All Forum Posts by: Jason Clifford

David Gardner do you have any photos or a link to the property?

Thanks for all the advice! We've got a lot of paperwork and legal things to take care of first. Just wanted to know our options. 

Just looking for opinions at the moment. My wife and I just found out we will be inheriting a decent amount of money soon. We have been wanting to get into real estate for a while. I'd like to start out as a private money lender. Does anyone have any good experience with this? Is it usually a quick turnaround? How long is your investment tied up?

I am currently working on my first deal. I plan to finance it with a HELOC on my primary residence. We have about $215k in equity. With a HELOC you really only have to pay interest during your drawing period(usually 10 years) if you want. That would keep your payments low for now. Then you could use the new cash flow to pay off the HELOC. Once that's done you could get another property or start paying down your second one. Essentially using the snowball method of debt repayment.

So I've discussed our options with my spouse, family, coworkers, loan officers, real estate agent, and anyone who would listen. Now I'd like your opinion! Financial Situation: Current residence value of $240,000 Current $35,000 home equity loan So we have some equity to work with. My wife wants to do some remodeling in our home. Which will cost around $10k. We talked about our first rental being a turnkey to get our feet wet. $100-150k. So that's about a $30k down payment. Would it be a good idea to take out a cash-out refi on our current home of say $90k to do the remodel and finance the turnkey rental?

Thanks for the welcomes! I've read a couple of Brandon's books and always looking for new information. Hoping to only do turn key for my first 2 properties (until my wife gets comfortable.) One of my best friends is actually the head loan officer for a credit union in the area if anyone needs a great one. 

My name is Jason Clifford and we actually live just north of Dallas in Allen, TX.  I've read books, ebooks, and listened to audio books/podcasts on real estate investing. Though I can't force my wife to do the same she has agreed to start with a turn key investment in the area.  Does anyone have any good experience or know any turn key investors in the area?

Thanks,

Jason E. Clifford