All Forum Posts by: Brendon K.

I'm wondering first if there are people who have active positions in other states than the one they live in and second, what are your experiences working like this? Would you recommend it and what would you say to someone looking into doing this?

Asking for a colleague. We understand that doing real estate remotely wouldn't be the best idea in some people's opinions but we're just looking for examples of people who ARE making it work.

Read up on the core 4!

Hi Joe! So there's a few big "it depends" in those answers you seek. I understand that the six months thing comes from banks wanting you to prove your income with a rental property before you can apply the income to your Debt to Income Ratio. They basically want you to prove you can make some income before they count a property as a generator instead of simply an expense. If you're using the property as an airbnb though, a whole different set of rules is engaged. You'll want to check with your finance member (see core 4) to see which rules apply to you. I'd recommend checking with several local banks on their policies for your specific property.

People absolutely do use delayed financing but I don't believe it's used for most BRRRRs (someone will correct me I'm sure. Most details on delayed are on sites like these: https://www.rocketmortgage.com...

As you're just starting out, I'd recommend the simplest possible route to refinance. Usually local banks only, usually conventional unless you have a different kind of business model from strict BRRRR.

Secure financing first. 6 units moves you outside of FHA range. I'd talk to your finance people before you go anywhere near it.

Have you tried agent finder on zillow? They don't have a multifamily search but they do have a "buy" and "apartments" search. I bet one of them would do the trick

https://www.zillow.com/oklahom...

It seems like STRs are outperforming LTRs for most markets. Are you going to be BRRRing with this?

Hi Tyler,

 Sounds like you're going to want to get familiar with https://airdna.co. You can look up addresses for free on there. Just start taking addresses out of zillow and plopping them in to see some rough stats. 

Depending on your method, I'd steer clear of this direction. If your core four isn't at least intact you're going to have a rough time. It's not going to be repeatable. 

Thank you folks!

Is it a cash out refinance even if you have no mortgage? It's strange to think that "re-finance" is referring to ANY finance method, not just an existing mortgage