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All Forum Posts by: Elealeh Fulmaran

Elealeh Fulmaran has started 0 posts and replied 75 times.

Love the urgency. Here's a clean path I'd suggest use your 10–20% down to house hack a small multi or a single with ADU/room-rent potential. Get preapproved with both a local bank/credit union and a DSCR lender to compare terms. Tighten your buy box where rent-to-price actually works—if upstate SC is tight, widen your radius or look out of state. Run every lead through a simple cash flow calculator with conservative numbers for taxes, insurance, maintenance, PM, and vacancy. If day-one cash flow is thin, look to add value (light rehab, bill-backs, better unit mix) or pivot to creative terms with a seller or private lender—while still keeping some of your own money in for credibility.

The math is definitely tight in a lot of zip codes right now—especially with retail prices, higher rates, and full PM fees. But cash flow isn’t dead. Long-term rentals still work if you adjust: widen the buy box to markets/submarkets with better rent-to-price ratios, focus on value-add to force equity and lift rents, and use creative capital (seller terms/private money) to bridge into stronger long-term financing. Be okay leaving a bit more money in or taking thinner day-one cash flow if the four pillars—cash flow, debt paydown, depreciation, and long-term appreciation—pencil over 3–10 years. If upstate SC won’t hit your numbers, go where the numbers do, run a strict buy box, and aim for solid singles instead of chasing “perfect” deals.

With that equity and contractor bench, a smart next step is talking to a local bank or credit union about a cash-out refi or HELOC on the two-homes-one-lot to create a flexible line for down payments and rehab. Pair that with a rehab-friendly loan or private money for speed, then roll into a DSCR or conventional refi once the property is rented. Keep title/LLC simple early on—many lenders prefer starting in your personal name for best terms, then you can deed to an LLC later (always confirm with your lender and attorney). To scale, dial in a tight BRRRR buy box, begin with light rehabs to test systems, track every dollar in separate accounts, and build out the "core four" (agent, lender, PM, GC). Having two backup private lenders with pre-papered notes and wiring instructions adds extra speed and security.

Speed is more about systems than lenders. Keep a stack ready—private lenders pre-papered, a hard money line for fast closes, and a HELOC/LOC for earnest money and draws—with the refi route set before making offers. Biggest delays usually come from title clouds, appraisals, and slow draw processes, so opening title and ordering appraisal on day one, plus working with lenders who fund draws quickly, helps a lot. When the deal is solid and docs are prepped, money moves fast.

Congrats on getting started! If you're light on cash, I'd suggest leading with an owner-occupant strategy (like FHA or house hacking) to keep the down payment low and learn the process. Another option is pairing a small private loan with a rehab-friendly product, then refinancing into conventional or DSCR once stabilized. Keep rehabs light at first to lower risk and test out your contractor and PM before scaling.

To build credibility, put together a simple one-page deal story that covers your buy box, numbers, exit plan, and risks with mitigations. Line up your core four (agent, lender, PM, contractor), and give consistent updates so people see you executing. Work funding and deal flow in parallel: secure soft capital options and have a lender conversation now, then double down on finding deals within a tight buy box. Real commitments show up when you bring a viable deal.

My suggestion is to hire a property manager sooner rather than later. Self-managing is valuable for learning the basics, but it quickly caps growth and pulls you into tenant and maintenance issues. If you're local with just one door, try running one lease cycle yourself to learn and document your processes, then hand it off. But if you're investing long-distance or planning to scale, hire a manager now and focus on managing the manager—set clear approval tiers, review monthly statements, and request photo proof on work. Your best ROI will come from finding and funding deals, while a good PM quarterbacks the day-to-day.

You're right—BRRR has more moving parts. Keep it tight with a five-check "BRRR math":

  1. Buy: Max offer = ARV minus rehab, minus profit/equity buffer, minus all costs. Use comps you'd bet on.
  2. Rehab: Scope needs vs wants; add a contingency; tie each line to either rent lift or ARV lift.
  3. Rent: Pro forma with today’s realistic rent, not best case; include true expenses and reserves.
  4. Refi: Model two terms scenarios; check seasoning and expected LTV so you know how much cash you can pull; stress-test rate and appraisal.
  5. Repeat: Ensure you still like cash flow after the new loan and you’re not overlevered.

Use a simple spreadsheet: inputs for ARV, purchase, rehab, holding/closing, rent/expenses, and refi terms; it spits out cash left in, cash flow, and ROI.

Keep it simple: 30–60 minutes a month if you update as you go.

What matters: track income/expenses by property, attach receipts, separate repairs vs CapEx, bank feed or easy import, P&L by property, Schedule E export, mileage.

Setup: separate checking/card for rentals, one folder per property per year, a monthly “close” checklist to reconcile and tag.

Needs from 1 to 3+ doors: same basics—just more volume; discipline beats features.

$13k can work if you pick the right path. A few options:

  • House hack a 2–4 unit: low down with owner-occ loan, live in one, rent the rest. Talk to a local lender this week about programs + reserves.

  • BRRRR lite: buy livable, do light work, rent, then improve during turns and refi. Works best in affordable, cash-flow markets.

  • Partner or seller help: bring the deal/sweat equity, let a partner bring extra cash, or use seller credits to reduce your outlay.

Simple 7-day plan:

  1. Pick your lane.

  2. Get pre-approved.
    3–4) Line up an investor-friendly agent + PM.
    5–7) Analyze 20 listings, tour 2, make 1 offer.

You don’t need perfect, just your first win. What city are you aiming for?

Post: Interested In getting into real estate

Elealeh Fulmaran#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat ContributorPosted
  • Specialist
  • Posts 77
  • Votes 32

Efrain, if you’re aiming for a 4-unit house hack with low cash, here’s a simple path:

  • Talk to a local lender this week about owner-occupied 2–4 unit loans, down payment options, and reserves. Get pre-approved.

  • Set a tight buy box: 2–4 units in a safe working-class area, livable as-is or light cosmetic work, and rents that cover PITI.

  • Build two key contacts: an investor-friendly agent and a property manager to sanity-check rents and areas before you tour.

  • Reps matter: analyze 10 listings, tour 2, and make 1 offer. Use inspection to renegotiate or walk if needed.

  • Bridge the cash gap with seller credits, disciplined saving, or a small partner (keep terms simple and written).

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