All Forum Posts by: Isaac El

@Jason D. Got it, I was coming to the same conclusion but was not sure, because I figured anything that was good flip has to be good BRRRR. Deff can not buy less than $400k in that area, but maybe if I dont mess with a big renovation and can cut renovation. Even If I did a reno for $50k (left configuration the same and touched up where needed, instead of full gut renovation) still not really cash flowing...

Hi, I have been listening to and reading a lot about BRRRR and I am all for it, have been looking for property to fit the model for a long time to get started out. I found a property that I was planning on fixing and flipping, but thinking instead to BRRRR this way I can keep the property because huge upswing. I have been trying to crunch the numbers over and over to see what works better. Would appreciate if some of you more experienced investors can look at this and give me your feedback.

Here are numbers:

2 family property

buying property for $400k, ARV $700k house needs $150 - $170k in work. - thats fix and flip

BRRRR

buying property for $400k, ARV $700K, will try to save in renovation but will still come out to about $140k

each 3 bedroom apartment in area is going for $2,300/month (confirmed with rentometer and local listings) Taxes are $5,300/year

so what I did was $2,300/month each unit = $4,600/month

75% of $700,000 = $524,250 at 4.25% = mortgage payment of $3,943.82/month

When you add water, tax, insurance, maintenance I am getting another $1,138.75/month

so in the end you negative cash flow ($482.57)

I know the property is being bought at the right price, compared to location, but can that be possible where a property makes sense as fix and flip and not as BRRRR?

Anyway to make this work out as a BRRRR?

@Connie Chan thank you so much typically how much do you need to put down for example property I’m looking at goes for 750k and needs another 125 in work 

@Jerry Padilla  thank you Jerry

I am new and looking to buy my first long term rental, something small looking 2 - 4 fam.  Question is generally how much money do you have to put down? Or would you recommend to put down?

Give a man a fish and feed him for a day, teach a man to fish and you feed him for a life time!

@Lydia R.  got it, so now that I know what bird dogging is, I do that when I go driving for dollars, I get the owners information through research and skip trace, where I get stuck is I suck at getting a deal closed, this is where all my deals die, can you PLEASE give any advice, sounds like your very successful converting the leads to closes.

@Lydia R.  hi I am newbie here and trying to learn as much as possible, what’s bird dogging?

@Tiffany Spann @Guy S.  Right now my lead source is, I literally drive all the streets of neighborhood I want to invest in and take down adresses of the houses that are falling apart or abandoned, then I look into public records to try to find numbers, 

don't know if this is the best system, but thats what I am doing right now.

@Kevin Whisler @Guy S.

I really appreciate the feedback, and will use this advice make a lot more calls, get straight to the point, like they say every no you get, gets you closer to a yes.  Part of it is I also haven't closed any deals like this, once I get one I know it will build my confidence.