All Forum Posts by: Christopher Fougere

Add me to the list of clients that will gladly answer any PMs.  Ironically @Brant Richardson was the member who I used to vet @William Robison operation.  I'm closing on property 4 this month with a goal of 2 more this spring.  If I can pay it forward to another newbie from out of state I am happy to do so.  I can't make the Summit because I'll be in Vegas that week, but count me in for next time!

I have 1 and 4 both are excellent, motivating books.  I'll likely read all of the books on your list.  You are missing Nickerson - lots of people mention him also.

Hello - first a huge thank you to all the helpful folks on this forum.  Thru numerous PMs and phone calls I'm closing in on my first deal.

My question is what financing strategy should I employ.  My plan is to purchase another property this year by Sept 1.

Details:

-Asking price 86k

-completely remodeled and turn key

-ARV 99k

Assuming I have my HELOC loaded at 86k and pay cash for closing costs, I could effectively do an "all cash" purchase of this property. The question is would this be wise? Will I be able to refi this property and get my money back to put into a second property by Sept 1? Or Does it make more sense to finance this property instead at 80% and use my HELOC for DP. If I use this strategy I can reserve my HELOC for a second or third DP? I also have access to about 50k in cash that I am holding for reserves that I would rather keep there.

@Ali Boone 

I registered on your website a few days ago, would like to connect to discuss opportunities

nvm - found this thread

http://www.biggerpockets.com/forums/48/topics/160633-out-of-state-investing-evaluating-strategies-turnkey-wholesale-partnership-with-local-investor

If you were just starting out looking to buy a few properties this year and your home market was too expensive - unable to cash flow adequately to meet 1% and cost of property > 250k would you rather partner with someone who knows their market well, or use a turn-key operation in the same market?

Sample markets are Indy, Milwaukee, DFW for example.

Thanks!

@Jay Lohn 

Jay - while I realize that is a great option for some, I just don't think it's possible for me.  I have a family with small kids who I want to raise in a single family home.

I'm open to all options.  I like solid safe boring investments - which I know I can get here in VT.  The problem here is the length of time it will be between deals since I will need to drain large amounts of capital just to get the first deal done :-)

Thanks Marc - I have been looking at properties here in VT, and I haven't given up.  I just want to explore all possibilities

Ironically I had a cold caller today from a turn-key outfit in Columbus.  It seemed a little too high pressure sales, and I wasn't ready to pull the trigger without doing my homework.  It could be totally legit and a great deal, but I like to do some research.