All Forum Posts by: Jonathan Studdard

Yes, but this is the step I am unsure of also. How does the refinance provide enough cash to pay back the lender and still fuel the next purchase?

When starting out using the BRRRR strategy, how do you efficiently evaluate a property fast enough (using the 70% rule of course) to make a winning offer before the competition? Also, if I have average credit, but enough cash to purchase the property outright, will that help me get a pre approval letter for a mortgage from lenders? I want to use as little of my own cash as possible for purchasing properties.

I will not be making any quick decisions, just trying to figure out my best strategy well before the time comes. I like the idea of keeping more cash in my pocket and I think I owe too much on my home to be able to start with a HELOC. I want to have my personal expenses covered by rental income and be able to organically increase my number of rental properties over time, but it seems like it would take too many properties to do this without spending all of my money to get them. Flipping seems like the riskiest bet, but a necessary piece of the puzzle for what I'm trying to do.

This is certainly a solid option which I'm going to consider as my safest bet until I can learn more. Thank you for your advice.

If I pay off my mortgage, then I would still have to pay taxes and utilities on my home every month as Derek Carroll mentioned. I don't see how I could start flipping with $15,000. I would have no money for any emergencies or renovations. If I borrow against the property I am buying, how does that protect the property if something goes wrong? When you say I can use my property as a debt weapon, which property are you referring to?

In your opinion, what is the best type of real estate investing for a beginner with cash, -building a rental portfolio or going after properties to flip?

I'm inheriting enough cash to pay off my existing mortgage of a little over $180,000 and still have a little under $15,000 leftover. While the idea of having a paid-off mortgage seems awesome, I feel as though with the right strategy I can use that cash to make more money flipping real estate, which I ultimately want to do. I'm brand new to the game and don't know what my best starting point is given my situation.

$75,000 in profits per year is what it would take to replace my current income. My goal is to do this full time and eventually start a company doing it on a large scale.

My goal is to use my own cash to flip three homes in one year, each profiting at least $25,000. It seems pre-foreclosures/foreclosures are the way to go, but going about finding and buying them seems intimidating and confusing. I have no experience in real estate whatsoever, but I have a good chunk of cash coming my way. Is this goal realistic? What's the best starting point, and can anyone tell me on average about how much cash it will realistically require per house to make this happen? 

I'm wanting to get into flipping houses ($150,000 range) in the near future as I have some money coming my way (>$200,000). Pre-foreclosures seem to have the highest potential profit margins with minimal renovation requirements. Does it help to have cash when negotiating or is it irrelevant when taking over the mortgage in default? I assume a bank would be more willing to give a good deal if I can pay cash to pay off the mortgage, and obviously the owner likes cash. If someone can give me a brief example of how flipping a pre-foreclosure would ideally go, I'd be much appreciative.