All Forum Posts by: Jacob A.

@Matt S

I'm utilized a HELOC for my flips. Love it. It's about the next best thing to use IMO if you don't have cash due to the low interest rates. HELOC's are usually variable rate and home equity loans can be fixed rate over a certain time frame with a fixed payment so you really have to think about what you want. Do some searching on the forums here for words like "HELOC" "home equity line of credit" and "home equity loan" and you'll find tons of discussion about all of them.

Lenders will typically loan anywhere from 70-85% LTV on your home with an interest rate somewhere in the prime to prime + 2% range. You have too meet certainly monthly debt to income ratios and certain income limits just like any other loan. I suggest talking to multiple banks to see what your best fit is.

I've used the Benjamin Moore- Moonshine color in my own personal house and it looks outstanding but it is a little bit more on the expensive side. Just used Sedate Grey by Sherwin Williams in a flip and have got nothing but good response from it.

Welcome @Mark Etheridge

All of the intro stuff looks like its been covered by everybody so far. Be sure to hop right into the forums and interact! Don't be afraid to ask questions and don't be afraid to share your opinions/experiences. Best of luck to you!

@Rick Shipp

I think you're on the right track going to the TREIA meetings. Figure out what you can offer to another local investor. Do you have your real estate license and can bring that person deals? Have you started a direct mail campaign that is producing deals? Are you good at any handyman skills (plumbing, electrical, framing, etc)? Do you have any money to offer to potentially partner on a deal? Bring something to the table and make it worth someone else's time to show you how they operate. For me personally, there is so much information available on the internet these days I'm not even sure you need a mentor. However, I guess as the saying goes, there's no substitute for real world experience. Good luck.

@Jimmy Hong

Awesome job. The staging on this house is killer. I'd hold on to whoever did the staging for you or if you did it yourself give yourself a pat on the back for me. Beautiful job.

Maybe I can help here. This comes directly from the IRS website and was the result of a court case:

"For example, In Smith v Commissioner, 300 F 3d 1023 (9th Cir. 2002), the court concluded that the replacement of the aluminum smelting cell lining was a replacement of an essential component of the cell, extending the life of the cell and requiring capitalization."

I think the argument here is that you replaced a key component of the furnace and it did indeed extend the life of the furnace so the cost of that draft motor should be capitalized.

Welcome @Rick Shipp

First of all, thank you for your service! Do you have any idea what kind of investing you are interested in?

Who?

Welcome @Dante Nava

I'm a local flipper and am always interested in finding new ways to find deals. Feel free to shoot me a PM and we can talk a little bit more. Again, welcome and good luck to you!

Awesome topic. For something that I knew absolutely nothing about, this was a great learning experience.