All Forum Posts by: Jaron Walling

@John Thedford Can you expand on the $4k rebate you got for the roof? Was it in bad shape from a storm or something? 

Thanks

I am local and grew up in Indiana. Really appreciate all information and opinions you guys provided. My goal as an investor is to BRRRR and hold my properties for at least 15 years.

@Wayne Brooks Thank you for expanding on the sale price. In this market an investor could pick up 3 "rent ready properties".. and fall into the trap that hurt people. 

Would you buy a car without test driving it? Would buy a house without walking it and doing a proper inspection? The answer is pretty clear. 

As newbie to the world of real estate I can't fathom people investing in properties without ever seeing it in person. Having in person conversation about valve (or rehab cost) is massive.   

I don't know what your yearly income is but Brooklyn, New York is crazy expensive. My friend lives there and makes about $100K per year. He survives but only because he sold his Audi, and lives with another person. 

Looking out of state is another great option. If you have friends or family nearby (to future property) they could help you manage it :-) 

Having a small team to manage the property(s) can never hurt you. 

In your original post you mention no holding cost for the first 3 months (no mortgage payments). It appears the cash purchase gave you some good leverage/jump start. Could you expand on that? 

Thanks

If you have a good credit score, reliable income, and a decent DTI ratio you can carry up to 4 conventional loans. Some offer more if your married depending on the bank you finance with.

Congrats on the successful BRRRR!

@Jon Crosby Your question leads into the classic debate of flip vs. buy and hold. If they contract more of the rehab it's going to eat into profits but save a lot of time. I agree they did a lot for $16k! That looks amazing compared to houses I see in my market. 

@Charlie MacPherson Yes someone is taking a loss! I like this area of Indianapolis and it's half the distance to my job. I'm planning to house-hack for my first investment which is the only reason I'm looking at it. 

@Joe Splitrock Thank you for expanding and answering my suspicion. I figured this topic would fire some people up. My instincts told me said property was worth $40,000 so not much off your estimated value!! 

I agree with @Jennifer T. and save it for a 6 months reserve fund. Banks and lenders will want to see that if you're looking to expand the portfolio.