All Forum Posts by: Chris Kendrick
Chris Kendrick has started 32 posts and replied 191 times.
Post: What is the best strategy for a BRRR?
- Posts 191
- Votes 21
Quote from @Eliott Elias:
What do you mean by loan practice? Hard money is the most common loan to take out for rehab & purchase.
You have a 6 month seasoning period before you can cash out refinance.
But you still have to put 20 percent down on hard money loan, so why not just use heloc to pay off whole thing since your getting that money back when you refi
Post: HELP. BEST WAY TO GO ABOUT FINANCING REHAB COSTS
- Posts 191
- Votes 21
Quote from @Greg Kasmer:
Eunice - I would suggest either a HELOC or private money in your scenario. It depends on what property you plan on obtaining a HELOC. If it's your own property that you live in, the process could go fairly smooth and be complete within 2-3 months. A HELOC on an investment property is another story. I've found very few banks willing to do a HELOC on an investment property, PLUS if you do, they'll likely have a lot more underwriting on the line of credit. The other option is a business line of credit - most banks will consider a business line of credit if you've been in business for 2+ years and can show revenue in the business from a tax standpoint (tax returns). Other than HELOC and business line of credit, I would then go to private money and see if a friend/family member/investor would be willing to provide short-term financing at some interest rate. Hope this helps!
Dont understand why banks will not give you a heloc, go into a bank and say you want a heloc , why do they care what you use it for
Post: My Expedited Portfolio Using the BRRR Strategy in Michigan (Scaling Single Family)
- Posts 191
- Votes 21
Quote from @Travis Biziorek:
Congrats, Darius. That's great success!
I did something similar in Detroit proper from 2019-2021 where I scaled from zero to 12 doors in those two years. I started with MLS deals but after the first two I was able to start sourcing my own off-market deals.
I found doing this allowed me to get houses even further below market rates and I'd be able to cash out more than just buying straight cash from the MLS.
Keep it up man!
How did you get 12 properties in 2 years, using brrrr method, and how much money did you start with
Post: What qualifies as a BRRRR?
- Posts 191
- Votes 21
Quote from @Natalie Klesaris:
Hi all!
My boyfriend and I are fairly new to the real estate game (4 doors) and for our next investment we want to BRRRR. My question is - we do not want to get in over our heads, so what do you guys qualify as a BRRRR? Can it just be cosmetic upgrades throughout? Does it have to be a complete demo? I know the more work we would put in, the more return we would get, but we want to start slow, and honestly the cash we would get at the cash our refi is not our priority as much as the cash flow we would be getting after the refi (at least on this first one LOL!)
Thank you in advance!
How did you require your 4 properties if you didnt rehab them
Quote from @Marc Dube:
is that payment interest only of fully amortized?
No clue, i dont think they said when i ask for info on it, sorry but whats the difference
Just wondering if there is any other places beside small credit unions to get a good deal, my state employees credit union offers heloc at 4.5 rate which is good but therer monthly payments for heloc is for every $1000 used its $12 a month, so 50k heloc would be 600 a month, didnt know if this was good or not for monthly payments or us there cheaper one out there.
Just wondering if there is any other places beside small credit unions to get a good deal, my state employees credit union offers heloc at 4.5 rate which is good but therer monthly payments for heloc is for every $1000 used its $12 a month, so 50k heloc would be 600 a month, didnt know if this was good or not for monthly payments or us there cheaper one out there.
Post: What is better investment property high rate HELOC or lower rate cash out refi
- Posts 191
- Votes 21
High rate heloc, what is considered high for you, i just checked rates at my credit union and its 4.5
Post: Help with finding a heloc for investment property
- Posts 191
- Votes 21
Why wouldn't they give you a heloc on your house, i thought that was easy , i just went in a credit union last week and they told me what i need and stuff, if you have equity in your home why wouldn't they you a heloc?
Post: Heloc vs private lenders
- Posts 191
- Votes 21
What is everyone opinion for doing brrrr method using heloc and private money lenders, seem like heloc is better because basically i would be the private lender using my heloc, PML charges like 10 percent, i could save that 10 percent by using heloc,