All Forum Posts by: Sean Carroll

@Brian Nordman you can use the equity in a HELOC in order to help fund future investments!

@Brian Nordman that's some nice cash flow right off the bat!!! 

@Brian Nordman awesome tip! Thankfully my girlfriend/partner is one hell of an organizer otherwise I might struggle at first hahaha. Now is this property a buy and hold or a flip?

@Virginia Jones As far as the painting and the paneling I would say let them do it but you will not pay for it or deduct it from the rent and that if the work is not high quality then they will have to restore it to original condition or pay for the work to be redone by a professional on their move out. As far as the lease to own maybe look at a lease option instead. You collect rent plus an option contract fee, then they typically will take better care of the property. Only do that however if you are ok with letting go of the property in the future. hope that helps. 

@Brian Nordman What exactly did you have organized and ready to go for your lenders and partners?

Being new and there being so much information I figured I would try to start a weekly thing for all of us newbies called "tip of the week". Hopefully, some of the more experienced investors will overflow this post with tips every week. This can be something you wish you knew or did when you first started or something you just learned or even a trick of the trade you know and love. Thank you to all you share and help!!!

So what would your tip of the week be to any new investors? 

@Tommy Ostendorf I think you have to really look at if as how you value your time. If you're able to rent it out to where you have cash flow of say at least $200 I personally would keep it. But if it just is not possible to get it to cash flow then you have to look at it from a point of view of what you want. Would you like short term cash with a 30% profit, or would you rather hold it for 27 more years and have it cash flowing very nicely during your retirement. Taking a profit never hurt anyone but it is all about your goals and how you value your time. If it is causing you just to break even on the bills and not even allowing you to build up a reserve for future cap expenses then I would be more inclined to sell and try to get a multifamily property that will cash flow for me now and even more so in the future. hope that helps. 

@David Jiang I would be very hesitant to show him my driver's license. I personally would not do it. I liked @Dave Van Horn  idea of showing him or her the deed to the house, seems like a win win to both parties by doing that.

@Lucas Mills, so did you make a decision yet? :)

Looking for single family fixer upper without major structural damage, such as major foundation issues, major dry out for example. looking under 300,000.