All Forum Posts by: Dan Wynn

great post, i just purchased two rentals will be looking to cash out refi shortly after i get tenants in them. 

Carlos and Daria would you send me bankers info as well please. 

Thanks.

Hey BP friends,

I took finally took the leap a few weeks ago and purchased 2 SFRs, i used a personal loan to finance them both.

House 1: Is a 4/2 1600sqft. Needs 19k to rehab. Will take 8 weeks to rehab. ARV based on recently sold comps will be 20k more than i paid. Will rent for 825 a month.

House 2: Is a 3/2 SFR 1300sqft. Needs 12k in repairs. Will take 4 weeks to rehab. ARV should be 40k more than i paid. Will rent for 800 a month.

Need some advice. I only have enough funding to finish one home. Im tapped out on cash and credit. I plan on finishing house 2 and doing a cash out refi to fund house 1. 

Any advice on other options that would allow me to do both at the same time? 

Any other advice on generating cash to buy more homes? 

Hello BP friends,

I am working my first deal and trying to figure out the best financing option. I own a primary residence through Va financing, have 15k saved, 735 credit score, and a steady income. Looking at SFR 60k and under. I originally planned on doing traditional financing but after going to different banks for lending I was informed about HELOCs and Cash out loans. I have only lived in my home for 2 yrs and therefore dont have much equity built.

Looking for guidance.

What option would you choose?

Thanks in advance,

Dan

Hello BP friends,

I am working my first deal and trying to figure out the best financing option. I own a primary residence through Va financing, have 15k saved, 735 credit score, and a steady income. Looking at SFR 60k and under. I originally planned on doing traditional financing but after going to different banks for lending I was informed about HELOCs and Cash out loans. I have only lived in my home for 2 yrs and therefore dont have much equity built.

 Looking for guidance. 

What option would you choose?

Thanks in advance,

Dan

Sorry for the late response, i am just now reading your responses.

@Larry Fried, thanks for your response. I am looking for a 3/2 SFR to buy and hold in a C neighborhood or better, no less than 1000 sq ft under $70k price point. Sounds like turnkey has been working well for you. what parts of Jax do you primarily invest? Any advice or recommendations would be greatly appreciated.

@Lee Scarlett Thanks for your response. I grew up in Jax and my parents live there. My reason for investing in Jax is because I am in the Army and live in Savannah, I move frequently and would like to invest somewhere i know well. I took a look at your profile and your goals are very similar to mine. Have you made any deals so far?

@Gerald SmithThanks for your offer. Im working towards my first deal now, I am setting conditions to buy 3 SF rentals this year, if i need help with rehab or any genaral questions i will remember to shoot you a message. Additionally, I will be in Jax this weekend, if you have any flips or admin work going on and need help, shoot me a message, I would be more than happy to work for free in exchange for the experience. 

Thanks 

Dan

Funny story, this morning i started my first day of "Miracle Mornings" and on the scribing portion, under what would make today great, i wrote "finding a better way to finance my next deal". When I logged on, this was the first post i saw from my keyword alerts. 

I am sitting in the same boat as @Jake Thompson, I bought my primary residence in 2013 with VA financing and have about 15k sitting in savings now. Im working on my next deal now.

I've been debating wether i should use my savings as a downpayment on a new property but am worried that i will not have any fallback cash after purchase. After reading thread however, i'm going to apply for a HELOC tomorrow. I'll keep you all updated of what happens.

Great thread, great vibes!

Hello BP Friends,

I am a newbie living in the Savannah area  willing to provide free labor in exchange for getting hands on experience in flipping and rehabbing houses in the Savannah, Hinesville, or Richmond Hill area. I am an active duty Officer stationed at Ft Stewart. I can work most weekends and and sometimes on Mondays and Fridays. I can provide a schedule of availability up to one month out.

I look foreword to hearing from you. Thanks,

Dan

Thanks everyone for your kind words and motivation. This site is amazing!

Hello,

My name is Dan, I am a new investor from Jacksonville FL, currently living in Savannah GA where I bought my first duplex. I am also an active duty Army Officer.

My short term goal is to acquire two investment properties this year, one SFH in Jacksonville using traditional financing and one MFH in Columbia SC using VA homeloan financing.

My long term goal is to own 20 cash flowing rentals in 10 years. 

I am a huge fan of BP and look foreword to learning and building relationships through BP!