All Forum Posts by: Brian Jones

Thank you for the response. Sorry I was not clear. I am open to using hard money. What I meant in my question was how to use the 250k to generate 1 million income.

I am an agent and own a duplex and a single family rental. I have flipped 1 house per year for the last several years. I have a HELOC of 250k that I have been using but I feel like Im not scaling as fast as I could be. Is it realistic to get to 1 million a year and if so how would you do it?

I have a credit issue which I am working on but will take some time. In the meantime I have access to a 150k line of credit that is interest only for 1 year. My question is can I buy a house cash with the Line of credit under an llc and then later refinance inside the llc and not have to worry about my personal credit?

I came across a 16 unit building in my area. It was previously used as a group home so only one kitchen/common area. I have not seen the units to see if this is a possibility but what would you expect to pay to add a kitchenette including running the plumbing to all 16 units?

@Kyle Penland @Elizabeth Colegrove @Josh C.

What am I missing $128,000 @ 5% 758/ month. Utilities tax insurance 440/month total 1198 per month rent is 1950/ month that's 752 a month for cap ex and cash flow right? Or what am I not seeing? @KylePenland

Tenants are in place one has been there 2 years. I would keep rent same and have tenants pay utilities as they turned over. Would also be looking to pay less than asking price.

Need help with analysis paralysis. I'm looking into a duplex here are the numbers. Asking $160,000 2 1/1 Rent $975 each unit owner pays all utilities on budget billing plan at $2,940/year Tax/ins $2,340/year Would be putting 20% down What do you think?

Edward B. Thank you. I was going to approach the lender that they have the HELOC through just wanted to be a little more prepared beforehand.

I have been working with my parents who have a HELOC on their first house. The goal was to use this for flipping. We have done one flip so far but deals are few and far between. My question is whether or not there is a way to purchase a multifamily rental with the HELOC and then in some way refinancing to conventional but in my name as to avoid the need for a down payment. Any advise would be greatly appreciated I can provide more details if need be. Thank you, Brian