All Forum Posts by: Kaitlyn Beard

Curt Hale at PrimeLending is top notch. He is versed in all things REI and was even a guest speaker at the local REI meet-up a month or so ago about all the different options he can offer. (unfortunately I missed that one.) Sorry, I'm not much help in the way of property managers.

Hey Taylor,

I went through some old forum posts to find this. Are you aware of any local real estate investing meet ups in Abilene? TYIA

We meet the 1st Tuesday of every month at 4pm and 3rd Saturday of every month at 10am at Front Porch Coffee in Abilene (see calendar attached).

Thank you so much! I won't make it this weekend but will most likely come May 2nd. How will I know which group is you guys?

1 Vote

Dallas, Texas

Quote from @Taylor Smith:

Hey Taylor,

I went through some old forum posts to find this. Are you aware of any local real estate investing meet ups in Abilene? TYIA

0 Votes

Dallas, Texas

That's super exciting! How many doors are you trying to close on? I am currently doing my research for another multi-family property and it is fun stuff. Good luck with everything!

0 Votes

Hey all,

Fellow Texan investor here. I am wondering if you guys know of any reputable and reliable wholesalers around the Abilene, TX, area. The plan is to BRRRR a multi-family but want to get a killer deal. I am viewing my options for finding that deal to be bought right. If you know anyone, how was the experience and would you recommend? TYIA

1 Vote

Quote from @Andrew Postell:

@Tamera Muniz this seems like a property listed on the MLS? Usually we don't go that route with the BRRRR method. I mean, it worked years ago...and maybe the market is shifting enough to look at it now? But I think the right thing to say here is that we can't make the BRRRR work with properties that are listed "on market" for the exact things you are asking above. Who's going to take an offer on a great home for that much of a discount? Nobody. You can certainly try on it but the reality is you should be examining off market properties for a higher success rate.

Now you still might be able to put 20% down and negotiate a lower price than $299k - and that's fine if someone wants to go that route. But the main reason for the BRRRR Method is to NOT put 20% down because the average person doesn't have $70,000 just laying around! And even if you did that means you could only buy 1 property. So in order for me to buy multiple investment properties I have to use the BRRRR Method. It's hard to do...but the other route is IMPOSSIBLE! So which would I rather do - hard or impossible? Hard it is. Which means off market properties.

Hope all of that makes sense.

What do you recommend is the best pool of resources to find off market listings? All my properties have been low to no money down primary residences but I want to do my next deal quicker with the BRRRR strategy. My last property I got a fair deal on, and my numbers have worked out well but I was just lucky getting a good one on the MLS. Just doing some brainstorming for the near upcoming deal. TYIA

0 Votes

Denver, Colorado

Quote from @Jay Hurst:

Quote from @Kaitlyn Beard:

Hello all,

I am 3 days from closing. I had an issue with my 2021 tax returns and my CPA had to get them amended to be fixed. The underwriter said the 2021 tax return cannot be used as legible since its been amended. Keep it mind I already have thousands invested into the house I am 3 days away from closing on. My lender said I could co-borrow with someone who would be a potential partner. I have someone interested that I am really good friends with and share mentorship over finance over REI. For an official partnership, are there any partnership proposal documents you guys have to make this be presented as professionally as possible? Any recommendations or help would be nice. Time is ticking until closing!!! TYIA :)

@Kaitlyn Beard Yes, you have to wait 6 months after tax returns are amended to be able to use those returns to qualify. I guess the bigger question is why the LO did not know the income was not going to qualify earlier then 3 days before closing. For a primary residence you can get a non-owner occupied co-borrower to add income to the file. or, get a bridge loan (which we do) for 6 months so you can use the amended returns to refi at that point.

or, of course pay down debt or put more down to have the debt to income ratio's with you current tax returns work.

My LO ended up apologizing on his behalf, but he was fair and helpful enough to help me find a solution. I ended up finding a co-borrower who has been wanting to get into real estate, so we have the house now.

0 Votes

Dallas, Texas

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $165,000
Cash invested: $8,500

Purchased with a conventional loan, this property is being used as a primary residence AND being house hacked!

How did you finance this deal?

Conventional loan with 3% down

How did you add value to the deal?

Rehab! This property has new features such as brand new flooring, paint, took down popcorn ceilings, baseboards, countertops, etc.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, many! If you are curious, message me and I can refer you to them!

1 Vote

Quote from @Eliott Elias:

What kind of loan are you getting? Try DSCR, they won't ask for your tax returns

5% conventional primary residence

0 Votes

Dallas, Texas

Hello all,

1 Vote

Dallas, Texas

Another option you have is to house hack. You can purchase a property with a conventional loan at 5% down. If you wish, you can rent the rooms out and therefore be covering part or all of your mortgage. I have done this with 3 properties, and will continue to do so. After 12 months, you can buy another primary residence at 5% down and rent the first home. You can either live in the second home alone or continue to house hack and rent rooms out. This is a very beneficial strategy, especially for investors who do not have a large sum of money up front (20% down) for a property. I would definitely say pull the trigger though! As long as your numbers look right and you can afford it. I recommend Brandon Turner's book on "Real Estate Investing with No and Low Money Down." Feel free to shoot me any more questions.

Kaitlyn Beard

0 Votes

Austin, Texas

All Forum Posts by: Kaitlyn Beard

Kaitlyn Beard has started 22 posts and replied 103 times.

Post: Abilene TX - Lenders / Property Managers?

Post: Abilene TX - Lenders / Property Managers?

Post: Multifamily REI journey begins!!!

Post: Abilene, Texas: Reputable Wholesalers in this Area

Post: BRRR analysis help!

Post: 3 days from closing and having trouble with lender

Post: 3 Bed, 2 Bath SFH

Post: 3 days from closing and having trouble with lender

Post: 3 days from closing and having trouble with lender

Post: New to Texas, barely got 20%