All Forum Posts by: Jason Garrison

@TJ Sayers Hey, TJ 

As a banker like @Jeremiah Nolen utilization is important with rebuilding and maintaining a good credit score.  Jeremiah is right if your line of credit utilization is over 30% on a card it will drop your score.  By how much?  It varies by each credit agency.  Ex; One $50,000 line of credit your utilization shouldn't be over $15,000.   I know right, seems very low.  

Of course I don't think utilization is your question.  You're asking how to minimize the drop in your personal credit score when applying for a line/loan.  I don't honestly know that you can prevent the drop in score.  Each credit inquiry will drop your personal score some.  How much?  I have no idea and I don't know if anyone can tell you the exact number it will drop.

You may want to look for a bank that will do a Non-recourse loan.  This is a loan pledged by collateral, typically real estate for which the borrower is not personally liable.  With a non-recourse loan the bank is primarily concerned with the performance of the asset and pay back ability of that asset not you personally.  

For non-recourse loans your going to have to go to smaller financial institutions; i.e., Credit Unions and Community Banks.  

Hope that helps.

Jason Garrison 

Thanks @Brian Truman and @Andrew Syrios for your thoughts.  I value each of your opinions.  

Still kicking the tires on which direction, however, I'm leaning towards fix and flips first.  

Thanks again 

Jason  

Welcome to BP.  I'm here in Birmingham, Al. 

As @Clayton Mobley mentioned use this site to your advantage.  You will certainly accelerate your knowledge if you do so.  There are tons of resource; forums, webinars, podcast, articles as well as experienced investors welling to help.  

I'm always pleasantly surprised how willing the BP community is to help and share their resources. 

Good luck

Jason Garrison

Biggerpockets community,

I need your advice.  

I'm new to real estate investing and anxious to get into the game.  I don't have much experience other than the knowledge I gained when I rehabbed my own residence and turned my basement into a rental (house hacking).  

I see the value and benefits in real estate and like many want to get off the hamster wheel of life and start creating passive income using real estate.  

What I need help with from experienced investors is your thoughts on what I should do first.  It's the chicken and the egg scenario.  

Buy a rental or two or fix and flips properties?

I question what direction to go into first b/c I could buy two rentals for $45K each tieing up my cash not allowing my to purchase more properties or I could fix and flip a property building up cash to fund some buy and hold properties.   

Buying a rental or two first won't get me to the "freedom number" I'm looking for and tieing up my cash preventing me from moving my real estate investing forward doesn't seem to make since.  

So maybe I've answered my own question.  Fix and flip a few properties to help fund buy and hold.

Would love to hear your thoughts.  

I appreciate your advice in advance.

Jason 

Michele 

What area of town are your properties?  

Jason, welcome.  You've found a great site with wonderful resources and people who are truly interested in seeing each member succeed.  

From Birmingham area as well, learning as much as I can about real estate.  Like you I've been on the sideline watching and learning...it's time to pull the trigger.  

Much success 

Jason 

I've heard on the BP Podcast so many times about this BRRRR strategy; Buy, Rehab, Rent, Refinance, Repeat.

When it comes to the Refinance and cash out part what lenders do you recommend for refinance cash out options for single family investment properties?

Thanks for the recommendations in advance.

Jason Garrison

Welcome to BP.

I'm new to Real Estate Investing as well but I've learned so much about Real Estate from the BP podcast.   I listen to at minimum one a day.  

I would recommend a few things and this is also what I'm doing; 1) listening to as many BP podcast as you can 2) read BP forums and ask questions 3) join the nearest real estate group and/or AIAclub 4) connect with individuals on BP 5) join real estate meet ups in your area 6) read books, Flip by Clay Davis and Millionaire Real Estate Investor by Gary Keller

Hope that helps

Jason Garrison   

Jamesha 

I would recommend listening to the BiggerPockets podcast.  I've been listening for sometime now. Its really helped me increase my knowledge of real estate.  

I would also recommend connecting and meeting up with other investors in your area from biggerpockets.

Hope that helps

Jason

Live in Birmingham and interested in joining a real estate group to network as well educate myself on real estate investing.  

Any recommendations?

Jason