All Forum Posts by: Brian Mcmenamin

@Cesar Chin Yes you could use equity line to fund the rehab. remember that the cost of rehab will be accruing interest with an equity line so i prefer to refinance the whole deal into something for a longer term. if you want to sell in 2 years then you could use HELOC and pay down amount with cash flow from rental income. you have some options.

@Karthik Ramachandran a couple others that no one mentioned... "redfin data center" and visual capitalist distressed market search. You can see people coming and going from that area and where they are heading. its a great resource. 

@Dominic Richardson You can also try distressedpro.com they have a bank prospector function that helps to target banks in your markets you are looking for. its about $100 per month, but might be worth it for you if you want to get into it. Best of Luck

@Josue Vargas I self-directed my IRA and bought a performing note. It was a great way to earn some passive income and performs a lot better than the mutual funds it has been sitting in for past 7 years. PM me if you have more specific questions. Best of Luck

@Kyheem Campbell Congrats on your first post on BP. I think the biggest recommendation would be to continue learning as much as possible on these forums. There is a wealth of knowledge and information on here. Identify some topics that interest you and set up some keyword searches to learn about those topics. Good luck to you

@Daniel Suarez Eviction is pretty quick in Virginia once you have a court date scheduled. I evicted a tenant this year and we got it done in 2 months. I would've preferred cash for keys, but she wouldn't respond to our outreach. Go with cash for keys, but I would recommend scheduling your court date early, so you can get them out quickly. Good Luck

@Cesar Chin I use my equity line of credit for just that. I make sure when I refinance to pay down the equity line first. I have also done it where I use my cash flow from another property to pay off my equity line on repairs on another project. I prefer to use my equity line for rehab purposes than for new purchases.  

@Kelvin Vinston I haven't done any, but my friend has done a few and they worked out pretty well for him. I would caution you about some auction sites though. Some of the sites put their own bidders on their to inflate the number, so you think you are bidding against another buyer, but actually, you are bidding against the site. Get to your number then walk. If the site likes your number, they will send you a message saying you are the highest bidder even though you think you might've lost. Best of Luck

@Oscar Contreras congrats on making your first post.. Great questions. I had some additional funds when I started but like you I was a military guy with only $9K to spend. That was 2011, so I was fortunate to have appreciation on my side. I bought a short sale condo (which I still hold today) in San Diego at $180K using that $9K and paying PMI until I could get enough equity to have 20% down.

I think if you find the right deal then go for it. The VA loan is an awesome tool for military personnel to use, and works very well in an appreciating market to allow you to gain equity. In a market that drops, you could be stuck holding an underwater property since you didn't put 20% down. Best advice would be to find a place that you could rent to offset all of your costs plus cash flow at least $100 per month. If you PCS you won't have to worry about paying your bills when you move. send me a message if you want to discuss more. Best of Luck

@Scott Kimberly Just getting into the note space myself. There are deals out there, but I would say that the good one are harder to find now than they were 3-5 years ago. That could change in the near future with more borrowers becoming delinquent on payment. My plan in the near term is to build out my network of asset managers and potential investors so when I start to land good deals I have all the pieces in place to grow my business. Best of Luck