All Forum Posts by: Brad Gibson

Nice work!

With scaling that quickly are you having a lot of growing pains? Still managing yourself? I'm currently at 14 units adding 10 more in the next few months. I'm thinking once I get into the 50 range ill be able hire a full time property manager.

Down Payment on a cool car!...Kidding don't do that.

Take your time and educate yourself. Learn your ideal market. Learn how to analyze deals and do it often. Listen to Biggerpockets podcast(THEY ARE GREAT). Then when you find that property that fits all your criteria jump on it. Its a great feeling. Having access to 15k gives you a great chance for a nice start. GL

This worked really well for me. Purchased a SFH foreclosure, fixed it up, took out a HELOC on my equity and purchased a triplex with cash. After I sold that SFH I still walked away with a nice profit after paying off HELOC and mortgage. This was also 3 years ago and I live in NW Ohio sooo im sure values are a bit different here. Good luck.

How happy I would be to walk up to a sheriffs sale and be the only guy there! I am currently 0-4 bidding on sheriffs sales. This gives me some hope. Congrats..sounds like a great deal!

Thanks for the info. I think ill have a chat with my banker tomorrow to see how long the process takes and further position myself from there.

 Upen, how does delayed financing work? Ive never heard of it. I did rehab the property but I purchased it 5 months ago so I wont have to wait too much longer.

I purchased a 3 unit building with cash over the summer and it will be fully rented within a few more weeks. I am starting to think about my next move and would like to pull some of the cash I put in back out of this property. Would it be a good idea to do a cash out refi as soon as everything is rented so I will be ready for the next opportunity. Or should I wait until that opportunity comes along and do the refi then instead of sitting on a pile of cash that isn't producing? I just hate the thought of making an extra mortgage payment on money I might not use for a while...Thoughts?

I would keep the full deposit, make the repairs, and move in the next tenant. If your considering going to court for lost rent and damages you'll more than likely lose more $$ than you would if you just moved on.

Hi BPers. So im looking for any input out there or creative ways to maximize my profit on a live in flip. Here is a few different scenarios im looking at(im leaning towards the first one).

1. I found a triplex in distress that the seller is willing to sell for a whopping 19k. It needs a new roof and is vacant at this point but I own a identical triplex next door so I am confident in the purchase due to how well things went with the one I own now(that property cashflows $850/month which I paid 21k). So what im looking at doing is paying cash for the property which would use up majority of my cash after my estimated 8k renovation. I would like start flipping after this property is fully occupied so I could have it appraised and use a HELOC for my next purchase.

2. The other scenario is I could easily finance the property which seems kind of crazy considering ill probably have to pay a few thousand in closing cost on a 19k purchase. This way I could keep a large chunk of my cash for the next purchase vs. paying interest rates on a HELOC.

Any suggestions or other ideas on using this $ to its full investing potential! Im All Ears!

Thanks. 

Welcome to the site! I would recommend getting your license. It makes it so much easier to research and inspect properties without having to work around another realtors schedule. Not to mention you can pocket a nice portion of commission when you start buying. Good luck to you and Go Bucks!