All Forum Posts by: CJ Berina

Hi everyone, I wanted to pose a question. My main goal is to get into my first deal so I can start building cashflow and get started on the path to financial freedom.
But basically I have about $10k saved up for real estate. I'm not sure what to do it with. 

My options are 

1.Invest in a Duplex in out of state using a Hard Money Loan and BRRR it. (Worst scenario would be no BRRR and just do a rental, but I prefer to BRRR it) the property would be around $50k-75k in value. I would be putting in 10% of the purchase price. The property would probably cash flow around $400-600 per month. I would be trying to purchase before the end of the year. Mortgage after refinancing is usually around $350-550 per month. HML to cover construction.

or

2.Save up for a House Hack out here in the Valley around $500-550k. It would take me another 6-7 months to be able to afford the downpayment + some change. The ideal house hack would cashflow $500-1000 depending if I find the right house that could command justify the rents.

or

3.Something else you recommend? I'm open to other strategies too. Maybe buy the house in Milwaukee let it cashflow for 6 months, sell it when I'm ready for the househack, wait for the downturn, etc.

Let me know your thoughts and what you think I should do. 

@Ian Schwartz @Teo Risquez @Luis Vaca if any of you can't make it, just send me a message and I'll add you to our invite list each month. 

https://www.facebook.com/groups/1594313010628213 - Here's our Facebook group to stay connected

@Jolene Blazey maybe we could add that to the future event posts, for them to just message me if they want to get on our monthly invite list and we'll send them a reminder. 

@Will Barnard can you message me your number and email? I'll add you to our monthly list. 

Can't wait! 

@Craig Jeppesen Thanks for the advice Craig! Greatly appreciate it. 

Yea the fact that they were open to seller financing and could get me a nice BRRRR cashout was tempting. I'll try that and see what happens. Thanks again!

@Justin Sellers you can send me deals.

I haven't done a deal yet, but based off my personal knowledge... I think it's the following (but please do your own due diligence) 

What type of inspection periods? 14 day 

What properties are NOT good for wholesaling (considering there is a motivated seller)?  I think they're all fine. 

Possible threats to me the wholesaler? Just keep your earnest money deposit low. If you find a good deal, the money will follow. 

Would a title search be needed to ensure that the property is a prime property for wholesaling? Not too sure, but I assume a deal that can't go through, won't go through anyway. Maybe just make sure there is equity in the property. 

Also best source of education for wholesaling.. I like Cody Sperber. Flip2Freedom is good too. 

Hey BP forums, 

So I'm trying to get my first deal done, and with little capital, one of my options is seller financing. I I found a deal that I could BRRRR... but the property taxes are so high, that the property won't cash flow each month. I will basically break even or just lose $30 a month. But I could allow the seller to seller finance it, and get the value to $60,000 appraised for a $42,000 cash out refinance. Pay the seller the remaining $21,000 on the note. Then use that money to buy another deal. Is this a good deal to do? Or should the fact that it doesn't cashflow be a red flag?

I like it because it will put me into my first deal where the seller is willing to seller finance, and with the cashout refinance it will launch me into my 2nd deal. I don't like it because it doesn't cash flow, and in some cases might lose $30 a month or so, which won't help me if I need to pay for large repairs. 

What are your thoughts?

@Taylor Debs no worries, I'm sure you'll get one soon. 

Thanks for the info on the program! 

@Taylor Debs did you buy that property yet? And what are the programs that you're speaking of?

@Marcus Auerbach can you send me some WI lenders too?