All Forum Posts by: Trevor Bingham

I bought a house in October of 2020. My family and I still live there but rarely use the basement. I would like to convert it into a small apartment that could generate some cash flow. It has a bathroom, an office area, a large bedroom and a smaller room currently used for storage. I would need to add laundry, a kitchen and a separate entrance. I'm wondering if getting a HELOC is worth it? Would the rent cover the extra costs? Does it add value to the home overall?

@Bjorik Mutize the overall objective is leaving the rat race through real estate. The passive income of buy and hold would be great. But I'm not sure $50k will make that happen soon enough.

Friend hits the mark with $50k in savings, but he isn't sure what to do to make it grow. If you were him, what would you do? He lives in a HOT real estate market and hasn't ever invested in RE much less out of state. He has a full time job and qualifies for a VA Loan. Do you look to join a syndication, partner on a flip while working a W-2 full-time, meet a few wholesalers and hope to find a good BRRR or do you put it all in apple stock and cross your finger?

Thanks in advance for the info.

Trevor

I'm posting here to express my curiosity as well. Has anyone had success with this. 

I was/am considering doing the same thing. But in taking the course, it seems legally impossible to sell your own home to buyers. You aren't able to put the buyers interest before your own and therefore its impossible. If I understood the material correctly. You can, list your own home and save the 3% commission you'd be paying a listing agent. But as was broken down by Alan earlier, it doesn't seem like it would be worth your time and money. 

As for pursuing your license. Why not? If real estate interest you, you are on BP, then why not? 

Thanks Alan, that's some very valuable information. I'm getting my real estate license and plan on selling my own house. I've felt stressed and pressured because I'm worried about the market dropping before I get my license. But it appears that will continue to increase a little and that's good. Thanks for the report. 

I'm in the same boat you're in and have asked many of the same questions. I've considered/considering investing out of state. Which opens up a whole other can of worms. The things that have helped me are going to the REIA meetups and listening to the BP podcasts. When I get discouraged I ask, "What's the alternative?" I don't like the answer and it keeps me motivated. I don't hate my day job, but it isn't what I want in life either.

Keep going and buy smart. Don't buy, just to check a box and own something. Getting the grand slam requires getting a few on base first. 

Good luck and keep going. 

I found someone I know on RealtyTrac.com indicating their house is near foreclosure or in it. I've been struggling the last few days trying to decide how to bring it up. I want to buy the place but I'm not sure on the best verbiage to break the ice. What is your protocol for contacting owners in a foreclosure situation? 

I'm new to the whole shebang. I'm been reading and learning about real estate from the bigger pockets crew for almost 9 months, but I have yet to pull the trigger. My travels on the real estate highway have landed me in Oklahoma. I'm currently looking at a couple addresses at 909 General Senter Dr in Midwestern City and another 1100 Hawthorne Drive. I've run the numbers that Brandon Turner goes through in his youtube video "Calculating Numbers on a Rental Property [Using The Four Square Method]". After all is said and done Cash Flow is in the negative. I've looked at other deals in my local market and its's even worse. I'm not sure what I'm doing wrong, but I could use some guidance. What do you recommend? Have you invested outside of your market? Whats the key to making it in this industry?