All Forum Posts by: Gordon Ray

https://www.cnbc.com/2020/08/13/mortgage-refinancing-more-expensive-as-fannie-mae-freddie-mac-raise-fees.html

How do y'all see this new fee affecting your deal analysis for your BRRRR investments?

I've been looking into creative financing options for thinking ahead. I don't think I'll be able to get any sort of traditional financing while trying to lock down on a 30/yr mortgage, but who knows. 

I was looking into HELOC (against primary residence) and if I understand correctly, I can use this after closing to access the 50k equity that will be in the house (DP) and in turn use that to finance a SFR or MFR purchase?

I'm a little confused on the process. Is it really that 'easy'?

@Bryan Noth What about doing long distance wholesale? I grew up in a relatively depressed / rural area which likely (assumption based on experience) would have a number of motivated sellers. Motivated buyers, on the other hand, I couldn't be certain in that market.

Do you have any other suggestions towards direction with lower cost options to build the liquid that would allow a pivot into multifamily or other REI opportunities?

@Bryan Noth Thanks for responding. I'd love to chat as I learn this whole process, its a lot to take in for sure. I'd love to hear your thoughts on the wholesale market in Austin.

I'm working on my plan, or at least thinking about a plan. In my head I see myself starting out with wholesale to build liquid assets that I can in turn invest into rental props. This "path" is based on a conversation I was having a friend who does some wealth management and he said loans for a rental would require 20-25% down, rather than the low/no down payment options. 

@Randall Alan thank you for the information. We are down to a 660.00 a month loan payment with about 15k left on the note. Aside from that, we have no debt and cash flow much of our expenses. We have three credit cards with zero balance. 

I love the idea of selling the house, I think mid-term that's my goal in a few years. We built to ease into home ownership if that makes any sense. But I also want to make additions interior and exterior to get more money out of it down the road. Owning rental properties sounds ideal, and I think we will buy multi-family for the next purchase and rent. Of course, we have a room we can rent out of the home we are purchasing but I have to get my wife on board with that.  

I've also been selling everything, all the little bits and bobs collected over my career that have been collecting dust has made me 5k so far, and I'm looking at 10k liquid even after our closing costs. Thankfully, we are fortunate to have family invest in us by helping us put 20% down and with interest rates as they are (i hope they are still low come November when we lock the rate).

@Alice Huang Thank you for responding! I'm excited to dive more down the rabbit hole, but I started listening to BP Podcast just today and I'm reading "How to Invest in Real Estate" by Josh and Brandon. To be honest, its also a daunting prospect but the more I learn, the more I think my ability to be personable and slightly charismatic will serve me well. 

(Now if I can only get over my fear of networking and cold calling. lol)

Hello everyone!

My name is Gordon and I'm totally new the idea of real estate investing. The past year has been an education in a lot of ways to make my money begin to work for itself. I think I've always had the dream of working part-time but earning a full time wage in the process. I spent my 20s and most of the 30s working in the customer support ecosystem, and the last 6 of those as a people manager. 

To level and get to brass tacks, I want to be my own boss. I want to make an income that allows me and my family to be comfortable. My dream would be to be with my family more than I'm "working". The freedom to travel and enjoy life rather than spending all of my effort to line the pockets of others. 

We just bought our first home, through that process my eyes have been opened a little more. This naivete is what sent me through life thinking I could never afford it, that I will never have enough of a down payment to own property. Let alone invest in real estate for the purpose of building wealth. I'm still absolutely naive about the whole process, but I have a desire to learn, grow, and succeed.

Not related to Real Estate, I'm 36 and married. We have two cats and one dog (she's a rare quiet and calm chihuahua), we are building a home in Leander, TX but currently live in an apartment in NW Austin. My wife and I are trying to build our family and live our life to the fullest.  

I look forward to meeting all of you and I am happy to answer any questions that you may have. Thanks for reading and have a great day!

-Gordon