All Forum Posts by: Jon Reed

Find a realtor in your area and start talking with them. There are plenty of good deals on the MLS that can be had. Also, go to your bank and start talking to your lender and see what kind of financing options would work best for your financial situation.

Ohh snap, foundation problems can be a never ending battle. I would recommend getting an expert in your area to come out and bid the job before moving forward.

If the home is needing to be moved inches on a side then you will end up with cracked drywall, doors that don't close, windows that can't be opened.. and a bunch of other issues.

Run away... run very far away from that deal. 100K isn't enough for a full rehab an major foundation fixes. 

This is one random post. 

**insert LOLz emoticon** 

Do what yah' want. You can always change your mind later and refi.

I would suggest purchasing investment property under an LLC since the entire purpose of an LLC is to limit your liability. Plus... creating an LLC is cheap compared to everything else in real estate.

As far as Partnerships... you can do that in many different ways. One way is to create an LLC for the partnership and have each party be 50% owners in the LLC. Then the LLC can purchase the property.

You have some big issues with your math and your statement of 'having no cash in' is not accurate. 

You are purchasing a 100K property with 30K down.. So.. you currently have a 70K mortgage on the property.

You put in 15K to renovate and had 10K in closings and now you have a 150K property. 

So now you refi it at 70% of 150K... which gives you a $105K

Now you still have to pay off that original loan so 105K - 70K = 35k extra

So you have 55k cash in the property and refi out to only get 35K out... you are actually behind 20K (not up 50K).

If you want to buy something and forget about it... then do not buy real estate. Keep it in stocks and bonds.

Buying land is as close to 'buy it and forget it' (except for yearly taxes) but selling land is not easy and can take years... so you may end up with your 20K in land stuck for years after your kid's need that money for college.

Sounds like you have done plenty of research! That is awesome!

It may be more beneficial for you to first right out what you think the order is of everything and then just ask the community to verify it or make suggestions. I have a feeling you already know 90% of the answer to your own question.

At this point you are asking a bunch of strangers where you should live.

Instead... start asking yourself some basic question about the house hack you plan on doing.

1. Are you willing to move to another cheaper area to live?
2. Does moving add too much commuting time to your day job?
3. Do you plan on doing the work yourself?
4. Are you house hacking a single family home or a multi family home?
5. What is your end goal? Do you want keep the house hack or sell it and cash out?
6. How long do you plan on living in the property?

These are just a few of the questions... think through these... think through the related thoughts... then you will be able to make the decision yourself.

HELOC.

Home Equity Line of Credit

Go and talk to your local bank. They will explain it all to you. 

I agree with @Jaysen Medhurst... do not leave your current job. The BRRR strategy is a great one to do part time while working full time (it is what I have been doing for the past year and a half). It can be frustrating at times when you are at work and wishing you could work on your property but with my full time job the refi portion of the BRRR is super easy.

As for the 'seasoning period' this all varies. Some people think there is this 6 month period that has to occur between purchase and refi. However, get with your local bank and they will most likely work with you and help you have a lower seasoning period or they may not have one at all (as long as you have improved the property).

Summary: Keep your job. Start learning all about real estate. Find a contractor (unless you plan on doing it all yourself). Network with a bank who would refi for you. Buy a property.