All Forum Posts by: Wyatt Simon

Hello BP Nation! 

My question is regarding the BRRRR Strategy. I have an equity partner that wants to invest in real estate with me and my thought is the best strategy would be to use the BRRRR Strategy.

However, my question with this after speaking with my lender is with the BRRRR Strategy, can you only refinance after 6 months of buying the property? That slows down my plan a lot.

Also once, refinancing will my partner be able to continue refinancing for future properties? I've heard that you can do this up to 10 properties, but I'm wondering with their debt to income ratio of that will actually work.

In the BRRRR Method is it usually a 6 month process?

Thank you!

@Benjamin Wishart Unfortunately I offered 15k over asking price and to pay closing costs, but did not have my offer accepted. There was a crazy amount of offers within 3 days.

  I'll message you and we can meet up sometime and see if our goals align somehow or in the future!  

Hello BP! 

My main goal of the next year of my life is to gain more experience in the property management field, and build my personal portfolio through mostly owner financed deals. I just sent in my letter of resignation at my current job for a wholesaler. Currently, I am looking for a Property Management position in Northern Colorado, preferably Loveland or Fort Collins.

I've applied at a few companies within the last couple days, but wanted to see if anybody knew of anyone hiring, or had any suggestions. 

Thank you

Hello BP,

I was wondering if anyone had any advice for a job that would benefit me in my real estate career. I have good credit and no debt, but I need solid income in order for me to be approved for a loan...and to stay afloat. 

Is there any good real estate jobs that are salary or salary plus commission out there that you would recommend? 

I know being a realtor would be a good start, but I need a solid salary in order to approve a loan so I can start house hacking within the next 2-6 months. 

Something I have thought about is selling new homes for a new home builder. Is this a good venue? I'm thinking I could meet wealthy people and network that way, all while still being in the real estate world and it works on a salary + commission basis. 

I do have 4 years of sales experience, including the last 6 months of in home sales in the real estate market for a wholesaler. 

@Benjamin Wishart

@Grant Shipman

Thank you both for your advice. I would love to meet with you and see if there are any ways we could benefit each other. It's fun to meet the people that are still working while most are relaxing for the holidays :)

Hello All, I am finding out tomorrow if my offer was accepted on a a duplex in Loveland Colorado. I am planning to house hack it. So I am renting out one side for $1400 and the other side that rents for $1000, I will live in and rent out 1 bedroom. 

My question is: Is there any law such as the U+2 law in Fort Collins that would prohibit me from renting out an individual room on my side of the duplex along with me living there and a family in the other side? 

Any and all advice is appreciated :)

Sorry I forgot to mention the downstairs has a walkout basement, so the tenants downstairs don't have to disturb the tenants upstairs 

Hello BP, 

So I am a young investor just starting out in Northern Colorado. I currently have 28k in the bank, but work on a commission only job, so I can't get a conventional or FHA loan for another 8 months or so. However, I want to get invested now.

I've had an opportunity present itself, but I would love to hear what others think before I pull the trigger on this. There is an investor in Greeley that is willing to structure a deal on a townhouse in greeley. The terms of the deal: 

- 20k Downpayment

- 1400 a month in interest

-  I have an option to buy the property at 220k at anyt time when I can actually get a loan 

- He is willing to partner with me and split expenses and profits on the rental so this is an option I could either us or not use

The property is officially a 2 bedroom 2 bathroom 1600 sf townhouse a block away from UNC, but there are 3 unconventional bedrooms in the downstairs. He believes we could rent out the top of the house for $1,000 a month and the 3 bedrooms downstairs for $500 each to college kids for a total of $2,500 a month. We would have 2 leases in play and only accept college kids without cars, so parking doesn't get congested. 

The property has been remodeled within the last 2 years and was built in 1984 so I don't expect too many problems. 

HOA is $100 a month.

So I would be cash flowing 2500 - 1400 (interest) - 100 (HOA) = $1,000 which I could partner and split with the investor as well as splitting any expenses for cap X.

Lastly, I think this is a pretty good deal. I need to read up on if I could legally rent out the top half and bottom half in Greeley. I also did some research and I believe the townhouse is worth 170k due to other comps that have sold this year and also been remodeled. 

I'm going to look at the property with the investor today. What I'm thinking is I say I'll put 7k down,  pay 170k for the property at 4.5% interest payments each month and still partner with him so he is more willing accept these terms because he'll be splitting the profits each month. 

Any and all help is greatly appreciated!!

@Diego Ortega You bring up a good point. With Fort Collins laws. I could only technically live with 2 roommates. It's a law meant to prevent large party houses near CSU, but if a neighbor complains could end up costing me 2 roommates. Probably the best option would be month to month without a lease for 2 roommates and the other 2 signing a lease. 

Hey BP! I am looking to do my first house hack and I found a deal for 4 bedrooms 2 bathrooms 1600 sf home. The family potential rent income could be 2100 (estimated on rentometer) although I’m thinking I’d rent out each room for an average of $500 a room. And live in the 5th non conforming bedroom. So 4 rooms x $500 = $2000 a month cash flow My mortgage would be around $1200 and it’s a newer home and I’d live for free. Thoughts?