All Forum Posts by: Ashley St. Gelais

Hey guys, My name is Ashley Wishinski!

I am a buy and hold RE investor in Vermont. I always like to ask about how others use their #REfreedom (freedom achieved through real estate investing)? 

New investors may get stuck in taking action when feeling overwhelmed. So let's share our real estate success stories here to help the new folks see what is possible through real estate investing! To keep them motivated and moving towards their own #REfreedom.

I use our positive cash flow to stay home with my boys and am working towards being able to live 6 months of the year in a warmer climate!  I got to leave my job as a mortgage lender (which was sucking the life out of me) shortly after our boys were born in 2014.  Not having to work 9-5 gives me the space to think creatively about real estate and spend more time finding and executing deals.

In short, we've spent the last 8 years strategically buying and selling real estate. It's almost like a real life game of monopoly.  (Which I love!)  We've traded up, used cash out refinances and HELOCs to make it all happen. Currently we have positive cash flow of just about $2,900 from 4 multi family homes and have a few more deals in the works.

Let's share our successes so that others can be encouraged in their own lives!

Ashley  : )

What about a personal loan from a family member or a friend? Alternatively, if it won't increase your DTI too much perhaps a cash out refinance on a vehicle? Or even a loan against your retirement funds? A loan against your own retirement funds typically doesn't get included in the DTI ratio because it is secured by your own assets!

Hopefully this is the creative answer you were looking for.  : )

It's great when I get to you my experience as a mortgage lender in this manner.

Hey

@Iman Yu!

Glad to see you are accessing some of the resources out there! I've found the easiest way to project rental income is to take a look at other local listings in your area. I like to search online because it is easy to access and totally free. In our area craigslist is the place that everyone finds rentals, but in your local it might be a different online resource.  Just type, your location and then rentals in a google search box and some listing sources should show right up.   It'll give you an idea of comparable properties and what they are listed for rent at.  Keep in mind that just because it's listed at a certain price doesn't mean they will get that.

Also, the condition and location of the property can be a factor when comparing rental prices.

I hope this helps! 
Ashley

I'd love to see the details too.  Email is [email protected].

TY!

Ashley

@Phillip Tutino Burlington is a special place for sure! Where did your sister live?  We've had great success in this market. Although prices in Burlington especially are seeming to rise more quickly than the rental amounts can cover.

I think it's always helpful to invest in your local market than to have your first investment be far away.  I'll be interested in hearing your thoughts as you dig into the VT market a bit more.  : )  Please let me know what else I can do to help!

Ashley

If you are looking for quality intel and education from a real life real estate investor, I'd love to invite you to join me!

To a free Facebook Group of like minded individuals who are interested in rental real estate investing to help increase freedom in their lives. 

 
Why build another community when BP is so bad*ss, you may ask? 

Well, it can be beneficial to develop a relationship and get ongoing advice and tips from just 1 person who has real world chops in 3 different aspects (property management, mortgage lending & investing) of the investing world.

So if you want to join us and learn the exact road map of how I built our portfolio worth over $1.35M with only $35,000 of our own cash please join us by visiting www.realestatefreedom.biz.

To more #REfreedom in your life,

Ashley

Hey Corey,

I guess it all depends on your longer term goals.  I wonder if you could qualify to get a home equity line even if you didn't pay down your loan with your own cash?  That would be the best of both worlds, since you may have twice as much capital to use to invest in other real estate.

If you were to use your cash directly for the new investment, you wouldn't have to rely on a lender at all.  Plus, if you pay down $30,000 you may only qualify for a $30,000 or even less depending on your equity position.

I'd suggest approaching a lender to see if you can get a HELOC now. Some lenders will give you up to 90% combined loan to value. Meaning if your property is worth $100,000 and you currently owe $60,000, they may be willing to give you a $30,000 credit line for a total loan to value of 90% between both of your mortgages.

It's always better to have the money available before you find the right property. We've used HELOCS and cash out refinances to fund the purchase of new deals.  It's a great way to leverage your assets.  For alternative ideas to get cash, you could borrow against your retirement or take out a cash out car loan, if you have equity in a vehicle.

I hope this helps! Let me know if you have any more questions. : )

Ashley

Hey Stuart!

I am a Vermonter too! We live in Essex Junction and invest in the greater Burlington area. We've been investing since 2007 and it's replaced our traditional retirement focus.  We are looking to use our success have more freedom in our lives now instead of in 35 years at the traditional 'retirement age'.  I'd love to share more about our story with you and your wife. I might suggest that you check out the introduction video on my profile. It gives a bit of information about our journey.  If it interests you both, I'd love to have you join my free facebook group (you can sign up at www.realestatefreedom.biz) where I interact every day giving insight and tips to make RE investing a success.  I am excited about the possibilities that real estate investing has for you and your family! Ashley

Hey Allen! Welcome!

Great goals and I love that you are considering which options might work best for you.  I focus mostly on buy and hold real estate, so I might be a bit bias.  We've found flipping to be higher risk and haven't given that a try as of yet.  Flipping can provide you with quick cash if everything goes well and you time the market correctly.

We love using other people's money to increase returns and total appreciation. We finance as much as we can with each of our properties. In fact, we even borrow against some (with HELOC's and cash out refinances) to make the down payment for the next property.

Here are some tips:

1) Always have enough savings for your own rainy day fund.

2) When evaluating deals, be sure to estimate on the high side for repairs and on the low side for sales price or rental values.  (It always helps to have a buffer.)

3) Learn as much as you can about your market before you make any moves.

4) Start researching financing options now, before you find the deal.  Having a financing plan ready to go can be the difference between you losing the deal to someone else who already has their ducks in a row.

And if you want more access to my daily insights, I'd love to have you join my facebook group.  Sign up by visiting: www.realestatefreedom.biz.

BTW, I have a free facebook group of like minded folks and would love you to join! If you are interested you can sign up at www.realestatefreedom.biz. I interact daily in this group.  : )