All Forum Posts by: Brandon Ribeiro

Ok, so I made my last post about having 12k saved up for a property. I got mixed comments- some saying that’s plenty, others saying keep saving.

I just put an offer on my 3rd property and ran this one through the BRRR Calc. I can't seem to see if a deal makes sense or not. Better yet, how can I make it make sense.

The asking price was 160k

I offered 150

As stated previously, I only gave 12k- so I’d be doing 3.5% down

Taxes were roughly $2,800

It’s a 4 bed 1 bath rowhome

Was previously rented for $1,375

Detached garage in rear rents for $125

I calculated that it would cost about $12,000 for rehabs- I’d be doing all the work myself

My realtor seems to keep telling me that deals won’t workout because I don’t have a lot of money upfront. I might add he’s also family.

It’s very frustrating because I moved home a year ago to save some money so I could move out and have something that’s my own, and turn that into an investment a year after living in it.

I really want to get my investment portfolio started but it seems everyone keeps shutting it down and I’m constantly trying to figure out how to make things work.

Please help! Thank you all in advanced, I’m literally on BP every day after work for hours trying to learn as much as I can!

@Sean Rooks

I’m in the HVAC industry- and the one thing I can say about the mini-splits is that although they can be cheaper up front, there is just so much more that can go wrong long term, and this is something to keep in mind when it comes to tenants. Another important thing to note is that with a mini-split, you have th is wall mounted units which can be very expensive, yet also pretty easy for a tenant to ruin as they are sensitive to impact if they hit it with furniture or whatever it may be.

@Kristian Conway thank you for the motivation! I keep asking myself “how” can I make this all fall together!

@Storm S. Have you ever used fundrise? I just looked into it after I saw your comment

@Riyad Qattum I have, it’s just not really knowing much about it, that’s holding me back. I want to make sure I don’t get stuck in a corner or overpay for a property and then not be able to find an investor for it

for my first property, which i am currently looking for- i am planning on house hacking, so worst case scenario i wont have anyone in the rooms and ill have to pay the full mortgage myself

@Stephanie P. How would the fha be lower barrier to entry if the conventional is only 4% down as well?

@Bill Plymouth thank you for the advice!

@Sam Sindane call-out?

@Maxwell Fontaine thank you! I’ve also considered that option too- how would I go about finding a seller financed deal?