All Forum Posts by: Jonathan White

Kristofer

Last I deplyed there was a great prgm where you can put money into a ??? And earn 10% while it is in.  It was only vLud if money is put in while in a HDP or Combat zone area.    Check with your readiness center POC for details.   I think it was called Eagle account or something like that.    It had to be done within a certain time of arival in theater and could only stay in for a set period of time.   I wish I could remember more details but I cant but is is still an active benefit/program.   Look into it.  

I grew up in Fayetteville.  Alot of realty opportunities there.  Unfortunately there are better markets for equity growth but it's solid for rentals for obvious reasons.   

Good luck on your TDY

James, my goal is to obtain a fourplex before I hang up my uniform to houe hack.   Next time I am in Anchorage I will l let you know.      Whats the best contact info for you

Jon

All thank you for the replies.  Cam the 650 is what I owe on the new mortgage and is deducted from the 900 I was earning.  

I am not afraid of long distance REI but renovations from a GC I am not familiar with can be a little unerving. I hope to have a few days in Oct to get there and meet some folks that can do the work but last time I tried this in July, I had 5 GCs lined up to meet me over a 2 day time span I was in the atea and none of them showed up wasting my time and ultimately stalling the projects. I was ready to execute. I will try again in Oct pending I can spare a few days to Fly to Alaska. A Challenge at that time of year is winter is fast approaching and filling rentals in winter is harder to do. But we will try. I am keeping positive and see what we can do. I will keep you posted.

BP Team, I've had an Alaska cabin project I have been working on for years that I finally decided to get er done. I used 0% interest credit card promo to finance $20k utilities to the property and it still needs 10K to get it in mint completed condition. It will pull 700 a month rent or more if used as an vacation rental and retail value is 70+K. I built it so I have little money in it so far. As it was coming time to pay off the credit card promo, I was also able to secure a deal for another fixer upper cabin for $35K but it needs 10-15K of work. It will pull $700 a month rent and ARV will be 70K. To pay for the credit card payoff and the new cabin, I took out a cash out refi at 5% interest on another rental I built years ago that has been paid off. It took me from earning $900 month income from rent to now owing 650 for the loan. In the meantime, I have not finished either project because of Military duty in Korea has not allowed me to return as I intended to get the mx completed. I don't have good enough GC connections to set it up long distance. Was this cash out refi a bad idea? Should I have sourced other money to purchase the recent cabin purchase and left my 900 a month rent income alone? I have 20K left. I feel like I made a mistake. I had hoped the funds I pulled out would have gotten both properties completed and earning rents by now, but this has not been the case. Long term goal is rent, refi and repeat once complete but until then, it is a money pit.

Additionally, In the last few days, I have several other motivated seller leads coming in for great fixer up properties but I don't want to dig to big of a hole before I get something earning income. However, they are good deals with great potential. Again I am out of the area for Military service so I will get these project moving as soon as able. But was this cash out refi a bad choice regardless of circumstance as I depended on that money and it was already making money (and was paid off)...now I have a mortgage and make significantly less money per month. Is the cash out refi, only good for BRRRR type properties and not long term owned paid off properties? I am interested in a four-plex and using the refi to fund the down payment on one would be a no brainer. But with these SFRs that are not rent ready....was it a mistake? I am open to any and all feedback as I learn the ropes in respect to non-standard finance options to get deals done. Thanks

BP Members in Alaska, 

Looking for like minded and motivated REI mbrs in Kenai, Anchorage and Fairbanksareas to pass ideas off of. AK markets are slightly unique as compared to other states so looking for having collegues that I can share ideas with that understand Alaska unique-ism's. I have property in all three areas and woudl love to build a larger portfolio before I hang up the military uniform soon. I am out of the area (Korea) but come back a few times a year as opportunity permits. I have a few rentals, a few projects that need completed and a few motivated owner / seller leads that have come up recently that I need to work. I am a solid project mngr and can get results from out of the box thinking. My work ethic is second to none and service before self has been a lifestyle that carries forward on most of the things I do. I have construction skills in most areas of building or repairs. Lack capital limits my ability to move as quick as I would like to maximize opportunities but I am gaining as much knowlege as possible on all creative finance opportunities. I have had good luck finding off market deals on land and homes and have bought and sold several. If intersted in meeting up via PM or in person when I am in AK, send me a collegue request.

I would put an inexpensive small cabin or two.  Advertise off-grid dry cabin for rent.  It could be used by campers that don't want a tent.  It works good in Alaska.  Or just try to lease the land to an adjacent landowner to use as they see fit. If you have no structures or utilities, there is little risk for that. 

BP nation, I have advice for newbies like me.  I made an agreement with a guy and I made the mistake of sending a long distance cash purchase contact and I signed first.   Assuming he would sign and return it. He did this but in doing so, he changed terms on it.  I called him out on it and when sending new copies back two more times, he repeated it two more times with other parts of the contract. He felt he had to control it I guess.  Had I not payed attention and sent it to the title conpany, it could have been a problem.  My tip is, send em an unsigned contract and have them sign first if your long distance and have to ground support.  Also, limit the  opportunity where someone can can fill in data in areas like Other Contingencies or Other Considerations.  Lastly his lack of understanding on terms made him think it meant different than intended which also caused a problem and almost blew the deal.  Keep it simple and expect skepticism on sellers part if the jargon in the contract is to technical.  Hope it helps someone.  Waiting for title report now.  We'll see how it comes out.  

I have a stake in Wyndham Vacation resorts where I own points free and clear w/ a deed for a place in Orlando. However I never use it. Do any investor groups buy these kinds of deeds? They are worth the money if a person uses them as intended for cacation and has no concern with monthly HOA or Mx fees... but if not, it is a terrible investment. I have never heard or have seen of REI investors reference time share models. Is this because they like me realize they are not good investments? Or am I missing something. Curious on thoughts. Thanks

pass me your Korean # and I will contact you sometime. I go to Seoul often.  I just went under contract today for land in Alaska.  Allot more painful than if I were there.    I have lost several deals because being here I am to slow.  I will be out of country for a few weeks but will contact you when I return. 

  Jon

Nathan

Where are you in Korea?  I am at Osan area

Jon