All Forum Posts by: Jacob Trimble

Hello,

I currently own a rental property and am looking to buy another. My question is there is popular talk about the "BRRR" which I love the concept, I'm not trying to knock it at all. I am just confused at how the refinancing works because I've never done it. However, I have done some research and am a bit confused. The idea is to have cash flow and build equity in a home. If I buy a home for $65,000 and have a mortgage of $350/month plus expenses that add up to $1,000/month; then rent it for $1500 I now would have a positive cash-flow of $500. But then I refinance for $120,000 which would free up approximately $55,000 which is great, but then decrease my cash flow to only around $250/month after refinance. This would be the ideal situation in my mind but if my cash flow is only $250 a month to begin with I would then in theory loose all of my cash flow. So it's great I got to free up the extra cash but now I have a property in which it's not cash flowing or not nearly as much and I'm supposed to keep doing this? Obviously the numbers aren't perfect and I'm obviously missing something, so again I am not trying to knock this strategy at all I would just love more of an explanation as to how it's supposed to work. Hopefully I explained this question okay. As always love and appreciate all the advice!

Thanks,

Jake

Hello,

I am currently looking at purchasing a property in South Carolina that will need some rehab. I am trying to find an experienced contractor willing to take the job. If any of you knows anyone or anything I would love and appreciate any help. I am looking at other places other than just BP but thought I would give it a shot to try my network on here. Would love and appreciate any help or advice. 

Thanks, 

Jake

Hello,

My name is Jacob Trimble. I am active duty in the United States Air Force. I have one single family home in Summerville, SC; the home is currently being rented out. I currently am living in Hawaii and am in the process of buying a condo. I love investing and I feel as though real estate is another great way to invest. My goal is to try and connect with people who know much more than me and who have also been successful. Real estate is one of the few things that I can really get motivated about and that I can dig into for hours. I am not sure what to expect from Bigger Pockets, so far I've used it a little and have listened to a few podcasts. But I plan to use it more as a tool to expand my knowledge of this business and look forward to meeting new people. 

Jake

Hello,

My name is Jacob Trimble, I currently am active duty in the USAF. I own one single family home in SC which is currently being rented out and am in the process of moving and buying a condo in Hawaii. I am looking to get into real estate a little more and thought as a part time job, something like a home inspector might be a good way to earn some extra cash while also learning more about homes and the real estate market. I'm not sure if this is a unrealistic or even a good idea but I wanted to get some ideas on what people think is a good way to get your foot in the door with regards to learning more about real estate. Side note, this is my second ever post on this website so I'm not sure if I'm in the right spot or doing any of this right so I apologize if this is in the wrong forum! Thanks in advance for the advice/help!

Jake. 

Hello, fist time using this forum so bear with me! I own a home in Summerville SC, and have orders to move to Hawaii (tough life). I plan on renting my current home out as an investment. I've had roommates in my home since I've moved in (all with contracts) and have also done quite a bit of Airbnb. So I have at least some experience, however, I know it's a completely different game actually moving out and then another game moving out of state from my rental. So far I have started a rental contract on ezlandlords and have made sure to get a state specific contract. I am currently in the process of finding tenants and also a good well trusted handyman. Ideally I'm just looking for any and all advice that anyone has to give on the matter. But here's all the questions I have and that are running through my mind:

-Should I create my own LLC and transfer the property? (Currently scheduled to meet with a CPA for consultation)

-Should I hire a company for a handyman? Or should I try to find an individual or private contractor that might be more personable?

-I will require the tenant to have and prove rental insurance, but what other types of insurance do I need? What's the best way to protect myself and assets?

-Finally, what information am I missing or do people commonly miss?

I do not expect a response to all these questions so an answer to just any one of them would be fine. I am eager to learn and have a couple months to plan and prepare (Ideally I would like the home rented in March). I've been looking at the forums and doing my research but just wanted to see what people thought of my situation. Thanks in advance for any advice! You guys rock!