All Forum Posts by: Nate Sanow

Good stuff!!! Thanks for sharing. Cheers to your success… what’s next? Do you do these deals often? 

The only way I see that being possible is if your HELOC pays off the first position loan, and instead of having that loan, you have a new loan, being the HELOC. If the existing loan does exist, it is in first position, and won't give up first position unless paid off or refinanced.

Someone in 2 years will say “I wish I bought something when those rates were high and competition was low.”  Hopefully, it is as few of us as possible.  

Do you own something free and clear? That is the only way I can think of a HELOC being a first position. Otherwise, by default, a HELOC would always be 2nd position, to my knowledge.

A true textbook brrrr means 0% money is left in the deal. Even if rates hit 9% someone else pays for it, the tenant. The ROI is on 0, which makes it infinite. The fundamentals of brrrr really are my favorite thing. I get that it's not easy to find everywhere but if it can be found, why wouldn't you get something with someone else's money, worked on by someone else's time, and paid off by someone else's money?

It is a Iittle bit more of a buyer’s market. 

Your strategy could work if properties are distressed… but keep in mind, the inventory shortage is still here. Sellers don’t yet have to take massive discounts…

Unless they have unique motivations to do so. Learning to find those sellers is big. 

If I follow your story correctly, you 1. Have a loan pre-approval and 2. You have enough for a low down payment and 3. Have a house you CAN buy, not sure if you SHOULD buy, and not sure HOW to make it an investment?  

If this is all true, I suggest buying it and being patient. You made it sound like it needs cosmetics, is it functional? Meaning, does the HVAC work? Do you have hot water? Etc. If it's not a termite infested, fire burnt down, flooded with monsoon water nightmare I would say…buy it. Assuming your ARV is correct especially.

Trick is be patient.  Might take you time to update or improve it.  I wouldn’t over-do any improvements and focus on renting out the rooms to roommates if young and single especially.  Good luck.  

Wish I could help, great deal.  Congrats on going for it.  

It happens, yeah, fake people for sure.  Lots of times its just wholesaling which I don’t get why that area always is the fakest but yeah. 

Welcome to the party and good luck