All Forum Posts by: Benjamin Seibert

Congrats on the successful deal @Timothy S.!

Congrats on the success story @Aaron Wortham hope you keep the momentum going!

Hey @Logan Splinter I was in your shoes about a year ago. You could look towards hard money to fill the voids in financing or use your $20k as a down payment toward a rehab loan. Not sure what typical property prices are in your area but could use a loan to initially purchase the property and then refi out of it.

Hey @Andrew Smith I was in your shoes a few years ago. I would start off by improving your credit score and saving up some money for an emergency fund while you finish your degree. In the meantime, you can also learn from BP and read some books. @David Greene's BRRRR book is a great one so is the Millionaire Real Estate Investor and Rich Dad Poor Dad. Try to absorb as much information as you can and narrow down on your true RE goals and plan of action after improving your financial situation. Feel free to reach out with any other questions.

The bank would be focused on the comps and what the true value is of the property. The banks prerogative is to lend on the actual value of the property regardless of what you purchased it for.

Congrats on the completed deal! The final product looks great! Definitely helps to spruce up and improve an area as well. 

@Kyler Cook could be a SFH, duplex or small multifamily. Really any of the type of properties. Just depends on your market if there are small multi-families available or if the numbers work out.

@Kyler Cook you could go with a BRRR property. Gives some aspects of flipping and traditional buy and hold so you and your cousin could both learn along the way. If calculated and purchased correctly these properties can leave a good bit of room for error as well. A great way to start investing and increase the velocity of your money (like @David Greene likes to say)

@Rahul Gupta yes, a $30k BRRR is possible. My first BRRR I only put in about $32k of my own money. You would likely need to find a bank that would lend as a rehab property (so they lend you the amount for rehabbing the property - since most rehabs and down payments push you over the $30k limit). You could also find a property in a cheaper and transitioning area that may have properties at ~$40k and with the down payment, closing and rehab you might be able to stay under $30k.

@Charlie Moore definitely condition them to paying on time. If they don't get payments in on time then immediately charge late fee and start eviction process as soon as possible. It sounds unfortunate but keeping them on a strict schedule helps to condition them to make payments on time.