All Forum Posts by: Evan Doan

Awesome! That is good to know!

That clears things up a lot for me. It made sense, but I wasn't sure how the process went exactly. I really appreciate the insight!

In the BRRRR system...can you explain the process, in as much detail as possible, of refinancing in order to get your money out of the deal to then go and purchase another investment property?

For example, we are looking to use a HELOC we have recently acquired to purchase an investment process. We are contemplating the use of the BRRRR method, but I am looking for more info on pulling the money out of the deal once the rehab etc. is finished so that we can purchase another investment property. Hope this isn't too confusing.

Thanks in advance!

I will definitely look into that! Thanks, Matt.

Thanks for the feedback! 

Matt K. - what i am trying to say is that we do not have any cash (personal cash) to go and purchase a property be it to flip or BRRRR. I am looking to use the equity that we have in our home to put towards the purchase of 1 or more investment properties. I am open minded when it comes to strategy. I am trying to weigh the pros and cons of each while educating myself on the different methods. For the initial purchase it seems like the HELOC is the option that keeps coming back to me.

Hi Everyone, 

Hoping to gain some insight. My wife and I ready to start our Real Estate Investing business. We currently have roughly $250K in equity in our home. Cash is tight at the moment so we want to use the equity in our home to purchase an investment home/homes. I would love to hear some different ideas in how to do so. I would love to purchase more than one with the equity. I have looked into using a HELOC, but I do not know anyone else that has done this so I am checking here prior to doing so. Also, any thoughts on using that amount to purchase multiple homes? How would I go about doing that? Is partnering with a private money guy the best option? Should we start with one house and take the profits from that towards the next one? I appreciate any wisdom that can be shared!

Thank you all for the warm welcome. I am currently reading up on the subject. Not sure when we will actually pull the trigger on anything. I would, of course, like to jump in sooner than later. We shall see! 

Hello Everyone - It is a pleasure to be a part of the BiggerPockets community. There seems to be a wealth of knowledge to be gained. 

My name is Evan Doan, I have been married for 5 years now and i have 3 children with 2 on the way. My wife and I were blessed with identical twin boys our first pregnancy followed by a girl. We have just come to find out that we are expecting twins for a second time!!! We suspect them to be fraternal this time. This will make 5 children under the age of 3.25 years. A little crazy to think about. 

I am an accountant in Plano, TX and have been for 2 years now. My previous employment history was in the Automotive industry. Selling new and used as well as a bit of the service side of things. I graduated in 2011 with my bachelor's from Hartwick College which is located in Oneonta, NY. 

My wife and I purchased our first home in Rowlett, TX a little over 1.5 years ago. We bought it from some friends of ours who were renting it out. We knew there was a ton of work needing to be done prior to closing. Everything from foundation repair, complete plumbing reroute to the perimeter of the house (they had slab leaks in the past), to drywall (tape and float included), framing, electrical, wall removal and addition. We completely gutted the place doing almost all the work ourselves. We subbed out what we did not have the capability to do ourselves. Needless to say I am not afraid to do anything now. I knew next to nothing prior to tackling this project, but thanks to Youtube, I consider myself very handy now. I do not just get the job done, I get the job done right. My wife is an interior designer in Dallas. No she does not simply match the cushions to the couch. She is pretty much a full blown architect. She designed our home and has done a fantastic job. She is now the project manager for a multi-million dollar condo building that is going up on Lake Grapevine, called Lakeside Towers. She works Wallace Johnson Studios in Dallas. So I feel like we have a ton of potential when it comes to flipping homes. I am 28 and my wife is 27 years old.

I am just now getting my feet wet regarding real estate investment/flipping houses. My reason for getting into this field is so that I can set my own hours and eventually lessen the hours I am away from my family. I have virtually no money to start with, however, I do have a few contacts that can provide me with the capital needed to get started. I love the idea of rehabbing homes and making a profit that way. I would, ideally, like to start in residential single family and graduate to the multi-family after I have a firm grasp of single family. I have a knack for being able to look at something and telling you what it is worth (what someone will actually pay for it). I would love to become proficient in this as it pertains to houses and properties. 

I am eager to get the ball rolling so any and all advice is welcomed.

Thank you!