All Forum Posts by: Blake H.

Just received news that I am not permitted by the city to purchase another property due to the affordable housing covenant im contracted under. Not the news I was hoping for and this will severely impact the financing I will be able to get to invest in real estate.. Demoralizing to say the least, but I knew this was a possibility and must move forward.

plan B, C, D, etc

B: Sell current house and get 70k to put towards the 300k student loan debt that has had me stuck in month to month living for the past 10 years. Find a new place to live with no cash available

C: Stay put, see what financing my wife can get and we invest in her name (She makes 30k/yr)

D: Form LLC with my investment group, using my wifes name because I'm also not permitted to be in a corporation, see what we can invest in.

E. Find a partner willing to team up with someone with skills and determination but no cash/financing

Other plans/thoughts?

Any pick me ups appreciated 🙂

@Glen Friedman Very helpful information! Thanks for the recommendation and for taking the time to post

@Shaunda M. Wishing you the best of luck, not that you'll need any! I'm also on the same mission to BRRRR, cheers to us

I'm looking for leads on houses in Jacksonville I can BRRRR. I've researched a bit and have an agent and property manager help feed me leads. Any other suggestions that have helped you get leads meeting the BRRRR criteria? Wholesaler In the area you've had success with?

Thank you!

@Baird King no problem and congratulations!

21 days into this adventure of long distance real estate investing. Thus far I have decided on a location and created my entire team. I've spent every minute outside of work and home learning, practicing, and analyzing properties for the best deals. I really do see a difference already in how I see a house when I analyze one.

My mightiest challenge that could've completely wiped me out but hasn't is my financing situation. I, gratefully, live in a home that is part of an affordable housing covenant between my the city of Santa Barbara nd my employer. My purchase agreement states I am not permitted to purchase any other properties AND unable to join any partnerships/LLC'S! I was initially very upset about this but didn't let it stop me from looking for solutions. I found out I could write a letter to the city requesting they allow me to purchase investment property as a "need or good cause". Whipped that up in about an hour and an anxiously waiting for the results. I have no cash and very little liquid assets yet I have found 2 houses I want to make offers on right now! Here's to hoping there still around in a week or 2 when I hear about the letter 🤞

Thank you rookie podcast for inspiring me to keep pushing past these challenges. Hoping my story can help inspire someone else to keep pushing forward too 🙏

I think today was canceled? Hard to tell if anyone from the group was at topa topa today. Will try to meet up next time. 

@Justin Windham very helpful thanks so much! Just created my first alert. Really appreciate you taking the time to help out

@Baird King I have that day off and am planning on attending, thanks! It's there somewhere I can find future scheduled meetings in SB

@Sam Sala that book changed everything for me and I hope it does for you as well! I chose JAX after watching a pro webinar on long distance investing that explained what to look for when analyzing a market to invest in. Factors included: Rent growth, rent-to-income ratio, income growth, rent-to-price ratio, appreciation, and tax rate. Jax is a "Hybrid" market that has good CoC returns and potential for growing appreciation. This along with its high income growth and rent-to- price ratio was enough for me to dig deeper. I Google mapped Jax and saw that it has an airport and Mayo Clinics. Being a RN myself I thought i'd look at areas near big hospitals/ clinics because they're higher paying jobs and mostly good tenants. Picked the agents brain about locations they recommended and have an idea where to look. I'm looking for cash flow properties that are in no or low crime areas, near large industry corporations with growth potential. Single family or multi family since it'll be my first purchase.