Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jason Garrison

Jason Garrison has started 5 posts and replied 17 times.

Post: Buying rentals and my personal credit

Jason GarrisonPosted
  • Residential Real Estate Broker
  • Birmingham, AL
  • Posts 17
  • Votes 7

@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 

Post: Fix and Flip - Buy and Hold - Wholesale

Jason GarrisonPosted
  • Residential Real Estate Broker
  • Birmingham, AL
  • Posts 17
  • Votes 7

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  

Post: New member from Alabama.

Jason GarrisonPosted
  • Residential Real Estate Broker
  • Birmingham, AL
  • Posts 17
  • Votes 7

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

Post: Fix and Flip - Buy and Hold - Wholesale

Jason GarrisonPosted
  • Residential Real Estate Broker
  • Birmingham, AL
  • Posts 17
  • Votes 7

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 

Post: Wholesaler in Birmingham looking for investors

Jason GarrisonPosted
  • Residential Real Estate Broker
  • Birmingham, AL
  • Posts 17
  • Votes 7

Michele 

What area of town are your properties?  

Post: Newbie from Birmingham, Alabama

Jason GarrisonPosted
  • Residential Real Estate Broker
  • Birmingham, AL
  • Posts 17
  • Votes 7

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 

Post: Financing and cash out on SFR's

Jason GarrisonPosted
  • Residential Real Estate Broker
  • Birmingham, AL
  • Posts 17
  • Votes 7

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

Post: New member from Alabama

Jason GarrisonPosted
  • Residential Real Estate Broker
  • Birmingham, AL
  • Posts 17
  • Votes 7

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   

Post: New member from alabama

Jason GarrisonPosted
  • Residential Real Estate Broker
  • Birmingham, AL
  • Posts 17
  • Votes 7

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

Post: Birmingham AL Neighborhoods

Jason GarrisonPosted
  • Residential Real Estate Broker
  • Birmingham, AL
  • Posts 17
  • Votes 7

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

Any recommendations?

Jason