All Forum Posts by: Cody Richard

Which group? The Utah REIA? Yes, I'm still a part of that!

@Andrew Postell Got it - thanks Andrew!

Hey everyone,

I am wanting to take out a HELOC on my personal residence, but I have a bit of a unique situation. I have been doing wholesaling full-time and don't have a full year of tax returns wholesaling. I tried to get a HELOC recently, but couldn't qualify based on income.

Does anyone know of a way to get access to the equity, given my proof of income issue?

There are many good meetups in the area! Check out the Utah REIA and Salt Lake REIA for their events. Some of them are free networking events!

@Ben Brown Sorry for the delayed reply! Wholesaling is definitely still possible in Utah. While there may be more stringent laws being implemented by the division of real estate, they will not stop you from wholesaling.

@Mike S. Props to you for taking steps in the right direction! Daniel makes a good point about using creative financing to help with financing for your properties. Instead of need 20% down, you could buy properties as low as 0% down (but usually closer to 5% down). I recommend checking out The Creative Financing Podcast. That's where I learned all about creative financing. It's a great way to get in with no or low money down!

@Gordon Ray It sounds like you are in the same exact position that I was in last year. I had just bought my house and it made me realize how powerful real estate investing could be. I had a mindset of wanting to stop working for someone else's benefit and begin my journey towards financial freedom. Like you, I have a goal to spend more time with my family and travel more! 

After buying my house, I joined an apprenticeship program and began learning about wholesaling and creative financing. About 8 months after joining the program, I was in a position to quit my W-2 job and began working as a full-time wholesaler. If you'd like to discuss the apprenticeship program or the journey, feel free to PM me!

@Christian Hernandez I'm not certain what type of creative financing deals you are looking to do, but fncalculator[dot]com has a free TVM (time value of money) calculator that is great. There's also an app called EzCalculators that works great.

@Michael Thrower This is a great question and there is no quick and easy answer. But the good news is that there are endless free resources and opportunities to learn what you need to know. I recommend learning more about creative financing. It's a great way to invest in properties with little or no money down. I also use creative financing in my wholesaling business full-time. I recommend looking at the Creative Financing Podcast to learn more about it.

Just 8 months ago I was working a 9-5 job with little to no real estate knowledge. I set out to learn about creative financing and wholesaling in my journey toward financial freedom. I got into this business with $1,000 out of my own pocket and about 3 months ago, I left my full-time job to pursue wholesaling full-time. My point is that you may have to put your head down for a bit and grind to learn the skills you need to enter into real estate investing. Wholesaling is a great way to do it with little risk. If you have any questions or want to discuss more in detail, feel free to PM me!

@Tom Hastert I recommend learning through The Creative Financing Podcast. It's free and it provides so many resources around how to write seller financing offers for land contracts, wrap arounds, etc. It does not have every single thing you are looking for, but it will teach you deal structuring, objection handling, negotiation, and contracts.

There are also resources like Ron LeGrand that have free scripts for seller financing. There is no resource that will magically make you a successful real estate investor. As others mentioned, if you are looking for a package it'll likely cost you $50,000 and not be very effective. The resources mentioned above are free and can help move you in the right direction. Best of luck to you.