All Forum Posts by: Danielle Wolter

Welcome @Charity Thomas! I am also a new investor looking at the Memphis market. Congrats on almost closing your first deal! I'm sure it's very exciting. I haven't made my first yet, but hope to in the coming months. Good luck and if you ever want to chat real estate in Memphis, let me know!

Welcome to the community! I'm pretty new myself and these forums have been such a wealth of great information. 

I'm in the same boat as you. I am going to start using the BRRRR method to acquire properties. I'm not an expert, but I know I will be asking these questions:

1. What is the seasoning period, if any? Some lenders will require up to a year which makes it more difficult to keep buying properties;

2. How much will they lend. A lot of lender will only lend 70% LTV. But call around and see what you can get.

3. Do they offer delayed financing (this can be an option to get your money out sooner).

I'm also interested in what some other people have to say too!

Welcome @Kasey Gillis! I am a newer investor as well and have found a wealth of knowledge here already. That's great to be good at networking, that can really help launch your career. And I do agree with some others, the education (books, podcasts, etc.) are wonderful, but really nothing beats learning by doing. Good luck!

@Dejuan Calloway I am actually in the process of getting a HELOC on a rental property. I contacted my regular lender first, and he couldn't do it but gave me the name of a credit union that would. I would recommend calling around to local credit unions. Mine will only give me 70% LTV, but that's pretty typical. I don't know if the interest rate is higher than a HELOC on your personal home, but I am personally against taking a HELOC against my home. I try to keep business and personal separated in case the s*** hits the fan.

Thanks @Ali Boone! I chose those markets just based on research of unemployment rates, employers, average rents and home prices, future population growth and just reading about different markets here in the forums. My goal for the next few properties at least is cash flow, hopefully creating some equity through brrrr as well.

I plan to work on building a team in whichever area I decide on. Obviously, it will take some time to get the right people, but I don’t expect the first couple of deals to go perfectly. I know it’s a huge learning curve, but I’m willing to put in the effort and take a few hits if that’s what it takes. That’s why I still have a day job! 

Thanks for the tip @Bevla Reeves!

Thanks so much @Patrick Allen! I do love Tucson - it's such a beautiful town. If I decide on Tucson, I'll definitely be in touch!

Thanks @Jack Butala!

Thank so much @Justin Windham!