All Forum Posts by: Ryan Green

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Interested. Please send me details through PM

Just throwing in my 2cents... i am trying to house hack like this as well. From a pure investors perspective this might not be a good deal.... BUT from someone who is willing to pick up a hammer, live in one side, improve home over time, and not need/want to aquire more properties in the short term... this seems like a possible. The dallas market is unique in that your risk of a devastating back slide in equity is low and potential increase in equity is very high. If your looking for a buy and hold with you contributing to labor cost on renovating then you should consider this. 

This is only viable if you are willing to tie up 100k plus in cash. You would be banking a lot on equity increase. There are other options out there so dont rush, they are just tough to find. If your looking for a good rehab company I have a family member that i work with and would be glad to give you a referral on the work you dont want to do.

I am at the point where i am ready to start asking people for private money and use the BRRR method of building a successful real estate portfolio. I've worked as a bartender for the past 6 years at a high end restaurant in Dallas. This has given me the opportunity to meet wealthy individuals who are willing me to help me reach my goals. Im overcoming the fear of asking but would like to have my ducks in a row before I sit these strong private money leads down.

Specifically, what kind of "loan paperwork" will i need for this type (BRRR) deal.

Where will the money be held while i find the next deal? or am i just getting commitments from them?

Will they give me money personally, then i buy the property or will they purchase the property and it just be put under my name

Will the property be owned by them over the first year then i acquire ownership after i refinance after that first year?

Ive watch the webenar and understand most of the process except this final closing of the deal with your private money lenders. 

I am at the point where i am ready to start asking people for private money and use the BRRR method of building a successful real estate portfolio. I've worked as a bartender for the past 6 years at a high end restaurant in Dallas. This has given me the opportunity to meet wealthy individuals who are willing me to help me reach my goals. Im overcoming the fear of asking but would like to have my ducks in a row before I sit these strong private money leads down.

Specifically, what kind of "loan paperwork" will i need for this type (BRRR) deal.

Where will the money be held while i find the next deal? or am i just getting commitments from them?

Will they give me money personally, then i buy the property or will they purchase the property and it just be put under my name  

Will the property be owned by them over the first year then i acquire ownership after i refinance after that first year?

Ive watch the webenar and understand most of the process except this final closing of the deal with your private money lenders. 

What kind of facts/information do you use when asking for private money? What do you tell them about the tax benefits of this type of realestate investing? How does it affect them directly? Other financial benefits? Any tips or advice on overall tone? In addition, I'm unfamiliar about the process of how the money gets transferred? Or if you just get commitments from people then ask for the money when a deal becomes available? Or so you hold the money until a deal becomes available. What paperwork needs to be done? Is this done when you get the commitment?

What kind of facts/information do you use when asking for private money? What do you tell them about the tax benefits of this type of realestate investing? How does it affect them directly? Other financial benefits? Any tips or advice on overall tone? In addition, I'm unfamiliar about the process of how the money gets transferred? Or if you just get commitments from people then ask for the money when a deal becomes available? Or so you hold the money until a deal becomes available. What paperwork needs to be done? Is this done when you get the commitment?

i am currently searching for the right home. as of now any homes in and around dallas are just priced really high. you can absolutely find a property to own and rent out but you might not get the margins you want. Its easier if you are more of the thought of living in the property long term as opposed to trying to make it a pure rental in the short term. 

The comps sales in the area are sparse. Im having trouble finding rent rates for the area as well. It is in a rural area/small town and is close to the close to the town center and across the street from the elementary school. 

Love everything you said. Thanks for the post

well, just seeing what you guys thing about this deal. 

4 plex Currently being leased

2 units are 2/1 s   $800

2 units are 1/1 sn $600

Sales Price is at 187,000

all tenants are month to month

The current owner is elderly and getting out of the rental game. She does not have records and has not had leases on the units. 

The property is about an hour and 15 min away from my home in a smaller town in Texas. As i look at these basic numbers i see that it has the possibility of cash flowing after 50% expenses. Just wondering if anyone has any experience of their rentals being out of their home market. I only work about 20 hours a week so i have time, when needed, to manage the building. 

I will be looking at the property this week and scheduling an inspection so will have some more info soon.