All Forum Posts by: Blake Wilson

As a new investor myself I know we hear the term "creative financing" a lot.  I've learned a lot already in the research I've done and people I've talked to on how deals can get financed.  There are some out there that have really mastered the "how can I afford it" principal.

It would be fun to hear from you seasoned and salty investors out there some of the best ways you've "creatively financed" a deal.  Let's upvote those we think came up with the most creative way!

Hey Rocco! Let me give you a big pre-welcome to Phoenix! Our market is definitely extremely hot right now but there's still deals to be found out there. I recommend getting connected with a Realtor out here so they can get you set up to receive MLS notifications when a property that meets what your looking for pops up.

I also definitely second what Mike said in getting connected with the AZREIA.  I'm a brand new member myself and already made several meaningful connections.  Good luck!

I am loving reading all the responses, this is exactly the type of discussion I was hoping for when raising these questions in the first place.  

To be more clear as to what I'm trying to do:  I lack enough cash to put 20%+ on a down payment on an investment property, especially in the current flaming hot market of Phoenix.  But, I do have some equity in my primary residence that I can/want to put to work.  So in the spirit of the old "HOW can I afford it" model I am exploring these options to make my goal of buying my first investment property by the end of the year. 

@Jason Wray I am also looking into a cash out refi. I guess the reason I have been leaning more towards HELOC is that from my research it seems like I may be able to get access to more from the equity in my current house from a HELOC vs cash out refi. Some banks I've talked to do up to 85%-90% LTV, where cash outs seem to max out at 80% LTV.

I am in the process of talking to banks about taking out a HELOC or Home Equity Loan on my residence which I plan to use for a down payment on a first rental property. I am having trouble wrapping my head around a couple of things:

1) When using as a down payment is one of these options better than the other (HELOC vs Home Equity Loan)? Or is it one of those things where both have pro's and con's and I just have to make sure the numbers work.

2) What I'm thinking is that I would use the money from the equity financing for the down payment and then eventually refinancing with a conventional loan to cash and pay off the draw I used towards the down payment so I can use it on another property. Is this a common strategy? What throws me off is that I see people in the forums that just keep the HELOC money in a property. With a variable APR and higher interest than a conventional loan it seems like you would want to pay that back as soon as you can right?

Hey Didier interested to here your experience so far with lower.com?  I know it's only been a few days but wondering your impression so far

@J Scott well I didn’t expect a response from the guy who literally wrote the book on the subject 😅. Thank you!!

@Justin Phillips thanks for the response!  I'm happy to connect looking forward to learning all I can from everybody here!

Hi everyone, I am a new in Phoenix and have a goal of purchasing my first investment property by September. The idea is to BRRRR, but I'm still having trouble wrapping my head around that first "R". When I do find a property that needs some (or a lot) of TLC how do I determine rehab cost? Of course in the end getting estimates from contractors will ultimately be what settles that but I guess I'm wondering more so for right at the beginning if I'm trying to put my rough calculations together to determine if it's a good deal to pursue or not.

I realize this is variable and depends on multiple factors but is there a general rule of thumb you guys use to determine ballpark cost of the biggies like paint, flooring, bathrooms, kitchen etc?

Is it better to set a rehab budget first and then look for a property that I can rehab within that budget?

Thanks in advance!

Hi all! I am in Scottsdale, Arizona. I have started the real estate license education, read a BUNCH of books on REI, and have been doing my best to self educate on the market etc. My goal is to purchase my first rental property by September. I am looking to connect with local and out of state investors to start learning as much as I can. I am ready to start knocking on the door of every shabby house I see to find off market deals but there is still much I don't know!

Hi all! I am in Scottsdale, Arizona. I have started the real estate license education, read a BUNCH of books on REI, and have been doing my best to self educate on the market etc. My goal is to purchase my first rental property by September. I am looking to connect with local and out of state investors to start learning as much as I can. I am ready to start knocking on the door of every shabby house I see to find off market deals but there is still much I don't know!