All Forum Posts by: Collin Savunen

That easy haha makes me feel like I asked a stupid question. But now I know. 

So @Brett Goldsmith if the house in question has a scheduled auction date then it has been foreclosed on? Is going to the auction the only option at that point?

Thank you everyone for your response.

@Ryan McBride Semper Fi! How is it going! What real estate investing niche do you focus on?

Is $35,000 a year passive income too low of a goal? Should I shoot for $60,000?

Hey everyone! 

My name is Collin Savunen. I am a 25y.o. welder and national gaurdsman in Shelton Washington. I spent 5 years in the Marines in Hawaii, Okinawa, and korea before I got here. 

My goal in life is to have schedule freedom. So I can spend more time with my wife and son and my very large extended family. 

I am wanting to do buy and hold investing with due/tri/fourplexes in the Thurston county+ area. In order to replace my working income and as a precurser to cash flow during retirement.

I am also very interested in fix and flips as a hobby to do with my wife.

My real estate goal is to replace me ~$34,000 income by the time I am 30. (That might be pushing it but if I just miss my goal then I have set my goal right.)

I am good with people and numbers and I am not good with legalities (so I am doing alot of focus on that here on BP and in my own studies) 

I also saw I just missed the Olympia REI Meetup when will the next one be?

Hello everyone! 

Can I buy a house that is pre-foreclosure? 

Can I buy a house that is in foreclosure?

Is there a difference between in foreclosure and foreclosed on?

I assume I can still buy a house that is pre foreclosure from the owner. How would I do that? 

Thank you!

@Adam Horowitz

Thank you for the clear explanation! The issue of who gets fiest and second position is something I believe I can solve by 1 shopping around for those who are willing to move around and 2 having open communication with my lenders about that. 

@Terre B

Thank you for the heads up! I will make sure to run my numbers by another person with more experience to make sure I don't miss something with the numbers and put myself and my investors at risk. I am hoping to communicate with the 2nd position private money lendor that I want to pay them in a lump sum at the ens of the deal and ask them how I can make that work for them and make them feel safe. I know this will mean my deal will be slimmer on my cut but the I am looking to get experience, knowledge, and hopefully enough either equity or cash to put into my next deal. 

@Tom S. Thank you for the tip with the PayPal. We have a PayPal that isn't connected and we could utilize that strategy. 

This creative way of financing a flip/BRRR is only as needed. I am hoping I only have to do this on my first deal. After that I should be able to fund the next deal with the first one.

@Tom S. Thank you! Could you explain the first position second position? So to cover the upfront cost of the remodel I can see two ways. - I could do 0%credit cards then get reimbursed. -set up my pay schedule with my contractor so when I get reimbursed I pay them. Are those good methods for funding the remodel? Also to add complexity after I remodel say I want to hold the property and rent it out. Would I be able to refinance without a down payment for the refinance? Would the equity that was gained in the remodel cover that? Thank you again to everyone that has responded so far.

How about this. This is very general. For a flip Take a hard money loan for most of the deal and then use private money to cover the rest of upfront cost as well as the monthly cost and have the private money set up so I don't pay until the flip is done. 

Has anyone done this kind of deal?

Thank you everyone for your replies! I know I am not in a good place to start real estate investing. But I am almost at Rock bottom and need to do something. So Matt K if I do a flip using hard money and put my money into it but since I have none if I pull out a couple 0% first year credit cards and say I do the flip in six months (is that reasonable for a single family household?) I theoretically (stuff happens) should be clear of the interest on the credit cards and be able to turn a profit? Any one used this method before?

Thank you! 

My situation. 

I am new to real estate investing. So new, I haven't even looked for my first deal. Still in the learning prepping phase. I believe prior proper planning prevents piss poor performance. My only roadblock that I need to learn how to get around is I don't make alot of money and don't have alot of money and don't own my own home. 

I have great credit and I am looking into 0% first year credit cards to utilize. 

But I don't know what I don't know. I want to learn how other have compiled funding strategies to pay 0 out of pocket. 

I am looking into house flipping, and BRRR investing, eventually I want to do multi family.