All Forum Posts by: Nicholas L.

@Lisa Winklepleck

ask an actual human agent for actual sold comps

@Jane Kim

Wow, everyone is really encouraging aggressive plays here.

Assuming this is your first purchase, I would wait until you close, move in, and start getting rental income from the hack before doing anything else... I highly doubt you will be left with 'exactly' 35K...

Good luck!

@Joe S. I did one and am looking for my next one.  Just has to work based on a conservative analysis as @Eliott Elias said.

And I'm OK with not getting 100% of my cash out if ( 1 ) it cash flows and ( 2 ) I am happy with owning the end product.

@Account Closed

serial house hack.  house hack, add value, refi and move to next.  repeat.

@Spencer J.

lots of options

I have used both Zelle and Zillow successfully

Zillow can take several business days after payment to deposit (3-7 in my experience)

Zelle same day

@Steve Bell

go to local REIA meetings

@Terri-Leigh H.

'keep or sell' is a pretty personal decision so hard to advise on.

you could always rent it for a while and then sell.  can't sell it and then decide to rent it.  =)

do you need the proceeds to keep investing or do you have other options for your next one if you hold and see what happens?

@Glenn Driban

are you looking at commercial, or SFH and small multi? cap rates aren't a great metric for smaller stuff even though of course it is possible to calculate them.

how to make it pencil?  add value. for big commercial properties you increase rents - cap rate goes up. for small multi and SFH - you add value and boost ARV. this might or might not boost rents (probably will) but it also means you can refi, have more options (keep or sell), etc.

@Azu Lee

1. Is BRRRR method right way to go given current market conditions?

This is not a yes/no question. It's going to depend on what you want to do, where your market is, etc. BRRRR is still perfectly viable right now, but it's just one option among many.

2. If anyone who has experience could spare time to chat about their experience in BRRRR in these market(virtually or any Seattle area)

I don't know anything about the Seattle market but I just finished my first BRRRR earlier this year in PA. Feel free to DM me or respond to this post. Also, check out Tarl Yarber's videos on YouTube if you haven't yet. He's doing BRRRRs in Washington state.

3. Any tips on finding contractor estimates before buying the property

This is going to be tough right now.  Contractors are extremely busy and many don't want to provide an estimate on a property you don't own.  So I don't have a good answer.  You can call contractors and see if they'll give you an estimate for a fee once you're under contract.

4. Initial cost to start out? (how much should I save before starting the flip/BRRRR)

There's no one answer to this, it's going to depend on how much you're borrowing and how much of your own funds you need to do a deal.  You should estimate conservatively and be sure to include holding costs, financing costs, and refi costs.  And, there's no way to borrow 100% of purchase and rehab - that does not exist.  

5. Knowing what to look for in a fixer-upper houses calculate cost of repair and ARV exactly (or closest to real numbers)

For a BRRRR to work you really need to buy a good deal. If you don't get it way under market value, you're not going to get enough cash out to make it worth it.  You'd be better off just buying something rent-ready.

5. Any other tips for newbies like me?

House hack and save up as much money as you can while you're doing so.

@Matthew Irvine

congrats!  I grew up in Torrington and have thought about investing there.  How much were you on-site to complete the rehab?