All Forum Posts by: Brandon Galloway

I believe there is a class action lawsuit forming against the ReMax team there. The suit cited that the lots are sinking and the homes have severe foundation issues. 

Sounds like a good plan. The VA loan is gold. I wouldn't worry so much about cash flowing a bunch right from the jump. Just buy in the best area you can. A friend of mine used his VA loan to move every year with little to nothing down on starter homes. He built up a nice little portfolio with little cash and took advantage of the appreciation and low interest rates over the past few years to increase the cash flow and free up his VA limit so he can keep going.

I will echo some of the others and recommend you house hacking a primary residence if you can. If living with roommates isn't your thing (I refuse) then I still recommend just buying a primary residence as your first investment. It's easy and a good way to learn. I'm not sure where you're at but in my market the ugly resale homes aren't selling. Find yourself something in a decent neighborhood with no HOA if possible, that needs cosmetic work so you can get a little taste of what kind of work actual BRRR is going to take. If you're ready to get in the game then this is the best option.
You can always continue  to sit back and continue to stack your funds until you’re in a very strong financial position. Advance your career and maximize your income while you’re waiting to do your first deal. 

Following this thread

I’ll try this in the general forum.

Question for Realtors or anyone who has recently bought a home in this market. Have your clients been stung by an escalation clause? I am looking to go under contract with a Pacesetter home soon and was advised there’s a materials escalation clause. I’m wondering if anyone has actually had their contract price escalate during the middle of the build? Too my surprise most builders I’ve spoken with don’t have an escalation clause so I was surprised when Pacesetters told me they did.

I think your reply cut off.

Question for Realtors or anyone who has recently bought a home in this market. Have your clients been stung by an escalation clause? I am looking to go under contract with a Pacesetter home soon and was advised there’s a materials escalation clause. I’m wondering if anyone has actually had their contract price escalate during the middle of the build? Too my surprise most builders I’ve spoken with don’t have an escalation clause so I was surprised when Pacesetters told me they did. 

Thanks for the great responses everyone! Sound advice. I have quite a bit of equity in the home, probably at least $150k if not more. I don’t plan on moving out of the area but would like to jump into a larger, more permanent home, while also using some of the equity to invest.

I suppose I should look into borrowing against the equity and making some moves. I’d like to get into real estate investing, I just don’t know where to start. 

Hello BP crew! I’ve got a dilemma, I’ll try to keep my question short and concise.

The housing market in my area (Austin Tx) is BOOMING! There’s almost zero inventory and buyers are paying far far above asking. It’s unreal. 

I bought a home several years ago inside the city and can likely sell it now for a ridiculous profit. 

My question for you seasoned real estate investors is, do markets like this ever go down? I understand that it might slow down a bit, but with everyone flooding here I can’t see how builders could ever keep up with the demand. Would it be more advantageous for me to just hang on to my property and risk the demand falling in the future? Or should I cash out while people are willing to grossly over-pay for a home? 

I’d like to squeeze as much money from my property as I can and it seems that right now people are willing to pay an extreme amount of money for homes just to be here.