All Forum Posts by: Sean Connolly

@Dwayne Byrd thanks a lot for reaching out! I'm a little sick right now, but my wife and I will definitely be reaching out to you soon! 

@Thomas S.

I'm paying cash because I dont want to pay twice for mortgage fees and also have to have the wait time before I can refinance like a lot of mortgage companies charge.  My dad will give me a formal private loan for the cash so makes no sense for me not to do so.

Kerry Baird ....my plan was to buy the house cash to get it in my name. Then perform the renovations. Then put a Loan on it and pull out as much equity as I could for other investing. In this scenario, do you know if I have to wait 6 months from when I purchased it? Or do you know of lenders that would let me refinance as soon as I’m done with the renovation? Thanks for your help.

Well more information in regards to my previous post.  I spoke with an actual loan originator from the company instead of just the representative answering the phone, and they did say it was okay for me to immediately put a mortgage no the home after my renovations (no lag time). So that'll be my plan.  Perform the renovations and pull the equity out to invest in income properties.

I am purchasing my grandmother's house from my family as my primary residence. They are giving me a great "family" discount. My plan is for my wife and I to purchase it in cash, renovate it, and then put a mortgage on it to pull out the equity to invest. I spoke with my usual lender (RP Funding) and they told me that I couldn't refinance (put a mortgage on it) until I've owned it for 6 months. This didnt sound right since I've heard so much about the BRRRR strategy on bigger pockets. I was under the assumption that I could refi immediately when done renovating since I purchased the house in cash. Any information would be much appreciated. Thank you very much!!

Hi All, I'm a full time engineer at Kennedy Space Center, Fl and hoping to find a partner who has a network in the flipping/BRRRR arena. I own some small multi-families but really looking to use the BRRRR strategy to grow the portfolio. My wife recently quit her job and has been visiting the local (Brevard County, FL) auctions. Still reading/learning all about it and would really like to meet an experienced investor who would like to leverage our capital/wife's birddogging ability to get some deals going.

Justin Stamper I feel the exact same way.

Shoshana Shulman unfortunately I bought those duplexes a couple years ago and I don't really see deals like that specifically I Orlando anymore. However, I do see quite a bit over in the Tampa area but can't speak to how well those actually perform. On paper there are a lot that look great, but I don't have any first-hand owner experience there. Once I'm able to save up some more I'll probably take a harder look. Right now I'm pretty leveraged out. The duplexes I do own in Orlando im very happy with but ONLY because I have a great property mananger. I had to go through two others to find him. I believe Norada's website is noradarealestate.com. Their website lists the inventory they have and you can also schedule a phone session. I don't believe the do the Orlando market.

Justin Stamper sorry I didn't seem to tag you properly in my post above.

Justin Stamper In Orlando it seems to be appreciating considerably. I've owned a few different primaries over the last 4 years and saw 17% and 10% appreciation in 2014 and 2015 respectively on my primaries during the time. My current home in Titusville seems to have gone up a good bit looking at the comps selling around me. I was really excited about buying multi-family's in the downtown Orlando area in 2014 because they had great rent to value ratios. However, I was only able to purchase two duplexes before those became too expensive for me at the time being. One duplex was purchased for 79k and rents for 1500 (overall) and the second one was purchased at 82k and rents for 1340 (overall). My property manager thinks those properties are worth around the 105-115 range. To me the area seems to be appreciating pretty rapidly.