All Forum Posts by: Caleb Jordan

You could probably learn a ton about rentals being a property manager. But I think what is also important is learning and networking. These are more important than being in one particular real estate field, you could work as a property manager but knowing 5 kick butt Property Managers would be even better. Now working in real estate inxreasing the odds of meeting those people. 

 Also you need a job that produces enough money to live off of and have extra to invest plus have the flexibility and time to invest and network. So if a non real estate job offers that it is not a necessarily bad choice to pursue it.

Welcome to BP Manish, this is great place to learn and network! I gained a wealth of information from the forums.

I don't know about commercial loans, but some hard money lenders offer products that allow a flipper to refinance  or do a cash out without all the red tape and seasoning. These might be terms of only a couple years but interest only payments. Rates will be more than conventional but less than a short term rehab loan. This allows you to pull some money out immediately so you don't miss opportunities  then you can refinance later down the road with a conventional lender.

What are your goals for the cash out? Are you wanting to flip this or use it as a rental eventually? Some HML companies offer financing for a few years at better terms then a flip loan. They don't have the red tape and seasoning conventional loans require. You might want to check into something like that too.

I just sent out letters to owners of vacant houses in my city. 

But I have a l new job paid via commission , but solid hourly wage work history. I have good credit  740+ and very little debt. 20k to put toward deal. 

I would like to flip or brrrr when I find a deal where the numbers work. My trouble is how to refinance from a hard money loan with my job situation. I don't want to just even do a flip with out a back up plan to get out of a hard money loan

What are some options to look into? 

I've thought of 3 so far

Seller financed deal

Credit union 

Partner with someone who can get conventional financing.

I would appreciate any input thanks!

Good to know, thanks Nathan.

I've started looking for vacant houses in my city in Tarrant county texas. I've found a home that is clearly vacant. I found the owners, (two people with same last name) address on the county website, But the address listed is the vacant property, so it seems pointless to mail a letter to a house with nobody in it. 

I can't find any  phone numbers or anything either. What would some recommended next steps be?

I loved reading your post and especially the before and after pictures!

I started with the podcast on bigger pockets. You can also search the forums for any topic you want, and just by following the discussions I've learned a ton.

Yeah, that is really good point. When you count our time it is certainly way over a $400 loss. Lets say we put in 200 hours of time (probably spent more) and my time is worth just a lousy 10 bucks an hour, that is a $2,000 extra loss right there. My time is probably worth way way more than $10 hr  if I use my time wisely.