All Forum Posts by: Joel Calkins

Hey there Anthony, welcome to the BP community!

Wholesaling is a great way to get the ball rolling in real estate.

Here are some things that may help getting started:

Do some research in the market you plan to gather contracts in (Driving for $$$, skip tracing, Redfin fixer-uppers)

Source a pool of cash buyers. (local REI club, craigslist listings, fix and flippers)

Decide whether you will sell the contract or double close.

Make sure to do plenty of due diligence but don't fall into 'analysis paralysis'. Feel free to PM me if you have questions, I am starting a wholesaling company in the SE Michigan area myself!

Hey, Thomas congrats on the first SFR rehab! I like that you used the HELOC financing method.

Hey Michael, Welcome to BP!

Have you started to narrow down what your specific investment goals are yet? Or maybe what investment vehicle you will use (Single-family, wholesaling, note investing)?

If you have any questions feel free to PM me, I am always down to talk REI!

If I were in your shoes, unless it posed an issue to safety or looked horrible I wouldn't touch it. You could be opening an expensive can of worms with this one. Totally your preference though!

That is quite an impressive portfolio!

Hey there Daniel, interesting predictions!

Personally, I think 3-D printed houses are a long way off. Most building codes have no provisions for this sort of structure and as we know bureaucracy is no fast animal. Not to say it isn't possible though!

As for the socialization of the home buying process, I have my doubts. Relaxing the criteria for risky borrowers and high debt individuals is an element of the housing bubble we saw in 08. If the secondary and primary mortgage markets fall back onto BB-C-rated securities we might find ourselves in another tricky situation. Also, the government already has programs and incentives for first time home buyers as well as tax credits for higher education.

Hey, Kerri interesting question!

One strategy you could consider on the first property is a cash out refi to pay off the HELOC. This doesn't come without its drawbacks however as there could be prepayment or HELOC penalties.

If possible private or hard money lenders could make sense depending on the rates you can find.

I would recommend talking to a loan officer or whoever services your HELOC to figure out your DTI situation.

Hey Chris,

One of the biggest driving factors in my motivation for REI is my Grandfather. He built an impressive real estate portfolio over roughly 40 years and I spend my summers fixing/gutting/cleaning those properties. Growing up I found the value these properties give and the financial freedom it can provide. You have to love what you're doing in order to stay motivated.

Just my two cents!

Adding livable space is a great way to force appreciation and potentially a house hack. Depending on the age of the house this could be the most expensive addition you could possibly make. Basements are usually water magnets and have mildew and radon issues as well. The room you add on will most likely need an egress window to be up to code. This involves cutting through the stem wall of your foundation and the dollar signs add up. Do your due diligence and get a contractor's opinion before you go messing around with basements. From personal experience, you could wake up swimming in a foot of water! 

Feel free to PM me anytime with your real estate questions. Goodluck man!

Hey Brandon, great question!

First off addressing your question on what you need to do to get the townhouse rent ready. Look at comps in the area to see the features that are included and the ones that aren't. If tile backsplash is a staple of your market then consider following the trend. In hot markets, a big fancy word I like to touch on is functional obsolescence. This simply means a house's design or style is outdated or lost its usefulness. If this doesn't make sense for your area then a coat of paint and carpet is usually sufficient.

Now touching on your second question. The simple answer is you can have the money go where you'd like. However, I recommend having a second account to track income and outgoing expenses. This makes it much easier during tax season.

Hopefully, this cleared things up. Feel free to PM or email me any REI questions!