All Forum Posts by: Taylor Dasch

BPs calculator is good and I like to use it. But I still dont use it for ARV / comps. The absolute best way to get an accurate ARV / comps is to reach out to a realtor. They should provide you with comps for free and can also help you in many other ways. Even if the deal is off market I dont ever mind sending comps to my clients, it takes like 5 mins.

Its really not that hard, the main thing is selecting the right tenant. Be sure to use a good background check and go through it - I use smartmove but there are a lot of different ones and I think BP has one as well. I think renting it out is the way to go if you will cash flow well from it. But if your going to be losing 500-600 / month, it may be better to sell the place. I think its definitely feasible to manage yourself if you just have the one property, it may be slightly more difficult from out of state but you can definitely still make it work. But I wouldnt continue with the rental if it is negative cash flow. 

Interesting, I was thinking about doing this as a strategy for flipping, just using a HELOC to purchase/rehab then build capital until I can just switch to cash. Did you find it difficult to obtain the HELOC? Looks like a great deal!

Hi Harley and welcome, Glad you decided to get into investing in real estate. Hope you are able to learn a lot on this forum like I have! Just be sure to set a timeline for the learning and take action! Thats the name of the game. Good luck. 

I definitely agree. I have found that I need to enjoy it but also that the way that it works needs to resonate with me to where I believe that it will work so that I can go all in on it! 

Whats the cost of the mold remediation? I believe mold needs to be taken care of right away but am not sure. As for your question, it just depends on the numbers. If the repair will eat up a few years of cash flow, I would just sell it and reinvest. But you will still likely have to have the mold remediated anyways. Regardless of the mold though, In my opinion, the best way to scale is to rehab, sell, and reallocate until you have enough capital to buy the units needed to reach your long term goals. Also having that capital in your account opens up opportunities like foreclosure auctions and tax sales as well. 

You could just refinance the property and use the $ to pay your siblings. If you could get it to appraise for 125k you would have about 90k to work with, you could pay the loan off and give your brothers their portion. I hope I understood your question. For using the equity in your own home, you would need to do a HELOC, in TX its pretty hard, I am not sure about your location but it would be best to speak with a lender who does them. Probably can find one on here pretty easily!

I am starting to look into this as well. My strategy is to register / go to the auctions and learn that way. I do know that if they occupied the property, they have some time to reclaim the property but would have to pay interest on the amount that you put into it. If they didnt occupy the property, they still have time but its much less time.  So you will have to wait to realize the profits for at least 6 months is my understanding.  The best way to get started in my opinion is to just go do it! But as far as training, in my opinion action is the best training you can find!

I just use the comps but market activity also plays a factor. One flip I did, I priced with the comps but they were about 4 months old and the market had already went down so the home ended up sitting for a lot longer than I would have liked. In my market, I am advising investors to list slightly below the comps that we have since the last 2 months have been pretty slow here. 

Any plans to build the family within the next two years? House hacking is an awesome strategy, if the numbers keep going up you will have built equity and cash flow when you move out of there. However, at least in my market, you are still going to have to pretty much cover the rent for one side so it may actually increase living costs. If I were to do it right now, I would still try to house hack but would definitely look into staying in the studio if the rent is chheap and it would allow me the freedom to buy more investment properties.