All Forum Posts by: Darrel Hernandez

@Andrew Postell yes absolutely. The person I am speaking about mentioned not necessarily to refinance the whole ACV just enough to pull your money out and then do a HELOC for the rest to use for the next project.

@AJ H. Thanks for the reply. Makes sense.

Hello all! I was speaking to an investor I met regarding the BRRRR strategy I was planning to do a propert I just picked up and he mentioned he does this process with a slight difference, he doesnt refinance!?!?!?! After my initial shock he explained that instead of refinancing and paying closing costs etc. He instead pulls a HELOC on the property instead, so that he can continue to get higher returns through rent until he is ready to purchase the next property. Does anyone else do this? Is their pros/cons to doing either?

I'm looking for a contractor to complete a full gut rehab on a 2 unit building in Chicago. Would like to start early September. Contractor must have references, be able to pull permits and preferably be an investor themselves.

@Tom Casey thanks for the info. He actually reached out to me as well. I look forward to the next meet up

@Michael J Scanlon it was not a house hack. It was a property I acquired with a partner. I put up some cash and manage the property. House hacking is a bit difficult for me as a have a wife and kids making it hard to move around often. I like the BRRRR method as it can allows to "recycle" money. I have a decent size cash reserve but definitely not enough to purchase a property cash in our market, so I will need a hard money lender. I also have some friends who can potentially put up some cash. Now I am not apposed to house hacking my next deal but I don't see myself doing it more than once. Plus I do own the condo I am currently in, which I can leverage to fund my next purchase as well.

Hello! I am new investor in Chicago looking to connect with other like minded individuals. I currently own a 2 unit building and looking to purchase my 2nd property. I am most interested in the BRRRR method however, as a new investor I am open to other forms of REI. Looking to to collaborate, bounce ideas of each other and possibly partner. Mainly I'm looking to surround myself with more RE Investors. As the saying goes, "You are the average of the people you spend the most time with"

Tom, thank you! I will  take a listen amd reach out to Brie when things are more clearer.

Alan, thanks for the reply. I guess I never thought about thinking about it as a live in flip. That is a very good way to look at it.

@craig Curelop.  Thanks for the reply. That makes total sense. Most of the properties i have been analyzing have a potential to live rent free. I am looking in an up and coming C class area so I have no doubt there will be good appreciation. The good news is I plan to rent the condo that I am currently in and as it stands it should cashflow about $300 a month! Thanks again for the reply