All Forum Posts by: Briana Gilbert

Briana Gilbert has started 14 posts and replied 45 times.

Originally posted by @Stephanie P.:

Hey Briana

Try using FHA for the first property and then yes, you can use conventional for the second. Actually, if you're moving from Boston, wait the required 1 year for owner occupancy, and you move back to the DC area, you should be able to use FHA again. You may want to explore conventional money though because the mortgage insurance is a lot cheaper.

Stephanie

Hi Stephanie,

Thank you for the advice. Great i didnt know if i could use the fha loan again or not when I decide to move from New Jersey back to the DC area.

1 Vote

Originally posted by @Sam Lewis:

My best advice is to invest in an area you are most familiar with, and an area you plan to be in the next 2-3 years (bare minimum).

FHA is a fantastic way to get started and build wealth quickly. It is how I got started and I would do the same all over again.

I'd probably do FHA first as a househack then buy a BRRRR, so you can eliminate rent from your househack and slingshot your way into your second deal.

Let me know if you have any questions - note my expertise will be limited to the greater Baltimore area.

Hi Sam,

Thanks for the advice. Also I'm not sure if you would be able to answer this, say I start with FHA to househack, and BRRR my second property and wanted to buy another property in PG County, would i still be able to use a conventional loan for that property?

Thanks again!

1 Vote

Hi,

I am stuck between if i should use a FHA loan to purchase a MFR, or use the BRRRR strategy in Detroit because of the connections I have there. Just to give you a background story I currently live in NJ and work in Manhattan, and im renting. I have a partner that I live with but don't have any children or anything. If i chose to use my FHA I would stay in the property for two years and move back to my hometown D.C.

I'm torn but know for a fact I'm ready to get something start soon.

0 Votes

@Paul Welden this is a great strategy I have a couple of questions for 4-5 months of renovations, I’m assuming I would need a place to stay but still make the mortgage payments every month?

My next question is would I be able to pull out a cash out refinance from just one year 3.5 down on this property?

Thank you again.

0 Votes

Hi,

I'm looking to connect with investors who has implented the BRRRR Strategy in the Edison NJ, Rahway NJ or Harrison NJ. I would like to connect and learn more about your process, if it was easy to find tenants, also which lenders you used to finance the deal, and refinance the deal.

Thank you,

Briana

0 Votes

Originally posted by @Paul Welden:

The BRRRR method can also be done using the FHA 203k rehab loan, or the Fannie Mae Homestyle Renovation Loan or even the Freddie Mac ChoiceRenovation Loan.

Hi Paul, I have to look into the FHA 203k rehab loan didnt know that it can be used for the BRRRR method as well. I guess the only difference in this method is that I would live in the property instead of renting it out, before refinancing it.

0 Votes

Originally posted by @Whitney Hutten:

@Briana Gilbert You can ask other active investors here on BP and at local meetups who they use. Find out who is exhibiting or sponsoring meetings around you (look at past events as well). And check out the network list right here on BP!

Hi Whitney,

Thanks for this information I didnt realize BP had a network list will check this out as well find local meetups in my area.

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Originally posted by @Joseph Firmin:

Your local REIA, BP, Google search... there are so many out there honestly. Stay humble and ask questions, get recommendations from BP in your area for HM lenders as well. Be sure to read David Greene's BRRRR book - it really walks you through the whole process well.

Thank you! I'm going to buy the book today and start reading it

0 Votes

Hi,

I know we are still in a pandemic, but I was wondering if there are any real estate meetups in the Edison, NJ area?

0 Votes

Hi,

I've been researching the BRRRR method and want to get started. For those that used this method I'm curious to know how you went about finding hard money or Private lenders to fund the deals.

Thanks,

Briana

0 Votes

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All Forum Posts by: Briana Gilbert

Briana Gilbert has started 14 posts and replied 45 times.

Post: MFR househack or BRRRR

Post: MFR househack or BRRRR

Post: MFR househack or BRRRR

Post: BRRRR strategy lending

Post: Implementing the BRRRR Strategy in New Jersey

Post: BRRRR strategy lending

Post: BRRRR strategy lending

Post: BRRRR strategy lending

Post: REI meetups in Edison Nj

Post: BRRRR strategy lending