All Forum Posts by: Sean Harris

Awesome responses that clears up a lot. What I am looking for is a place that needs minor improvements then repair whatever it needs to be up to par with current places on the market and then hopefully be able to refi and pull the money out and do it over again. The reason I am doing this is I am using a HELOC on my current home so i am wanting to pay off whatever I use on the loan as fast as possible. I am wanting multi family homes and so far i have been looking a lot in Cleveland and Memphis. I'm from CA and its way too expensive here to invest here so i am branching out.

I am brand new to investing and i am still confused on the whole BRRRR strategy as far as the rehab aspect. Say I were to buy a duplex, triplex etc but there are tennents that are currently living in the units. How do i go about rehabbing those units? Obviously i don't want to kick the current tennents out while rehabbing but what other option is there? Also one more question, what are the best things to remodel to help increase value so I can refi and pull that money back out? I'm talking besides large projects such as kitchen and bathrooms. Thank you

Thanks again for the replies, this has been alot of help and a ton of great information. The situation that I am in exactly is I have a HELOC for 100k and other than that i have no cash or hard money to throw at anything. So in everyone's professional opinions what is my absolute best route to get started? I currently have a rental property on the same land as my primary residence.

OK awesome info guys, thank you. For sure some things to consider. I'm just trying to find the best route to go in order to buy SRFs as long term investments for steady cash flow, but I also want to pay the HELOC off asap so that I don't have that extra payment each month and also so my current house isn't tied up in it. I'm just going to use the HELOC as the 25% down then use conventional for the rest. I would love to go turn key for my first real deal just to get my feet wet for instance homes on roofstock.com, I just dont know how to get my money back to pay back the heloc other than waiting a few years for the rent money to catch up.

Hey Bigger pockets community I have a question for you in hopes of clarifying a few things. I just recently got approved for a HELOC loan on my current residence and want to use this money to start buying SFRs utilizing the BRRR strategy. My question to you is, in your opinion what is the best way to upgrade the home, somewhat inexpensively so that I can get a cash out refi to then pay my HELOC loan back off so i can repeat this over and over again? Thanks

Agreed as far as having some reserves. Can you elaborate a little more as far as some good exit strategies to have in place just in case. Also when using a HELOC for example say I use the money as the 25% down then maybe do some repairs if needed. How long until I can do i refi on the home? is there a specific period like a year or can it be immediate? In my head I figure if you can buy the property fix it then refi and pay off HELOC

Good morning bigger pockets members! I have a question or two that i have been going back and forth on and cant seem to find the best way to tackle it so here it goes. I am going to get into real estate investing and want to aim to buy 3-4 multi family units in the course of 1 year. That is my early New Years resolution to myself. The issues that I am finding myself stuck in and overthinking are how exactly to fund this the proper way. My options that I am considering are either getting a HELOC and using that money to fund the 25% down that I need on the rental and use the BRRR method or refinancing my current home and using the equity to get the same process done. Problem i'm having is I would really rather not wrap my primary home up in my investments if i don't have to. So are there any other options to look into that wont require me to tie up my primary residence? I Have heard of some kind of HELOC based off of your credit score and not your house but cant seem to find much on the subject.

@Ian R. Thanks for the response and after looking more into it the more I realize that finding something closer would be best for my first time. 

@Phillip Dywer I do plan on coming out that way soon just to drive around and look for sure. After some reading I have a few areas in mind but I need to keep searching because the only part of Vegas I am really familiar with is around the strip. Do you have any recommendations on good investors to meet up with or real estate agents just to get a few names and get my feelers out?

I need some insight from some people in the last Vegas area. I have posted a few times here on bigger pockets and gotten a lot of help from the community which is awesome. I was focused on San Antonio TX in search for SFR due to low costs but now I am swaying toward Las Vegas. Reasons being it's a 1 hr flight or 5 hour drive from where I live in California and we visit Vegas often, so I'm thinking why not look there since we go over there often already and houses around where I live are a minimum of 400k which leaves no room for cash flow. So I'm looking for SFRs or townhouses in the last Vegas/Henderson area for 200k or under. Any specific areas or any pros or cons as far as legality issues or taxes?

thanks for the replies everyone. I agree with you Mark I need to stop thinking so much into it and just get it done. HELOC sounds like the only logical way to get the funds to start going on this. As far as the HELOC goes, do you guys use the money that you are gaining from the rentals to pay back on the loan?