All Forum Posts by: Joel Hutchinson

Hi Zack Westerfield, 

Sound like your overall rehab cost is similar for flips and BRRRRs. Thank you for the detailed and helpful response!

For those of you who do both BRRRRs and Flips, do you rehab them in the same way? If not, what is the difference in the way you rehab BRRRRs?

Hi Cordarius Smith,

This is a pretty good place to start. BP Podcast 50: Getting Started and No Money Down House Flipping with Mike Simmons

Hi Rena Barron & Matthias Cannon,

I have all the help I need right now, but thanks so much for your interest! 

You can find a fantastic Podcast on Subject 2, Lease Options, and WRAP mortgages here: BiggerPockets Podcast 070: From Zero to Hundreds of Deals in Under Two Years with Grant Kemp

Thank You Joe S and Dennis Wayne for the great feedback. Sounds like simply flipping a contract is the best way to go. 

Thank You Joe S,

Eventually my goal is to do buy and hold rentals, although I'm also considering the strategy described by Grant Kemp in Podcast 70 that involves controlling a deal for 60 days with a lease option, finding a new buyer, purchasing the property from the seller with subject 2 or owner financing, and then selling the property to the new buyer with a new WRAP mortgage. It's essentially a form of mortgage arbitrage, and because the deal is controlled with a lease option, the downside is limited if you can't find a new buyer. And this (podcast 70) is why I raised the question about wholesaling. If lease options, with nearly zero downside, can be used in these complicated subject 2 and WRAP mortgage arbitrage deals, is anyone using them in wholesaling? Or am I just missing something here??

I'm assuming most wholesalers use purchase contracts, but does anyone use a lease options to control the deal and then look for a buyer?

Hi David Goldenburg,

I have not purchased a vacation rental yet, but I think it is reasonably to buy an investment property out of state before your personal residence. Just make sure to do your homework. 

Some resources you might find helpful include:

• Out of State: A Practical Guide to Long Distance Real Estate Investing

• Airbnb website, airdna for estimating vacation rental income
• Mashvisor allows you to directly compare vactation vs traditional rental income estimates. 
• NeighborhoodScout.com for researching neighborhood Rent/CMV ratios & crime rates, etc.

Best of luck!

Thank You Karrie! I will contact you by DM.