All Forum Posts by: Margaret Hill

@Jody Sperling Hi Jody! We are pretty attached to our current residence and likely won’t be moving in the near future, however we have been slowly completing some home improvement projects to build up our equity for when that time does come. It would probably make a good rental, but it’s also in a rural area and I’m not sure what the demand is for that kind of property.

Good morning BP!

I am a new investor trying to figure out an innovative way to fund my first investment property due to a lack of capital. I currently live with my boyfriend in a house he owns, and I have been told by several people that I should purchase my investment property as a primary residence in order to have a lower down payment. Instead of living actually there I rent it out and my lender would be none the wiser.

My question is whether this is legal? How would this work with needing to report the rental income on taxes? Should I go for it or is it too risky?

@Michael P. Hi Michael! I am definitely open to other neighborhoods and have been searching, but it seems Point Place is the most decent neighborhood for my price point.

@Dave Poeppelmeier thanks for the reply! Right now I am planning on using a mix of sweat equity and contractors. I have a general idea of what flooring, paint, and landscape will cost and already have a floor guy I plan to use. I plan to work with a realtor but I still need to secure my funding, so once that is set I will be reaching out.

Have you personally gone through the BRRRR process before? The biggest con I see is how the refinance can negatively affect my credit, especially since this would be my first home purchase ever.

Hello everyone! I am a new investor in the Toledo, OH market who has spent the past year reading, listening to podcasts, and browsing forums in order to learn as much as possible about the world of real estate. I feel that I have more learning to do, but I think I’m ready to jump in and finally pursue my first deal!

I'd like some experienced investors to poke holes in my strategy and give me some points to consider so I can try to do this thing right. My biggest sticking point at the moment is a lack of capital, so I am going to attempt to BRRR.

Here's the strategy: find a property requiring some light rehab (floors, paint, kitchen cabinets, landscaping) in the Point Place neighborhood for <$60k. Use a private lender for the entire purchase price + rehab costs (~$10k) for an all-in cost of $70k. Rehab in ~3 months to achieve an ARV of $100k, then rent out the property for the required seasoning period before refinancing to a bank for worst case 75% LTV ($75k). The refinance will be used to pay off my remaining debt to the private lender and the equity goes toward my next property. I am wondering if investors familiar with the area think these numbers are achievable?

Please let me know your thoughts. I’ll take all the advice I can get!