All Forum Posts by: Justin Franklin

@James Dulude did you ever find a Detroit portfolio lender ???

@Paul Defngin hey Paul, thanks for the quick response. It’s a total of 6 properties. I can come up with the 25% down, just unsure on weather or not to proceed individually or blanket Mortgage - no experience there.

Maybe hard money to make the purchase and then find a lender that will do a blanket loan?

A trustworthy wholesaler just brought me a package deal with multiple properties on one street....advertised as a retiring landlord looking to cash in and actually retire.

My offer will be ~$285k. How can I purchase multiple properties through conventional loan(s)? Will I be able to bundle? Local credit union or big bank??

@Frank Patalano great question frank. For me, it’s fear of overpaying and buying a dud. I live in California so I’m looking to buy/hold/rent out of state. I just keep analyzing..

@Michael Harris I’m also an investor based out of LA looking to invest in Detroit. I’d love to connect and share some best practices.

Thanks @Federico Gutierrez - That’s a great perspective. I haven’t even looked at it that. Do you have any leads and/or contacts for finding properties in Cleveland, or recommendations on zip codes?

Thanks @Tchaka Owen my numbers at the bottom are hypothetical. Being wary of the out of state rehab process, I guess I’m asking if those numbers are actually feasible.

Should've titled this "Can I BRRRR with $60k cash" -

I'm considering growing my real estate investing career using the BRRRR strategy. I've started the process to get a $60K HELOC from equity in my first investment property. My question is...is that enough to start the BRRRR process and invest/fix up a property in an area that wouldn't give me a headache?

Based off of my math, below are the numbers. Would they work? Is this enough to get started? If so where?

I've done some homework in Cleveland and Detroit, but I'm still unsure of the rehab and ARVs in these areas...I live in CA:

Property Value: $280K

Mortgage #1: 165K

MAX HELOC (based off Pen-Fed 80% CLTV): $60K

Property purchase price - $25k-$35k

Rehab costs - $23k - $35k

Thanks everyone! Excited to start this conversation. I hope it's engaging and helpful for others as well.

I'm considering growing my real estate investing career using the BRRRR strategy. I've started the process to get a $60K HELOC from equity in my first investment property. My question is...is that enough to start the BRRRR process and invest/fix up a property in an area that wouldn't give me a headache?

Based off of my math, below are the numbers. Would they work? Is this enough to get started? If so where?

I've done some homework in Cleveland and Detroit, but I'm still unsure of the rehab and ARVs in these areas...I live in CA:

Property Value: $280K

Mortgage #1: 165K

MAX HELOC (based off Pen-Fed 80% CLTV): $60K

Property purchase price - $25k-$35k

Rehab costs - $23k - $35k

Thanks everyone! Excited to start this conversation. I hope it's engaging and helpful for others as well. 

Should've titled this "Can I BRRRR with $60k cash" -

I'm considering growing my real estate investing career using the BRRRR strategy. I've started the process to get a $60K HELOC from equity in my first investment property. My question is...is that enough to start the BRRRR process and invest/fix up a property in an area that wouldn't give me a headache?

Based off of my math, below are the numbers. Would they work? Is this enough to get started? If so where? 

I've done some homework in Cleveland and Detroit, but I'm still unsure of the rehab and ARVs in these areas...I live in CA: 

Property Value: $280K

Mortgage #1: 165K

MAX HELOC (based off Pen-Fed 80% CLTV): $60K

Property purchase price - $25k-$35k

Rehab costs - $23k - $35k

Thanks everyone! Excited to start this conversation. I hope it's engaging and helpful for others as well.