All Forum Posts by: Brian Johnson

I saw some very nice concrete stain jobs.  I like your way of thinking

I like the new floating vinyl floor.  It is very durable and easy to install also.  It looks good and I have always got good response from the tenants.  

Well I did a Heloc one time to buy a property.  My only complaint was a annual fee and the interest rates are higher.  Maybe they have changed but that was my only complaint. A conventional loan works better for me. 

One other idea is if you have a 401K.  Some 401K systems you can borrow from them and pay yourself back at a interest. 

I like your strategy on using your primary HELOC to purchase a rental. Ok this is close to the strategy I will use in my flip process. Paying cash for the 1st rental is key and it is great you have the equity from your primary to do this.

So I spoke with one lender that deals with investment financing and this is the method.  

1: buy house with cash

2: remodel and improve with intention of buying into equity

3: (this is the tricky part with time)  Wait 6 months (some make u wait 12mo)  and get reappraised with intention of financing for 70% the appraised equity.

4: Use the 70% pulled from 1st home to buy your 2nd property.

This method works better in flips because once the 1st home is sold you can do the method over agian.  Kind of leap frog method.  You always have one home in the works as one is sold. 

As for lenders in Florida.  I will be using VanDyk Mortgage.  They will lend up to 10 notes.  Give me a Private message and I can give you my contact person I speak with directly. 

I hope this helps you and good luck

You are on the right site. BP is the best place for investors.  Welcome

I in fact like this rule to keep things simple.  I would assume everyone needs to make sure you have  expenses to match what % you will need.  Just helps me sleep better at night. 

Welcome to BP

I like single family homes or even town homes.  Town homes do not have as good resale but the upkeep is less and in my situation I could cash flow better.  Even duplex is great first time.  I purchased a duplex lived in one side and rented the other.  I did not cash flow but it reduced my living expenses dramatically.  Plus it's a great tax benefit.  You can write off a large portion of your expenses.  ( better tax return)

Well you came to the right place to learn.  About 15 years ago I learned the hard way.  I ready many books to give me courage to buy a rental and then the lessons of hard knocks was next. 

I think it is great that you want to invest.  It is a great way to learn about investing and be a business owner.  Owning rentals to me is a business and you have to treat it like one.  Like I said I have read many books and the sad part about many books is they paint a very pretty picture.  Just don't fall into blue skies all the time idea. You will have bad times and horrible stories to tell.  I still own 5 units and still enjoy it.  It is a great wealth builder but it takes time for the most part.  For me it took about 10 years. That was when I refinanced my rentals and pulled equity out along with lowering my mortgage and putting them on a 20yr.  

My one important advice is for your 1st property. DO NOT do slumlord.  DO NOT buy low income at first.  If you choice to after your 2nd or 3rd rental.  Go for it but learn the ropes before taking on that beast.  I had one and hated it.