All Forum Posts by: Reece Iovine

You can tell the agent the neighborhoods you want. The max price in that neighborhood you'd pay for a BRRR deal (that way you remove all the more expensive turn key deals), max square footage, beds/baths.

That's probably all I would limit it by in order to make sure you don't miss any good deals due to information in the mls not being filled out.

@Remington Lyman Sounds like a good list of who not to use...

Contractors will always be the hardest part to building your team...you will constantly be updating your list and finding new people just the way it goes.

If you can buy with cash with a refi set up after close. Make sure with your loan officer that they can refi immediately with out seasoning...Might have to use a special loan but it's not a new concept options are out there and cash gives you leverage to get a deal done.

Refi out of FHA loan - that one will become an investment loan.

Find a new lender. There are loan programs out there that will allow 2-4 units to be primary residences and most allow it even if its your second purchase. 

Look for portfolio lenders if they don't resell to secondary market they usually have more flexibility or unique loan programs.

You refinance a private the loan the same way as any other loan. Get another loan and pay it off. However make sure there are no early payoff penalties on the private money and also make sure you will add enough value your LTV is low enough. Did private money finance 100% of the deal? You will probs only be able to refi at 70 LTV which means the value increase needs to be there.

In addition to what everyone else has said make sure the deal still offers a good return even if you cant refinance and pull your money back out. If the market tanks and lending drys up are you still happy with the investment if you ant get your money out for 5 years?

Has anyone mentioned Columbus yet? 🤣🤣 As I think 5 people have said Columbus is the way to go. I have 6 units here with 300K plus of equity and solid cashflow once stabilized 15-20% coc...

It looks high but might be due to a VA loan. That's the problem with a refinance is all the associated costs. I've been refinancing with Huntington in ohio with $500 closing costs on qualified properties, low income areas but 80% of columbus is a low income area so works out well for me.

Also you shouldn't include prepaids in the cost like interest, insurance premiums, taxes etc. because you would pay those anyway :)

Buy a nice 1-4 unit proeprty here in columbus and do some cosmetic fix ups rent it and refi also call BRRR... Best of luck!

Why not finance 2-4 brrr deals leaving some cash on the side for renovations or finance the reno cost as well? Do they have to be turn key. Brrr is always the way to go IMO unless you dont have the time to manage renovations with your full time job.