All Forum Posts by: Chris Webb

@Account Closed Really appreciate the advice. 

@Michinori Kaneko Thanks for the reply!

1. It's a pretty desirable neighborhood. Hard to find properties for sale. Haven't done any forecasting or anything like that though.

2. Credit Score is solid. I don't think that part will be a problem.

3. Didn't know this. Good to know! I'll make sure to keep this in mind.

4. The first property I plan to manage myself. It's actually not too far from me. So that might work out well. But agreed on the time factor.

Tons of excellent information. Thank you

@Account Closed True. I guess I haven't gotten that far. My main concern is, it seems like a lot of leveraging: HELOA and funding through a loan provider for the rest. But you're right. I suppose it leads a little bit to common sense. Just wasn't sure if this was a pretty common practice

@William Levi Corcio That's my scenario too. It'll be against my primary residence. I'm not opposed to a credit line either. Just looking for the best route. Good luck, hope you pick up something soon.

I apologize in advance if this has been discussed. I have discussed something in the past relating to this, but this was more specific to my current situation. I did a quick skim and didn't seem to find the answer I was looking for.

For years, I've been researching and reading about getting into real estate investing. I've bought all the books and listened to the podcasts and have yet to pull the trigger. I'm finally in the process of making a plan and a property recently came open near me for $103k that appears to fit the bill. Unfortunately, I can't use any money of my own to fund the downpayment. But we have enough equity in our home to cover a 20% downpayment. This still leaves me with the remaining $83k to fund through a conventional lending. 

Bad idea? I don't want to be so eager that I force something to happen. Yet, I don't want to sit back and let opportunities pass me by.

Any suggestions, tips, ideas would be appreciated! 

Chris

Happy New Year

@Robert Ellis Good tip. Built in equity is definitely an asset I'll be considering while looking. Thanks for the reply

Thanks @Brad Clarizio. Columbus is definitely a tough spot to get a start in. I'm considering areas outside of cbus for my first. I'll look a little more into the rental idea. Ultimately, this is my goal, so this is good stuff to think on. Really appreciate the advice.

@Lee S. thanks for the tip. That was my other thought, was a line of credit. Definitely not looking to pay interest where I don't need to. I'll keep this in mind.

@Brad Clarizio, that's great feedback. My original direction was a rental, but I thought possibly the quickest way of gaining capital of my own was to flip and then take the profits from that to fund my own property, reducing the amount I might have to take out the next time. I've thought about doing the BRRRR method, but I was concerned about having a home equity loan out on a rental property. Would that be a cause for concern?

Thanks to those who stopped by and read my first post. A quick introduction, I'm a web developer out of Columbus, Ohio and a serviceman in the Army National Guard. I'm looking to do my first flip this year and after listening to countless BP podcasts and reading countless books, I figured it's time to start executing. My goal for real estate is to create another source of income and spread my revenue stream beyond just my job. 

So, on to my first question. My wife and I the past few years have put all extra money toward paying off student loans, so I don't have extra capital to fund my first flip. So my plan is to take out a home equity loan to fund the flip. So my question is, what are your experiences with home equity loans and do you recommend doing them for your first flip? Meanwhile, I'll peruse the forums for answers too. Thanks!

Also, if you're a newbie like myself in the Columbus area. Feel free to hit me up for coffee and talk real estate. I'm all about learning together.