All Forum Posts by: Danny Mittler

@Danny Mittler how does the property simply appreciate from an initial 200k purchase price to 350k? Your friend's lender is only going to lend on the appraised value of the home. This is pure speculation.

Is my house I can post it for sell for any price I he will by it from me for the high price so we can refinance and got that amount from the bank

False. Not with an FHA loan.

Okay good to know learned something new

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Originally posted by @Michael Dumler:

Is my house I can post it for sell for any price I he will by it from me for the high price so we can refinance and got that amount from the bank

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Hey I got an idea I’m sure someone think about it before but not sure if is possible

If I find a property for 200k I put a down payment 3.5% is $7,000 plus all closing cost let’s say $15,000 from my pocket

Then I list the house for sell for $350,000 even if the ARV is much less

My friend will buy it from me and also will take a FHA loan and put 3.5% plus all closing costs is about $20,000

So he covered my old loan plus I got extra $150,000 cash

He owned to the bank $330,000 he will refinance it for 75% and get $247,500 and we got the $150,000 both together is $397,500

We can cover the $330,000 mortgage he got and will leave us with $67,500 profit

I don’t know if is possible maybe missed something or is ilegal

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Hey I would like to know if I find a deal from a wholesaler can I use FHA loan or only cash ?

Thank you ! :)

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Originally posted by @Andrew Postell:

@Danny Mittler thanks so much for posting. We certainly hope you are enjoying the Bigger Pockets website and encourage you to keep learning as much as you can. I think I can break this down a little for you if you don't mind.

When purchasing your own primary home you have TONS of different loan options. Maybe you'll have a 5% down option. Maybe a 3.5% down option. Maybe even a 3% down option.....and a lot of times if you are a first time homebuyer you can even take advantage of some down payment assistance programs that will let you bring even less to closing. Sometimes pretty close to $0. Home ownership is pretty difficult but a primary home gives me options.

However, when it comes to buying an investment property my downpayment options BEGIN at 15% down. That's a HUGE difference. And my "options" only get worse from there. 20% down and sometimes even 25% down. That's nearly impossible for the average person to save. And that's why the BRRRR method is such a good technique. it makes owning an investment property a possibility for the average person.

So if you are buying your own primary home you might have a lot more choices that make it a little easier to accomplish. I hope all of this makes sense.

Hey Andrew thank you so much !

I still don’t have my question here sorry I’m trying to figure it out ..

I found duplex in my area in good condition posted for $365,000 for sale
If I'll take FHA loan rent one unit it will definitely will not cover my mortgage and also if I'll clean and fix some cosmetics needed, after one year if I'll try to do finance the amount that the bank will give me will not cover the first loan and I will not have an extra cash for the next brrrr property

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in most cases in duplex for example one unit will not cover my mortgage I guess and I will have to find a really really cheap multi family so after one year I’ll be able to refinance and cover the old loan and have some extra cash to get another property …

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Hey I’m 21 years old I live in Hollywood Florida I saved so far $30,000 and I searched up how to get in to real estate and start buying my first property

I heard about the popular method called BRRRR I saw YouTube videos and read a lot about it on google and it's interested and it's maybe will work for me

But in most cases I saw in the videos people rent them after the renovation

In my case I have to get an FHA loan and this require to live there for at least 12 months before I can rent it to someone else and make some cash flow

- Is there any better ways to do that or any recommends for newbie like new ? ;)

- should I live there for 12 months then move out and rent it ?

Thank you !

2 Votes

Originally posted by @Danny Mittler:

Hey I’m 21 years old I live in Hollywood Florida I saved so far $30,000 and I searched up how to get in to real estate and start buying my first property

I heard about the popular method called BRRRR I saw YouTube videos and read a lot about it on google and it's interested and it's maybe work for me

But in most cases I saw in the videos people rent them after the renovation

In my case I have to get an FHA loan and this require to live there for at least 12 months before I can rent it to someone else and make some cash flow

Is there any better ways to do that or any recommends for newbie like new ? ;)

Thank you !

1 Vote

Hey I’m 21 years old I live in Hollywood Florida I saved so far $30,000 and I searched up how to get in to real estate and start buying my first property

I heard about the popular method called BRRRR I saw YouTube videos and read a lot about it on google and it's interested and it's maybe work for me

But in most cases I saw in the videos people rent them after the renovation

In my case I have to get an FHA loan and this require to leave there for at least 12 months before I can rent is for someone else and make some cash flow

Is there any better ways to do that or any recommends for newbie like new ? ;)

Thank you !

1 Vote

All Forum Posts by: Danny Mittler

Danny Mittler has started 11 posts and replied 19 times.

Post: Is it possible to cheat the system ?

Post: Is it possible to cheat the system ?

Post: Is it possible to cheat the system ?

Post: BRRRR method using wholesalers

Post: Would like to buy my first property by using BRRRR method

Post: Would like to buy my first property by using BRRRR method

Post: Would like to buy my first property by using BRRRR method

Post: Would like to buy my first property for using BRRRR method

Post: Would like to buy my first property for using BRRRR method