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All Forum Posts by: Jason Chambers

Jason Chambers has started 4 posts and replied 63 times.

Post: Moving to El Paso and looking to network

Jason ChambersPosted
  • El Paso, TX
  • Posts 71
  • Votes 22

@Jacob Firnekas any meetings coming up?

Post: Any wholesalers in ELP?

Jason ChambersPosted
  • El Paso, TX
  • Posts 71
  • Votes 22

@Hugo Mejia for sure man. Let me know when you’re free.

Post: Any wholesalers in ELP?

Jason ChambersPosted
  • El Paso, TX
  • Posts 71
  • Votes 22

Me! Just getting my feet wet in wholesaling but I've been a buy and hold investor in El Paso for 5 years. What do you need?

@Phil Begay get back safe and maybe we can link up with @Yasir Einaudi when you get settled. 

Post: Anyone from El Paso, Tx willing to help me out?

Jason ChambersPosted
  • El Paso, TX
  • Posts 71
  • Votes 22

@Yasir Einaudi I'm trying to build my buyers list. As I get properties under contract would you mind if I sent them to you? It's a win/win for your buyers and you more than likely get the sale after the rehab. I'm getting calls daily for distressed properties and going on more appointments than I can handle.

I'm a big fan of central El Paso. I'm following the changes in the city and I expect all the expansion east and west is going to leave a void for young professionals that would prefer to live closer to where they work and hang out. Who really wants to drive 45 minutes to get to work in EP of all places? All our multi-family is in central, Sunset Heights, and Kern. We stay at 100% occupancy and have very little turnover. Rental markets are crazy strong and central EP neighborhoods are changing quickly. I specifically like single family with ARV's in the 125k range. That seems to be the sweet spot for both rentals and first time home buyers or young families.

Post: Anyone from El Paso, Tx willing to help me out?

Jason ChambersPosted
  • El Paso, TX
  • Posts 71
  • Votes 22

@Phil Begay my wife and I are both active duty at Ft. Bliss. We've been investing in El Paso for about 5 years now. We've focused primarily on multi-family properties using the BRRR strategy. Since I was deployed so much we focused our efforts toward building passive income. I'm on terminal leave about to retire so I have quite a bit more time to focus on RE. I'm looking to transition to commercial property and also trying to build a deal funnel through wholesaling.

@Yasir Einaudi what kind of properties are you looking for to flip? Let's link up.

@Joshua Wynn

Warrant Officers are horrible at real estate. I'm an Aviation Warrant at Bliss. I'm currently on terminal leave and about to retire. I'm so bad at real estate I own property in Texas and Hawaii and don't have to work anymore after retirement. If you're a WO don't get into real estate. It'll make you financially free and not need the Army anymore. Ha!

@Phil Begay we should link up. I see you're in EP.

Post: Cold Calling With Google Voice

Jason ChambersPosted
  • El Paso, TX
  • Posts 71
  • Votes 22

@Christopher Phillips thanks for the info. I'll try GV.

Post: Cold Calling With Google Voice

Jason ChambersPosted
  • El Paso, TX
  • Posts 71
  • Votes 22

@Christopher Phillips have you had any issues using Google voice? I had a local GV number I used for my tenants before I got a property manager. I'm considering using it again to contact potential sellers since it has a local area code. GV is free but I just found out that Verizon will allow me to add up to 4 more numbers to my account for $15 a line. Is GV solid enough to manintain consistent in/out calls and voicemail for a business?

Post: HELOC payoff strategy

Jason ChambersPosted
  • El Paso, TX
  • Posts 71
  • Votes 22
Originally posted by @Lana Lee:
Originally posted by @Jason Chambers:

We use this strategy on our property in Hawaii. The key to it is understanding the fundamental difference between simple and compound interest. We were able to get a HELOC for 85% of the APPRAISED value of the home. This is drastically different than a HELOC based on a percentage of the equity in the home. Anyway, we took the HELOC and paid off the entire mortgage. Here is a quick rundown of numbers to help illustrate...

Appraised value= $725,000

Mortgage payment= $3200 monthly($1700 of each payment lost to interest)

HELOC= $600,000 @ 1.75% simple interest paid off the remaining mortgage balance of $533,000

New interest only payment= $770!

I charge my tenants $3650 monthly.

In real numbers all this equates to a savings of $364,000 in interest payments and the entire line paid off in 5-7 years. We take it a step further where we deposit our entire income into the HELOC. We're roughly depositing $18,000 monthly. You can just imagine how quickly we're attacking principle when our interest payment is only $770 and goes down with every payment. Another great feature is as we pay down the line we have access to it again.

 How long is your 1.75% interest only period is? 

Hey Lana, we are locked in at 24 months for the intro rate of 1.75%.