All Forum Posts by: Jessica Parker

@Torrell Palmason Thanks for the reply! :) I have definitely heard of the non-QM loans..are those mortgages you are talking about, or are those just loans in general? I was really hoping to take advantage of the low rates of a HELOC to be able to help fund my future flips rather than having to use 100% HM.

Hey BP'ers! So I am trying to get a HELOC on my home right now to use for investing purposes. I was turned down due to my income not being high enough on my w2s. I currently own my own business and have lots of write offs and pretty good income (just not on my tax returns). :( Does anybody know of any companies doing a HELOC and basing it off of bank statements alone? I think that is the only way I'm going to be able to qualify for one.

Hey everybody!  We are just a few days out now.  Excited to meet everybody and see some familiar faces as well! :) 

@Benjamin Kirkpatrick No problem!  I look forward to meeting ya! :)  

Look forward to meeting you @Ryan Mills! :D 

Hey @Brian Montiel  I just put together an in person meetup we will be having in Battle Ground (about 30 min from Portland)  April 6th.  Check out the event page. I hope to see you there!

SW Washington/Portland area meetup! (biggerpockets.com)

This is not a Zoom call and is being held in person!  

Hey fellow BP'ers! I'm really excited to announce our 2nd meetup here in the SW Washington area!! This is just going to be a small meet and greet so we can all do some networking! I have reserved a space in a local bar here in Battle Ground, WA. They have a private room/bar they have graciously allowed us to use again!! It may not be 100% private this time (More than likely we will have it to ourselves, but if it were to be 100% guaranteed private we would have a minimum purchase we'd have to meet), but we do have at least 2 big tables reserved for the meetup.  The entrance is to the right of the main entrance with it's own door to outside. If you can't find the entrance, just tell the bartender inside that you are there for a real estate meetup at sidelines and they will point you in the right direction.

Please let me know if you plan on attending. 

I look forward to hopefully seeing those of you that attended the last meetup we held there and hope to see some new faces as well!!

@Whitney Hutten Let's hope if Biden does become President, the 1031 exchange doesn't get eliminated.  That is something I'd definitely like to take advantage of in the future! It sounds like the strategy of selling after 5 years definitely has to be under the right market conditions!  Thanks for the info!  It's definitely sounding like holding them for a bit longer might just be a better strategy as you get more of the equity pay down! 

@Dave Foster  Great advice! Thank you for chiming in!  I definitely see now that we will have to have multiple strategies and be able to pivot when needed as the market changes!  I keep hearing the more tools in your tool belt the better!  I guess the same would apply to strategies. :) 

@Account Closed Thanks for the reply!  I'd definitely be up for hearing more about your strategy! :) 

@Whitney Hutten Thanks!  You always have the best articles!  What other risks would apply to this strategy?  I can definitely see if the market is down it would not be an ideal time to sell.  I'm assuming this strategy would probably only really work well in a market that is appreciating?  

@David M. Thanks! Those are some great points and definitely gives me something to think about! If the rental market is appreciating every year and you have a good tenant in place, it would definitely be hard to turn around and sell it and like you said, probably not the smartest idea!  I have a lot more research to do I see!  I'm just trying to figure out what is going to be best for our strategy starting out!  I want to be able to sell our current bread business in the next 2 years and replace it with real estate.  

So I was listening to episode 150 with Luke Swab. Brandon was talking about a BRRRR strategy he did a webinar on. Unfortunately that webinar is from 2015 and from what I've seen they only go back to 2016! Anyways, He kind of laid out the basics of the strategy. He said that you start off buying 2 BRRRR's a year, by the time you get to year 5 you should have 10 properties. He said at that point, you start selling off the 2 oldest properties thus making a decent income every year! Does anybody have any experience with this? Or is anybody familiar with this strategy so you can maybe fill in the details for me!? This sounds like a strategy that could work great!