All Forum Posts by: Brian Davis

Thank you both for your answers. I'll continue looking for blanket loan funding with decent terms.

Hello BP. Is talking with a potential lender and I suspect a scam because the numbers just don't add up.

I was provided this information:

Loan Balance:  $250,000.00

Loan Interest Rate:   5.00%

Loan Term: 25years

Numbers of Payments: 300

Monthly Loan Payment:     $833.34

Balloon Payments:  $238,346.82

Total Interest Paid:  $24,508.64

Does this mean that after 300 payments of 833.34 we would be completely paid off or

After 300 payments of 833.34 we would then be required to pay an additional balloon payment of 238,346?

Please tell me your thoughts and I appreciate the insight.

@Lee Langdon

Following. I am in the same boat with several Alabama properties.

I'm interested as well, living in Atascadero. There is also a great and relaxed meet up being held in Santa Maria once a month. The next one is this Tuesday Nov 12th. At Figueroa brewery near betteravia rd. 

Please add me to your list. 

I'll be coming from Atascadero, but will probably be a bit late due to work commitments.

I don't know much about seller financing. I clicked your post to try and learn something. However, I'm not at that stage of my education just yet, a quick search on the podcasts showed the below link. I would suggest giving this a listen and there are usually valuable websites/how to's/etc.  I hope this helps you out. 

https://www.biggerpockets.com/renewsblog/2013/04/1...

This is my first response to a post in a matter to try and help because I'm still learning myself. But looking at the report, your down payment isn't enough to cover 20% which would require PMI. If I have learned correctly PMI is roughly 1% which would add another $30-40 per month to your mortgage cost. Also, If the rent they are asking @ $600 is below market value and the property is only $47k that seems like a screaming deal at first glance. Be sure the rents are actually at those numbers. Great job estimated conservatively though. Any experts on who are helping analyze this. what are your thoughts?

Thank you Jaysen and James for your advice. I think I have narrowed down my geographical search to just a few areas now and plan to do as much research as I can on those areas while my heloc gets funded. Then I think I'll be ready to jump in on those markets. 

May I ask you what websites you (or anyone else) is using to collect data on local markets? I am currently using neighborhoodscout and movato along with google maps :) 

Jaysen, you mentioned using municipality websites and buying a list. (by buying a list, what exactly do you mean) who would I be buying the list from and what does the list contain exactly?

Thank You all.

Good Day BP,

I am new to the website and have been learning all I can while I become more and more eager to begin my investing journey out of state. I am trying to be careful not to 'waste' anyone's time unnecessarily, so I am trying to take on the daunting task of researching for my own potential brrrr properties in areas I'm unfamiliar with. I am asking for guidance or tips to help expedite or find more efficient/accurate results.  Here is what I've been doing...

I am trying to find my niche in the market and have several areas I'm looking into. So I choose an area, let's say Pensacola, FL, and open up realtordotcom to begin checking for 3bd/2ba fixer upper homes. Once I find a couple potentials, I open up zillowdotcom and plug in those addresses to see what the nearby homes are listed as. This is beginning to frustrate me because the listed homes nearby are very close in value to the potentially distressed property and I'm not able to follow a clear guide on the 70% rule.

A few questions to help me understand this better...Is this an okay strategy on performing my own research or is this pretty useless and going to end up frustrating me (as it seems to be doing)? Because these listed homes have been on the market for days and weeks, is that perhaps a reason why my numbers aren't jiving (because if they were, other investors would have already picked them up? In order to accomplish a good brrrr investment, will I be forced to seek out the core 4 and try to jump on properties as they hit the mls or before?

I am trying to do all my own research so I can potentially find my niche area to invest in before I go wasting agent's time on the phones.  I thank you all in advance for your advice and/tips on how to improve my research.

Good Day Bigger Pockets Community. My name is Brian and I’m from the Central Coast of California. I have a renewed interest in real estate investing since discovering this wonderful website. I want to take the opportunity to thank the many professionals on this website who are helping others (strangers for that matter) become financially independent and learn how to let money work for them instead of the opposite. I hope to be one of these success stories along the way.

I currently hold a solid job within the law enforcement community and am married with 3 amazing and challenging children. I own a home with some decent equity and am eager to utilize a Heloc  to begin my investment career. Because of my local market being so expensive, I feel forced to participate in out of state investing and so I’m learning all I can. I am also willing to partner with other seasoned investors to both learn and earn along the way. The brrrr strategy is highly interesting to me to start, but eventually I would like buy/hold multi-unit properties. Hope to connect with a few of you and again thank you ALL for your contributions.