All Forum Posts by: Devin McGinley

Hello BP Community,

I am 24 years old living in Colorado Springs, and just bought my first property last year. Considering I make about 40k a year I am shocked I was able to even qualify for a home at all! I purchased it using a 3% down "first time home buyer" FHA loan for $279k at 3.25%. Since then I've done a bit to the house including fencing, painting, new flooring, tile, etc. The market value without considering the improvements is about 305-330k based off various websites and other resources.

Additionally, at this home I allowed 2 friends and my girlfriend to stay here while I renovate paying a combined $,1550 in lieu of my $1,600 mortgage, and I'm essentially left with utility costs. Obviously about $400 a month for me to live in a appreciating house isn't a bad deal with the way the market has been. However, I'm anxious to acquire another house as well as my girlfriend and I are seeking something a bit nicer. The issue being I need capital! Capital I believe I could get through a re-fi.

My lender has notified me if I re-fi I can then in 2-3 months get another primary residence loan for 5% down, so long as the new property exceeds the value of the one I'm in now. We've been looking at some homes around 400k, meaning about 20k down. My questions are as follows:

1. How much realistically can I pull out from this re-fi?

2. Are there any tips for renting this out quickly? Rates, Etc.?

3. To me this all looks good on paper, but is this the best way to capitalize on my situation or should I peruse a different route?

Any response would be greatly appreciated!

Respectfully,

Devin

@Jaron Walling Hey Jaron! That’s awesome that you’re into moto! I’ve been racing since I was 5 and will turn Pro this year (dispute COVID holding things up). Stay in touch and we’ll ride when you get that bike!

Very grateful for the wisdom! I had a similar idea as far as plan, but your reassurance helps greatly! So essentially we’ll be flipping a property quickly and efficiently to build capitol that we can reinvest into a rental? To provide some passive income? From there do you look to continue building your portfolio of rentals, or does it depend on the market/situation.

@Kevin Hunter Thanks so much for the advice Kevin! I spend a lot of time on the road while working and love podcasts, I’ll be sure to look for more specific ones for future endeavors rather than more fun based listens. If you don’t mind I’d love to touch base with you again after I get some more experience in the future!

Hello BP community, this is my first post here and while I don't expect anything I am hopeful that some of you more experienced will lend your expertise. A quick background on myself, I am 22 years old and have been interested in real estate from a very young age as I was introduced and taught about passive income through my father. My best friend Jake whom I grew up with is the same age and has a similar mindset. Jake and I touch on some sort of aspiration conversation every time we see one another and even have weekly meetings to discuss future ambitions and ideas to develop assets.

As most of you probably know (and it seems to me), getting your first property can be difficult in that you need some start-up capital, credit, plans, etc. This is where both Jake and myself could use some assistance. By March we will both have around 10-15k that we are willing to combine to invest in a property. We have a lot of construction experience as far as DIY ability (Tile, Carpet, Hardwood, Painting, Drywall, etc.), as well as my connections I get at cost being a manager for a exterior restoration company. So anything exterior I can have restored for cheap. Jake is also a Civil Engineer, we’re not sure how that will tie in yet but surely can help in the future.

Here’s my questions and I’m open to all ideas and opinions, even if that means you think we’re making a mistake and shouldn’t invest in this endeavor at all:

For a first time property buyer is it better to purchase land itself of a property you can “flip.”

Are first time buyers incentives something we need to look into more and take advantage of?

If we were able to obtain and renovate a property, would it be advisable to rent it out and split profits monthly, or sell it all together for more working capital to reinvest?

I obviously have tons of questions so I'll leave it to this for now. I found this app after restoring a commercial property in Colorado where I live. The owner noticed I had an interest in reality and his advice revolves around BP. I'm eager to learn and open-minded to anything. Very thankful for those of you even took the time to read this and all feedback is greatly appreciated!

- Devin (Field Manager / 3G Construction & Roofing)

Hello BP community, this is my first post here and while I don’t expect anything I am hopeful that some of you more experienced will lend your expertise. A quick background on myself, I am 22 years old and have been interested in real estate from a very young age as I was introduced and taught about passive income through my father. My best friend Jake whom I grew up with is the same age and has a similar mindset. Jake and I touch on some sort of aspiration conversation every time we see one another and even have weekly meetings to discuss future ambitions and ideas to develop assets.

As most of you probably know (and it seems to me), getting your first property can be difficult in that you need some start-up capital, credit, plans, etc. This is where both Jake and myself could use some assistance. By March we will both have around 10-15k that we are willing to combine to invest in a property. We have a lot of construction experience as far as DIY ability (Tile, Carpet, Hardwood, Painting, Drywall, etc.), as well as my connections I get at cost being a manager for a exterior restoration company. So anything exterior I can have restored for cheap. Jake is also a Civil Engineer, we’re not sure how that will tie in yet but surely can help in the future.

Here’s my questions and I’m open to all ideas and opinions, even if that means you think we’re making a mistake and shouldn’t invest in this endeavor at all:

For a first time property buyer is it better to purchase land itself of a property you can “flip.”

Are first time buyers incentives something we need to look into more and take advantage of?

If we were able to obtain and renovate a property, would it be advisable to rent it out and split profits monthly, or sell it all together for more working capital to reinvest?

I obviously have tons of questions so I’ll leave it to this for now. I found this app after restoring a commercial property in Colorado where I live. The owner noticed I had an interest in reality and his advice revolves around BP. I’m eager to learn and open-minded to anything. Very thankful for those of you even took the time to read this and all feedback is greatly appreciated!

- Devin (Field Manager / 3G Construction & Roofing)