All Forum Posts by: Jesse Kindra

@Ryan Cartier - With your house being owned free and clear, I think you have a good strategy of using a HELOC for a down payment on a rental. This is the method that I use and I can speak from experience that it is a good strategy. I would suggest that any property you buy, purchase at a discount and use the BRRRR strategy in order to recycle your HELOC funds and acquire additional properties. I've purchased REOs, short sales and wholesalers and have been able to recycle a decent portion of the funds (not all, though).

Good luck!

@Julian Buick - thanks for sharing your experience!

@Justin wind

@Justin Windham  - Yes, have been busy on the administrative aspects of the rehab which can take time especially when a house is in rough shape. As folks should be aware, there are specific rules to follow when using funds from a Solo 401k and having a good provider is important as they can guide you on your options and what to do (or not do).

@Michael Wang - John Park has been great for setting up my solo 401k. I've had another friend also use him and he has been happy with him as well.

As far as going with Jeff for either the note fund or notes, I have not pulled the trigger with him. Part of the reason I set up the solo 401k is to have control over my funds and not give them over to someone else.  With Jeff, it has been difficult for me to understand exactly what the numbers are. With that said, I do think Jeff is legit but he has his strong opinions on how you should invest and I think if you want to be completely passive, he would be a good avenue.

For me, since opening the solo 401k several months ago, I purchased a bank owned single family rental with a partner, all cash, and we should be finished rehabbing it this week with a good chunk of equity that has been created. We are planning to rent for a year or so, sell and repeat the process.

With that said, I still do have funds for notes/note fund but I'm taking my time as I've been busy with the rehab of the house. I have meet @Bob Malecki at one of his meetups and I think he is also a very good person to talk to as his approach is different than Jeff's. At least for me, I like the fact that you can JV with him on a note. The JV route is very appealing to me as one would have the ability to shadow the process and see how things are done.

I would definitely like to hear what you decide. Please do keep in touch about your approach!

@Matt W. and @Andrew Johnson - I appreciate the thoughts. Good ideas to consider.

With respect to American Bath and Kitchen Refinishers in the Seattle area, if anyone has used them (meet them at a vendor conference at a REAPs meeting) for rentals, I would appreciate that input as well. Thanks again.

@Jeff Keller - thanks Jeff. The reviews for the vendor for tub refinishing are very poor. I don't see any for countertops, though. I'm not sure how well an epoxy or a refinishing of a laminate countertop will hold out over time.

@Michele Fischer - It's probably a C+ type of neighborhood. There is a house a few blocks away and it has updated laminate countertops so I'm basing this on what I'm seeing in the market. The cost for an epoxy coat through American Bath and Kitchen Refinishers is $450 for a small kitchen. The cost seems very reasonable, however, the reviews of the company give me pause. Note that most of the reviews are for their tub refinishing (haven't seen reviews on counters). Thanks for your thoughts.

Hi BP friends,

I'm working on updating a new rental property with new paint, carpets, etc. I'm also considering updating the countertops as they are extremely outdated - I'll just say a very strong blue color. Has anyone refinished countertops (instead of replacing them)? If so, has anyone in the Seattle area used American Bath and Kitchen Refinishers and what were the results? Thanks all.

Thanks @Albert Bui. Just sent you a PM.

@Albert Bui

@Cody Nelson

Great string guys. Albert and Cody, when doing a cash out refinance, the highest I've been able to find for a rental is 75% LTV. Are you aware of the 80% LTV as asked by @Gulliver R.? If so, would like to chat offline. Thanks!