All Forum Posts by: Mitch Larrivee

 That's great. Talking to them will help. The good ones always seem to be a wealth of knowledge. I have only done renovation projects while living in the home and then sell after a few years. 

Late last year bought a few rentals with tenants already in them. All I can really say is I am 100% going to buy cheaper and rehab all the units next time. I've been hit with a constant stream of repairs on the duplexes I bought. Definitely negative cash flow on it.. So the way I look at BRRRR is I'm just looking at it as buying a rental but giving myself the chance to (1) buy cheap (2) fix everything so there are no unexpected costs and then (3) now that I have a beautiful, newly maintained property I can refi some cash out.

That said, I have not done a BRRRR yet so I'm right there with you on some of the nuisances. But I hope this helps calm the jitters a bit. BRRRR definitely is the smart way to go.

Not an answer to your question, but man am I curious how you networked with hedge funds to begin with!

Have any of you paid for a program or a coach that you would recommend?

First off let me tell you about the coaching for realtors. My wife is a full-time agent and joined Mike Ferry's coaching program. It is incredible the level of support and training. It's mind-blowing how many people are committed to that program and are selling over 100 homes a year. Watching this happen and what it's doing for her career in a matter of months is making me jealous lol. 

I started looking for something similar in the investing (particularly BRRRR or rehabbing). Everywhere I look it seems like it's just another turd guru. I've been to the local investing groups and it's mostly inactive people. Makes sense, if you're busy making money you probably aren't going to many meetings.

So, I'm curious, have any of you paid for a program or a coach that you would recommend? Please only respond if you have actually paid for a program of some kind.

Following this.. thanks for posting! Would love to hear updates as you go through the full BRRRR process.

I'm curious if you have talked to any contractors yet or you have and they don't want to give estimates? 

Good luck!

 100% agree with this! The process is the same, just at a higher price point. It might be harder to save up for the $ down plus a little cushion. 

Another advantage is equity building. Would you rather have 10% equity growth on $100k or $1M?

Hi! Welcome :) 

 Yes! Tons of it. For the past year or two new developments would sell out before breaking ground and had 100+ people on their waiting lists. That has now slowed down, but new projects are continuing to launch. Most of this is happening in outskirt areas like Clermont, Kissimmee, Lake Nona, etc. 

Thanks, makes sense. Do people normally hold the property under their personal name during the renovation period as well? I imagine this would avoid any hiccups/confusion with underwriting. I can only imagine the number of questions coming through if my LLC transferred ownership to me and a week later I'm trying to cash-out refi.

Also, that'd be a lot of title transfers.. LLC for initial purchase & renovation > personal for loan > back to LLC for holding.

Tier it. 

Put yourself in their shoes. They likely don't have that much extra cash every month right now, so a jump like that and they'll start looking for something else, or worse they'll become terrible tenants. You're better off letting them know you need to increase to market rent but you'll gradually increase it. It will give them time to prepare. How much and how often is up to you, but you should be fair here. 

Looking at protecting myself as much as possible, I want to buy (hard money most likely) with an LLC. When you go to refi out, do you normally xfer ownership to your name so you can get a conv. loan? Or do you normally look at other methods, like commercial loans, that allow for a business to own?