All Forum Posts by: Brandon Beatty

Where there is a will, there is a way! Lots of great stuff on BP for those starting out

Anyone have any more experience on the cash out refi? Is there typically a seasoning period to pull this off or 1-2 years of tax returns with increased profit required?

Thanks everyone for your input! This property is located in a suburb that have little to no apartment buildings. It is in an areas that is "class c", but most of the other properties in the neighborhood have been flipped and everyone is raising rent. I have a 1600 SFR leased for $1700 and a 1000 duplex leased for $1200- both within a mile of the property. Current rent on the 12 unit is $700-$750 including utilities. The units are on the smaller side- 4 1b/1bath 585sq ft $700 8 2b/1 bath 795 sq ft $750 There is not anything this cheap in the area. The owner has not any any improvements to the building since he has owned to- really just let it go.

In DFW, SFRs that actually cash flow are generally found in lower income areas that will be a hassle. Small multi family is the way to go! Especially in DFW in my experience

Hey everyone! I'm local in DFW (Allen, Tx). I'm 25 and bought my first rental at 21. I've used BP for years, but recently started posting more. I have 5 rentals, do a few flips a years, and am getting into wholesaling. Let me know if y'all get together!

I went through this on a property in Dallas, Tx. I paid cash for the property and cash for the rehab. My traditional lender told me I could cash out refinance 100% of the purchase price within the first 6 months and 75%LTV after 6 months. My goal was to finish the project in 3 and refinance the purchase price. It took me 7 months and my cash out refinance just funded. I ended up doing a small addition to the property so it look longer than expected.

In my experience- part time agents can not really provide the quality of service needed. If someone is going to pay 3% to a part time agent or 3% to a full time agent - full time is definitely able to give them more for their money. If you have a large network of friends and family you can generate some businesses based off referrals from people who know you, prefer to use you, and do not care you still have a job. My wife went through this for a year before making the leap to full time

Small community banks should be able to help!

I only have 5 rentals currently so my view is different than someone who self manages 50-100+. I initially had mostly single women tenants (40-60 years old) when I started out and it spoiled me. They kept the property clean and did not try to fix (or rig) anything that was broke. They called me for any small issue they knew of. As the market increased, I consistently improved the property, and increased rent. I now target young adults with good jobs. They can afford the top of the market rent for my properties yielding the most cash flow. They rent to move every 2-3 years allowing me to improve the property and raise rent. If I had 50 doors, I might have a different strategy.

Seth, What exactly is RUBS?