All Forum Posts by: Sean Harris

I'm a BRRRR investor that will be using a HELOC as my "cash" for upcoming investing. I just want some opinions on which is the best way to leverage it. I figure if I purchase a property with equity already in it, then do the rehab I will have to wait 3-6 months to refinance depending on the lender. Which could set me back because of the interest payments I will be making on the HELOC. I also read about delayed financing which if done correctly I could pull out some of the money to pay back the HELOC immediately then once the property is seasoned, do a cash out refi and pay the rest off, rinse and repeat. I obviously want to be able to pull the money out asap so I can buy more properties back to back but the HELOC is my only "cash" way of doing this at the moment and yes I know straight cash is way better.

Hey BP community its been quite awhile since I have been active on here but i'm more than happy to say that i'm back and more motivated than ever! I just bought David Greenes new book on BRRRR and finally determined this is exactly what I want to do. Considering I live in CA all my focus will be investing out of state. I have been looking into two areas as of right now Jacksonville fl and NW Arkansas area. I have been doing my research but I wanted to see if you all had any great suggestions for a great property management team and or agent? Any good and bad experiences and maybe any tips on these areas such as laws or city codes that you wish you knew before you started out. Im wanting to buy at least 2 houses this year so i'm trying to assemble my TEAM to help get me there. Look forward to a discussion, have a great day!

awesome advice from you all, much thanks! Blake Edwards my whole goal is all about getting that cashflow every month and not so much worried about appreciation but obviously that would be nice. I have looked in here in California particularly in the valley where it is more affordable but I'm trying to find a more landlord friendly state as well and California is the exact opposite of that. I love it here in Arascadero, that's cool you have family here, small world!

Theo Hicks, I totally agree and that's why I was thinking that if I do want to get into multi family eventually that maybe I should focus my attention on maybe looking at duplexes on up to quads and build up some credibility. Since I have the heloc I think the best way for me to go about this is the BRRRR strategy, that way I can hopefully pull my equity back out and buy another.

Steve Hall all I can say is I agree with everything you are saying. For me it's just hard to wrap my head around the simple fact of where to find this person I can trust with my money to go into something like this. 

I have been looking alot in the Ohio market like i was saying and also in alabama but nothing I feel 100% about yet. It's another hard thing for me to think of buying and doing a rehab without ever meeting or seeing my property. It's just another thing I feel like over time will become nothing.

So I will start out by saying that I am a person who over analyses EVERYTHING whether its trying to buy real estate or deciding where to eat lunch, its terrible. I guess i'm lost in what I want to do in real estate investing and how to get this what seems to be, massive ball rolling to gain momentum. Long story short, here is my back story and what I want my end goal to be and I would like to see if anyone could grant me some advice/knowledge. 

I have currently owned a single family home for the last 8 years now and it has an addition unit on the property which I rehabbed and rented out immediately and has worked out extremely well for me (this is my first real estate investment). I have been looking into buying real estate for somewhat of 2 or 3 years now and still haven't pulled the trigger for one reason or another. I want to start investing but it will have to be out of state because anywhere here in California is too expensive and the numbers don't align to make money. My end goal is I want to retire from a normal 9 to 5 job by 40yo, which is 10 years away and I feel its absolutely doable. I pulled out a HELOC on my house for 100k to get started buying properties and was looking really hard into Ohio but I passed on a lot of properties because most of them in my price range were 100 year old properties and I didn't feel safe throwing my money into a potential problem child I knew nothing about.. Long term I would love to own large apt. complexes or trailer parks bringing in steady passive income that what day I could pass on to my kids (I want to go BIG).

Questions

1. What would be the most efficient way in using a 100k HELOC?

2. I am absolutely open to syndication and partnerships but where and how do I find these people best besides family and friends?

3. Would it be better to buy a few small properties with the HELOC to get my credibility up for much larger future projects?

4. Should I start learning how to write up business models to find investors for much larger projects like cardone suggests?

Absolutely any advice will be greatly appreciated. Such as people to get into contact with, books to read, skills to sharpen and learning to leverage anything I have to go bigger and bigger. I hope to get to talk with a few of you. Have a great day

Thank you for all of your help it is much appreciated!

I have been actively focusing on two area in Ohio for my first real estate deal. Currently i have a rock star agent in Akron who has helped me a lot finding some potential duplexes and with property management, contractors etc. Now I am trying to assemble a great team in Dayton to hunt for a few quadplexes. I would love to get in contact with someone who has a lot of knowledge in Dayton and pick there brain. Maybe we can help each other out.

Thanks for everyone who responded, i like reading everyone's input because not everyone thinks the same. In this situation for said duplex, the rents are 750 one side and 700 for the other yet the expenses range from 300 up to 500 in the winter months! The current rents on this place are currently a little bit higher compared to the surrounding area but not that high. Also the leases will be expiring in the upcoming months.

I'm currently looking at a duplex to buy and as of right now the current landlord is paying ALL utilities. Apparently the current owner bought it as part of a package deal and just kept it the same as when they purchased it, but as you could imagine paying all the bills is cutting into the cash-flow immensely. My question is if you were to buy the property would you immediately change it to where they pay utilities or would you keep it the same. Apparently the tenements are long term.

Awesome, thank you to everyone for clearing this issue up for me.

@Michael Noto I don't have a team in place yet because I am not 100% on a market yet. I have a pretty solid list of a few places in which I am going to start interviewing the real estate agents and property managers in the next few days. I currently have a rental in the town in which i live but it was purchased back when the market was rock bottom here in CA, now its too expensive so I am looking out of state. As far as trying to BRRRR out of state have you done this before?