All Forum Posts by: Chris Stonestreet

Thank you! This is a mini BRRRR. We did cosmetic rehab, then got the tenant in August 1. We are now working on the cash out refinance and expect to get between 60-70 percent of our down payment/rehab money back.

I just wanted to share my first real estate investment deal with the community in hopes of inspiring someone else who is waiting to pull the trigger. I purchased a SFH in Newnan, GA (suburb of Atlanta) after 3 years of listening to BP podcasts, reading every book and blog post, and becoming a pro at analyzing deals. 3 YEARS!! Which I can honestly say now it feels like a wasted time. My life would be completely different if I would've taken action earlier but of course that is with hindsight.

The lessons I have learned have been absolutely invaluable but I know I still have a ton to learn and I'm hungry to move on to the next one. I hope this can inspire one person to take action!!

 Thank you for taking time to respond. However I’m not trying to be “silly.” My goal is to take my current primary residence and make it a rental. The vacancy rate in my town is around 3% and the neighborhood I’m in is one of the most highly desirable neighborhoods in that town. The estimated rental income would leave me cash flowing 700 dollars a month after taking all expenses including maintenance and repairs/capes into account. While I understand leveraging more is a risk, it feels like a very low and calculated risk based on the numbers I’ve run. In order to get my rental portfolio moving forward and grow my income I may have to take a few calculated risks so I’m trying to see all of my options and this is just one avenue I am exploring. 

Hey everyone, 

My current primary residence is financed through a private loan with a family member and does not show up in my credit report. If I go to purchase a new primary residence or investment property, will I need to report this loan or not? My plan is to buy a new primary residence and rent this current house out, but my DTI would not qualify for much of a new loan if this private loan counts. I hope that makes sense and thank you for the help!

Welcome to BP! I'm also a newbie investor looking for my first rental property in Newnan. Best of luck to you and hope we cross paths some time.

@Richard Kapela thank you for reaching out! Unfortunately I will be out of town for the next Southside EEE meeting but I am sure I will catch you at the next one!

@Colton Seamon thank you for reaching out! I look forward to connecting with you more as I learn more about the Newnan/surrounding markets!

Thank you! @Jean-Paul Robichaux

@Tiffany Vogel thank you for the advice! Do you know when the next meet up is or where I can find the information?