I am trying to restart my real estate rehab business. Planning to use the BRRR strategy for growth and long term income. While I grew up in Denver and have watched the downtown Denver area evolve from run down small homes that were undesirable into million dollar homes. I had a successful Real Estate Rehab team in St Louis. My investor eventually took all the funds from the company so I was left with just my labor and the organizational experience. I am looking for my own loans this time and to relay only on my skills my drive and my integrity to grow and establish this business again. My goal is to rehab the homes I select and then refinance them for a small profit after rehab and rent the homes out at a rate that is fair market value but slightly less than what demand dictates. My feeling is that the American people all are looking for a hand up not a hand out to start repairing their lives from the economic hardships over the past few years. My goals are to establish stable clientele // Tenants for my properties so that there is less turn over and a consistent flow of rental income. I already have my contacts in place for the reestablishment of my team. I have my realtor, my electrician and my drywall repair team in place. I intend on my loans from "investors" to be short term and the rehab process can not drag out to prevent a loss of profit paying the monthly loan fees. Once I have an tenant in place I will store all funds to get to the 6 months of stored income then refinance the home for complete repayment of the loan. These relationships I am seeking to build for funding are sacred as I imagine I will need to re-engage these relationships as I grow my business and try to continue to acquire more properties. However this 1st property is where I plant those seeds for the relationship to grow. Therefore instead of looking for funding for multiple properties I am looking to get 1 successful project completed to start and build a portfolio of success from there. Also, in a "lien" perspective these loans are considered in 1st position. I am willing to accept the grind to get back into this take less profit from my flip after the re fi to make the numbers work with the loan for the long term maturity of each property. My goals of my business this time around is to never have to sell off a property once rehabbed, build an extensive roster of properties that would each in small part of the rent each month fund the salaries of the people that do work for the company on a regular basis...
I want to emphasize I did not fail the first time, I trust the wrong people. This time want to be responsible for my business, my actions and work with out having someone else hold the purse strings. I really do appreciate your time and consideration in giving me that opening to step back into an industry I am passionate about.
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