All Forum Posts by: Derrick Matter

Carlos,

Thank you for the quick reply.  I am trying to avoid a lengthy seasoning period with a traditional mortgage. It seems more appealing to me to get a quick cash out refi using hard money.  In your experience is this normal?  Hard money loan that gets transitioned into a cash out refi with a traditional mortgage, post rehab?

Am I off base with this?  Wouldn't it take at least 6 months to get my cash back out to go to the next deal with a single, traditional loan?

I am based in the Chicagoland area; Northern suburbs.

Thanks again.

Good afternoon BP,

I am seeking some advise to get started in BRRRR investing. I am hoping someone can offer some advise on how to approach my first deal, and hopefully subsequent deals, financially, using the scenario below as a starting point. I have read several of the BP books as well as a few others. I have met with a CPA and am working on building some portfolio of vendors and contractors that I have used/will use on any projects in my area.

- 80k cash saved
- Great credit
- Great Job in Commercial RE and Construction with low DTI
- Already own a Primary residence but in my wife's name

Looking at BRRRR properties for less than 150k to start.

Any input you could provide on what sort of financing I should look for (loan types), how much to reserve for rehab costs, and how much I should put down of my own cash.  Is there a sweet spot using these stats understanding rehab can be a big variable.

I appreciate any thoughts you could provide to get me moving in the correct direction. I'm anxious to start vetting properties but keep getting stuck on how to structure the money to get the best (maybe fastest) turn on my investment.