All Forum Posts by: Jay Frost

BP Folks!

Looking for some advice........hoping you guys can help. 

Bought a bread and butter BRRRR with cash, $75,000. REHAB $20k, ARV 120-130.

(4 bed, 2 bath 1600SF in North Carolina)

Likely rental 1100-1200.

Initially I bought to hold for a modest cash flow.

However,

Here's the query, about 3 weeks out from completion, and portfolio lender is excited to push me a $100k HELOC on this property. But I'm thinking of playing the clever game: multiple exit strategies - push my luck listing it at $135k at the same time as advertising rental for $1200.

If it rents I'll take the HELOC and onto the next (got multiple future deals lined up, so I'm getting desperate for the money)

However, if it sells after the HELOC is approved, will I have to surrender the HELOC?? Or can I keep using it on the basis that it's secured on the 130k cash I have, which is going to go into multiple new deals? Would that be possible with a business LOC?

I have a single-member LLC.

Appreciate any help and advice!!

Hey Rick, I’m good thanks - hope you are too. Mebane is going to be a stretch for sure. Keep me in mind for Inside/close to the triangle and south/east sides. Maybe we can do a project in the future.

Take it easy.

Jay

Hey Ricky, May be interested. I restore/rehab and flip just SE of the triangle, but have worked in that area too......

Chris, take a look down in NC. Some great deals down here post Hurricane Florence if you want fixers!!!

Actually, more specifically - before purchase

Ok so I’m looking for some advice on which searches I should conduct when buying rental property. Especially prior to auction.

I went to a courthouse auction last week and all official reps there were so cagey and awkward to speak too, I just observed the auction and put it down as an hours education!!!

I understand they are not attorneys, they cannot give advice and they have to be careful about what they say - but I’m hoping it’s not just me who is wondering how to find out if you are bidding at an auction to buy a property; or just paying off its debt!!!! 

Looking at the websites that provide said search services, there are so many search’s (title, lien, tax, owner, mortgage etc) I want to avoid getting bogged down in stufff I don’t really need. 

Basically looking for which searches will tell me if a property is a lemon.....and where are the best sites to get them done??

Hi Alan, thanks! 

Not so much recently, have a little cabin/cottage project in Lewiston PA of all places, but nothing in Lancaster. Found it hard to find deals with demand so way ahead of supply, but then to be fair I didn’t really commit to investing in finding deals. 

How about you? 

I do have a great Realtor based out of Reading I would highly recommend. 

Jay

Ladies and Gents,

I’m new to BP forums, long time podcast listener - military vet who started a restoration/rebuild company in NC 2 years ago.

Lucky enough to have been established prior to Hurricane Florence and have been absolutely slammed with work, business has blown up, but I’m still holding onto it as a family business, small team - super motivated.

Now, we are settled into a rhythm, I’m looking now to invest our profits into a Real Estate portfolio.

Bit about me....

- personally hold half a dozen current properties including a 65 acre farm, couple overseas props.

- completed a handful of flips, first of which was $100k + profit in Lancaster, PA

- we currently rehab 10-15 props p.a

What I’m looking for!....

1) to expand my network of like minded individuals and maximize joint opportunity!!! 

Look forward to hearing from you.

Jay.