All Forum Posts by: Kevin Jackson

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $185,000
Cash invested: $207,000
Sale price: $527,000

https://www.zillow.com/homes/6202-Dean-Rd-Indianapolis,-IN-46220_rb/1243543_zpid/

How did you find this deal and how did you negotiate it?

Wholesler

How did you finance this deal?

Hard Money

I've been using Deal machine for about two months I've been very disappointed with the skip tracing. There customer service responds timely but I'm usually stuck with more answers than questions. 

I'm considering my inexperience also. for me not being concerned with vacancies to me seems to be the biggest plus and always having access to the HELOC.

@Jon Reed Thanks,  I think it be a good idea to hold. 

I have a home that a friend is interested in renting, the rate that they are able to pay wont net any cashflow, I would be breaking even. I don't foresee needing a PM, or it being vacant, I'm also sure the place would be taken care of. I do have a 40k Heloc attached to the property and I think that having access to the Heloc makes this seem ok. In part I feel like the cash flow could be made on another rental, I am still fairly new to REI, and would like to know any thoughts you have. Please share.

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*This link comes directly from our calculators, based on information input by the member who posted.

@Andrew Gilmartin

Thanks I’ve been working with Credit Unions and have reached out to two HM lenders. They seem to be ok with the Heloc being 3 months old.

@Joseph Firmin I was targeting properties that were tenant occupied, To cover the payments.

Any advice would help.

I have a 40k Heloc. I was trying to use it as multiple down payments on some seller financing rentals with the plan to refinance after 6months pay back the Heloc and repeat. I’ve been having issues with finding good properties that fit what I’m trying to do. So now I’m considering getting approved by a lender that will allow me to use the Heloc as down payment. I only have five years on the Heloc before it’s due. Doing this strategy wouldn’t allow me to use the Heloc multiple times. What strategy are you guys using? Any ideas would be appreciated. Thanks

My wife and I bought a house from her grandpa’s estate. We bought for 68k, the houses in the area are valued at 100k minimum. It’s a small two bed one bathroom as most of the houses are in the area. I replace the kitchen, updated the plumbing, and electrical, new HVac and tankless water heater.

Though it hasn’t been two years we will need to move as my wife is now expecting our 3rd kiddo.

Can anyone share some thoughts on what they would do? I want to keep the house for a rental but, financially I think it may make more sense to sell being that this house and the new house would be on my credit. Any advice would help. Thanks