All Forum Posts by: Evan Bellingar

Hi Eric,

Nice work on the 15 unit!

My two cents: stay with the day job a little bit longer and build up your investing and side gigs. Not the most fun, but it will give you more financing options and some added security. When your monthly expenses are covered by passive income, then jump.

Evan

Hey Isaac,

Great job, the house looks awesome! Adding 2.5 baths must have taken some work. Look forward to hearing the details. How long did the project take start to finish? 

Evan

Welcome Eric,

Good luck and let us know how the flips go. 

Evan

Congrats! Zero to eleven is a great start!

Evan

Dani,

In retrospect, we had a very similar situation to yours a few years ago: we had a brand new HELOC with a $180,000 limit. Newberg is less expensive that Portland, thank goodness, but still a fairly pricey market. We bought a single family house, then another, then two duplexes and a four plex over the course of about 2.5 years. We never maxed out the HELOC, so we always felt we had plenty of reserves (on top of our reserves) and tried to whittle down the HELOC while we were between deals.

We didn't close any deals in 2015 except 1 cash out refinance of our first purchase, which worked great, and several attempts of a cash out refinance of our second purchase, without success. We are pending now on a duplex here in Newberg, which should meet the 1% rule (our goal as well). All of our deals have been MLS listings that we had our offer in within 24-48 hours of listing.

So I suppose my advice would be to try for several small deals rather than one big one that took all your cash.

Good luck and let us know what you decide,

Evan

Hi Dani,

Good problem to have, and kudos to you for house hacking, I love the strategy. 

If you use the $200k, how long will it take you to replenish? I call the money you have available for a deal an "elephant gun", and if you plan on using all $200K, you only get one shot with it. If you buy a smaller property, and use say, $70-$100K for the down payment, you have two shots, and you can stay in the hunt for another property as you build more reserves. It is no fun to invest all of your capital and then two months later see an even better deal come across your door.

Good luck,

Evan

That is awesome Jay!

Evan

Welcome Stephen!

Welcome Kory, 

My wife and I invest a few miles south west of you in Newberg. We have had good luck with single family houses bought about three years ago and some small residential multifamily since then. 

We have only successfully done the BRRRR (buy, rehab, rent, refi, repeat) strategy once, but it was very successful when it did work. Fun stuff.

Cheers,

Evan

Great deal, congrats!

Do you plan on refinancing once the rents have been brought up to market to pay off your LOC?

Evan