently looking at a couple properties and was wondering if you were available to come walk one with me on Saturday? I’m not familiar with the whole process but I really like this prospect. Is that something a contractor does? I’m meeting with the realtor that day and thought it would be better to kill two birds with one stone.

Hey everybody, my name is Blake and I'm just getting into real estate. I live here in Jacksonville, Florida and looking to build a solid foundation with BRRRR and rental properties. Any amount of guidance would help!

I have been looking around for my first property and have come to the conclusion I just have to wait to save up a down payment. I started looking in some not so great neighborhoods and noticed these houses and trailers are really cheap. I can actually afford the down payment. One double wide is on the market for 20000, and is in need of some obvious rehab. My reasoning behind wanting it is, it’s such a low price I can afford the down payment, I can learn some of the rehab, and I won’t be in for that much on my first deal. However it’s in a not so great neighborhood, does the neighborhood and type of tenants outweigh the amount of knowledge and experience I can gain from taking this deal. I figure I can start cheap and learn for cheap figure out my exit strategies so I don’t lose too much, and try to figure this out so I can finally move forwards.

The numbers are 19,900 listed price, 4000 down. Average monthly payments of 150 towards mortgage. The area can easily rent for 550-650. Maybe 10000 in rehab, a lot of it will be sweat equity so it may be cheaper. I potentially want to brrrr the property and comps in the area are around 40000 to 60000. My main question is, are bad neighborhoods the absolute no go in real estate? Even if it’s just my first deal and so cheap?

I’m extremely new to the process but I am currently looking at a couple deals. I am entering in to this process completely on my own without a co-signer. My first question would be, with my credit being poor barely making the 620 minimum for most mortgages, is the experience I’d gain from the process worth more than the terrible rate I’d receive? Or should I just be patient improve my condition and credit and then go for it. I’m completely comfortable with taking risks I want to jump in as soon as possible! I’m dying to get started and build my knowledge through hands on learning.