All Forum Posts by: Joel Jennings

@Lawrence Dy thank you for the reply! I tried to go over this strategy with my mortgage broker when we purchased and didn't have much luck. The response I basically got was "yea that's a thing people do" and then he just moved on. Which is why I'm looking for recommendations for someone who is familiar with BRRRR investing.

@Nghi Le I am paying about $40/month in PMI so I never understood the aversion to it. When we originally purchased it made more sense to keep the 5% in the bank for renovations.

Thank you I will check that out! Aside from first hand experience I wasn't sure how to learn how to calculate ARV.

@Christen G. Zillow says the value has gone up $45,948. I’ve heard Zillow overvalues on its Zestimates but wasn’t sure by how much.

@Nghi Le thank you for your response! I had hoped I could BRRRR this property with some success. I realized that some of the improvements were made to make one of the units comfortable for us to live in long term and that we wouldn't get all of our capital back from refinancing. Doing the numbers now it seems my issues are that we 1) paid market value 2) paid 15% down making it harder to get the money back out considering the banks would only mortgage 75% of the value.

My goal is to successfully BRRRR the next deal. With that in mind what would you recommend?

@Christen G. Thanks for your response. I don't have a great idea of the ARV. We will get an appraisal after the weather allows us to paint the exterior. Our current mortgage is with round point at 3.25 so I don't think it is worth it to refi purely for the lower interest rate.

Hello, I have been listening to bigger pockets for almost 2 years now but this is my first time on the forum. About a year ago my partner and I purchased our first piece of real estate, a duplex in the Lincoln neighborhood. We did some renovations to the property before moving into one of the units and feel we are close to wanting to access the equity for our next multifamily purchase. Any advice as to what our next steps should be is appreciated! Refinancing vs HELOC? Referrals for mortgage brokers who work a lot with BRRRR investors? Or even like minded locals who want to say hi! Thanks in advance!