All Forum Posts by: Blaine Alger

Since I am a 21 year old and lack a history of W-2 income, no bank would ever lend money to me for a traditional mortgage. But lets say I was doing a BRRRR, bought a property cash, rehabbed it, and then went to refinance it with the bank.

I figured it might be easier to get approved for the cash-out REFI given that you already bought and fixed up the property on you own. Now the bank would have nice, new piece of collateral to hold.

Would I have a better chance to get approved for the cash-out REFI opposed to the initial mortgage to go out and buy the house? 

Thanks for any insight you can provide!

-BA

Thanks for bringing this up Eric.

I feel like everyone overlooks the fact that if you can't efficiently talk with someone over the phone then you are never going to get results.

At the end of the day, you can crunch numbers like a math whiz but if you cannot communicate with others then you are dead in the water.

@Account Closed

John,

Thank you so much for taking the time to come up with that great response. I felt like every single point you mentioned had a lot of truth behind it and I have some more things to consider when evaluating my options. 

Thanks for the response Pierre.

You are the first person I have come across on BP that is actually in the course. I would love to ask you a couple more questions to get a better idea for what I could expect to get out of the course. 

I am sending you a PM!

@Grant H Willcott

Thanks for the response.

I sent you a PM.

@Taylor L.

There's alot of truth in this statement. No matter how much money you pay, if you don't take action, results will never come.

Thanks for the response!

Hey BP, 

I have been looking into doing the SUB TO creative finance mentorship with Pace Morby and was wondering if anyone has completed it or knows anyone who has been apart of it. I have heard a lot of good things about it but it fairly expensive and I am kinda on the fence on whether I should pull the trigger. I have also read many articles that have made me skeptical of gurus and paid mentorships. I'm not suggesting that Pace is phony but i'm just curious if there is anyone out there who can give me more insight into their experience with the program and whether or not its worth the investment.

-BA

Hey BP,

I have been looking into doing the SUB TO creative finance mentorship with Pace Morby and was wondering if anyone has completed it or knows anyone who has been apart of it. I have heard a lot of good things about it but it fairly expensive and I am kinda on the fence on whether I should pull the trigger. I have also read many articles that have made me skeptical of gurus and paid mentorships. I'm not suggesting that Pace is phony but i'm just curious if there is anyone out there who can give me more insight into their experience with the program and whether or not its worth the investment.

-BA 

@Steve K.

I am right there with you, Steve. I enjoy the adventure of going off the beaten path and finding my own little private campsite tucked away in the woods but there's still a good size of the market that would still prefer a little guidance when trying to find some seclusion and that's where I think Hipcamp comes into play.

You bring up some very interesting points on the investment strategy side of things. 

I was not aware of any laws like this. That would definitely make things difficult for someone looking to use this strategy to generate revenue if you could only rent it out for 14 days. Is there any practical reasoning behind it other than the county trying to increase their tax revenue by forcing people to build on their land?

There seem to be a lot of zoning issues to take into consideration. But just to make things clear, with using this strategy, you would not be setting up a full on camp ground. Ideally, you would buy a couple acres and only have a handful of campsites/yurts/tiny homes. However, i'm sure there will still be some type land use laws that I would need to figure out a way around.

In regards to the liability of it, Hipcamp has a 1 million dollar insurance policy in place for land owners and also another policy that protects damages to the land. I have also read that most  "Hipcampers" have that hiker mentality and try to be good stewards of the land. Knowing all of this, I would not be too worried on someone being irresponsible and creating a insurance liability. However, I realize it only takes one bad apple to ruin everything and with most sites being somewhat rural, there is a lot of potential for something bad to happen. You would need to have some strong procedures and protocols in place to help manage these risks.

Just like you said, I think this strategy works best as a supplemental income stream for farms, ranches other properties that already have another business in place. As far as it becoming a dedicated investment strategy, there is alot of leg work to be done and hurdles to overcome before it would make sense from a numbers standpoint. However, I am still staying optimistic and will keep looking for opportunities where this strategy might be viable. I think if someone can put in the work to figure it out, it could be very promising.

I just know to stay away from Boulder County, haha. Thanks for your input!

@Lauren Kormylo

Thank you for the suggestions, I will check them out.