All Forum Posts by: Andrew Johnson

@Micki M. What a great story!  Thanks for sharing that.  It just shows once again that where there is a will, there is a way.  Congrats to your buyer, he is definitely doing the right things.

@Ted Fossett Welcome to BP!  Good to have you here as part of the community.  This site is fantastic and any connection you need, you can find here.  Again welcome and good luck!

@Travis Sperr  Good advice.  It is all about the long haul for me.  I am in no hurry to buy a bunch of properties just to say I did so.  However, I am pushing 40, so unfortunately I'm late to the game as well.  I wish I would have woke up and got involved 10 years ago but that's in the past.  I need to maximize my efforts now, but not rush into anything either.  I definitely plan to keep an eye on the Denver market to see if an opportunity comes up that makes sense for me.

@Jeff Caravalho  I will definitely do my research on the loan options available.  Thanks for the info.

@Dan Mackin  Great information.  Thanks!  I have shopping to do for sure.

@Steve Babiak  I didn't mean to insinuate that I would get a 100k loan.  Not at all.  Thanks for the links.

@Dan Mackin I have considered that approach as well. I agree that partnering up with a reputable, experienced flipper could be a great way to go. The question of course is how to identify that person. I guess the obvious answer is by asking around here on BP and through other connections. That's a good suggestion to wait it out a bit longer through the summer as well to get that jolt in value. I will definitely have to do a lot of research into my HELOC options. So I guess my question is, while my HELOC cash is loaned out, do I have the flipper make monthly payments me to cover my payments or just cover them myself until payout at the end of the flip?

@Travis Sperr  I can definitely see your point as it relates to turnkeys.  There would definitely be some risk there and maybe it's not the best way to go for a new investor.  But if I can't identify a good cash flowing property here, then I see that as the next best option really.  Otherwise, how can I start building up a rental portfolio?  Like you said though, very easy to get burned in such a scenario as well. 

Hello all! Quick question for the masses as it relates to starting out in the business. I have limited cash available so my thought process is to get a HELOC or 2nd mortgage on my primary residence for the purpose of generating available cash to invest. I'm interested primarily in buy/hold investments to start out, most likely out of state turnkeys due to the current market in Denver. I have plenty of equity (about 100k) available to use that is currently not working for me at all.

I'd love to hear your thoughts on the plusses/minuses of going this route to start building up a rental portfolio.  I'm interested in fix/flips as well but that would only be to generate more cash for buy/holds.  Passive income is definitely the end goal.  Thanks all for your help! 

@Micki M.  Very cool.....I agree, the wall is awesome.  One of a kind.  I look forward to seeing the finished project for sure.

@Zachary Gwin  Welcome to the Mile High city and to BP!  You will love it here and at BP I'm sure.  I look forward to seeing you around the site.  Again, welcome!!

@Dan Mackin  Great post and congratulations, both on passing the test and the new job with 33 Zen Lane.  Very exciting times for you indeed.  I loved the breakdown of the exam prep and test as I am considering taking the exam soon as well.  Thanks for posting that. 

@Micki M. has been absolutely awesome in all my conversations with her.  You will love it there I'm sure.  It's funny you posted this as I considered the exact same road as you, both getting licensed and possibly getting on with 33 Zen Lane.  Again congratulations and good luck!!

@Linda Weygant  I am amused by that as well.  This seems like a case of the seller having an overinflated idea of what the house is worth, no doubt.  I still think it would be worth it to submit an offer you deem appropriate and see what happens.  Most likely it will be rejected, but you just never know. 

The write up description is pretty humorous though, I agree!

@Rob Piskorowski  Welcome to BP!  You will quickly find that this site is amazing with the number of people willing to connect with you and the amount of information available on the blogs and podcasts.  I'd start with the podcasts and be active on the forums.  Good luck!