All Forum Posts by: David Honeycutt

@Chris Hoffmann Welcome to AZ, you’ll love it here! What made you want to get into flipping? Do you plan on doing it full time or do you have a 9-5 as well?

Check out PrepAgent on youtube, he has a ton of great content that helped me with the test!

What is up BP, 

I’m a long time lurker with very few posts. However I’ve made it a priority to engage with other local investors and what better way to do so than right here on BP. I’m in Phoenix AZ and I’ve been investing in Real Estate since 2014. I worked in the banking industry for the past 3 years and since November of last year have decided to dive into real estate full time as an Investor/Agent!! I’d love to connect if you’re looking to buy or sell property. As an active investor myself I know that we’re looking for deals that will produce positive cashflow or be able to flip and make a decent profit and I can help analyze properties to ensure the numbers meet your requirements. My team and I do a ton of business with investors. I’m always open to show properties and I’m not afraid to submit offers! I look forward to connecting with everyone and please if there is anything I can do to help don’t hesitate to send me a PM.

Let’s get out there and dominate 2019!

-David Honeycutt

Welcome, 

It sounds like you're on the right track, if I were to start again I would definitely start with house-hacking! I've met other investors who are in the Duluth market and have been consistently receiving solid cash flow returns. Best of luck!!

-David Honeycutt

What’s up BP, I currently have one rental property that cash flows around $240 a month, the tenants are great and have already asked to renew the lease when it is up. I bought the house in 2014 and have about 90k in equity. Im ready to expand. So my question is what should I do next? I met with a local bank last week to see about doing a cash out refi. The bank said we could do 80% LTV, I would then use the funds to pay off some personal debt (credit card/ car note) which is around $400 in payments a month and then have 25-30k left over to put as down payment on another SF rental. My only concern is that, I would barely be breaking even on my current rental and my rate would go from 3.75% to above 5% The other idea I had was to sell current rental and 1031 into a multi family. It would most likely have to be out of state. Any advise on what I should do or what you would do is greatly appreciated. My ultimate goal is to retire from my 9-5 asap! Thank you, David

I recently purchased another house and will rent out my current house. So I'm looking for an attorney in Phoenix preferably in the west valley, to create a lease agreement and to ensure I'm doing everything legally as this is my first rental property. Thank you,

Looking forward to the release of the hard copy.

Joe Splitrock I've heard that before, that most people typically refinance to get rid of the PMI but our PMI is $183 a month and they can cut that in half and lower our interest rate .8% which would end up making our payment a $116 cheaper a month. Also I did ask if our 30 year loan would start over, he said its up to us we can do it as a 28 year loan or 30. If we did start over with 30 it would be an additional $10 cheaper a month. Now about closing costs etc. he told my girlfriend that they pay for everything so I'm wondering if they're actually putting those costs into our loan?

Hey guys, my girlfriend and I purchased our home almost a year and a half ago we went with FHA loan so we have very little equity in the house. About a week ago we received a letter in the mail from Sun West Mortgage saying we could refinance. So we called them and gave them our information and said they could lower our interest rate and reduce our PMI. So I'm just wondering what I should look for if we do refinance with them. My girlfriend found some bad reviews about the company online saying there were hidden fees. Any advice as far what to look for or what questions to ask would be much appreciated. Thanks

Has anyone invested with Real Estate Syndicate Group of America? I sent them an email to get more information and this is what they said...

Hi David thanks for the email.

It's pretty simple actually, all you have to do is subscribe to our group, which is completely free. The way it works is we will copy you on real estate properties that our group is investing in. All of our properties are "Rent to own" properties. We do things in a very unique way. Rather than buying a property first and then finding the rent to own buyer second, we actually find the buyers first and then let them choose the property they want to move into with a rent to own contract in place.

All of the properties we present to the group are very low risk and designed to generate immediate cash flow for the investors as well as a property exit strategy within 24 to 36 months. (Most of our rent to own agreements are 24 month contracts.) All of our tenants are pre-qualified and secure our investment by putting down a reasonable down-payment along with a security deposit and first month's rent.

RESGOA takes care of 100% of the property management. Any maintenance or improvement costs come out of rent revenues which prevents investors from having to inject additional capital above and beyond their initial investment.

The key benefits of investment with our group are:

*smaller up front investment requirement due to multiple investors (up to 95) investing in each property. Minimum investment is $250 but you can invest as much as you want, up to 10%

*rather than investing a high amounts of cash into few properties, you can maximize returns and minimize risks by spreading your investment capital out over many properties

*No stress of managing properties as RESGOA takes care of the property management

*Since we rarely have more than 50% of the value of a home financed, the tenant pays all of the mortgage interest each month which means if you increase you investment into a property, 100% of your investment applies to equity.

*Refer other investors to our group for referral bonuses!

*Request to be cashed out of any investment at any time. (30 day waiting period)

When we present a property to the group, we provide the following details.

Location (County)

Square Footage

Estimated Value

Estimated Purchase Price

Rent Amount

Selling Price (Pre negotiated with the tenant)

Down Payment amount

Tenant verified monthly income

Tenant Verified profession and length of employment

Estimated Closing and move-in date

Current year property taxes

Number of shares available

more information provided when available, this is not an exhaustive list....

Decisions to invest are made based on the information provided. Due to the business model, we do not disclose exact property address to potential investors until the transaction is completed. In our experience, the information provided is more than enough to make a qualified decision.

That's it! In summary - you see properties as they are presented to the group...no obligation ever to invest in any property - you choose which properties to invest in and how much.

Let me know if you'd like to be included in the group.

Thanks!

...

Has anyone invested in the group and what are your guys' thoughts?

Thanks,

David