All Forum Posts by: Joseph Hefley

Until now it has been cleaning up the mistakes of my past credit wise and saving to get my families first home. Ever since I got into learning and decided to invest in real estate, my goal is the same but my overall path has changed. I want to invest as well, not just get a home for my family. I have been really torn between which one to do first. I actually lucked out and had an opportunity come to me that made the decision for me and am in negotiation for my first investment property, before buying my family's first home. Insanely good deal 2 hours from me. I know the area, I grew up there. I know the property. But I know there is work to be done once I get it. Around 50 to 60k worth conservatively. This is where I am starting to get a little scared. I am buying it from the owner cash for 20k. By the comps it is worth 175 in good condition (this is where the 50-60k comes in). I am lower middle class, married, 3 kids so coming up with this kind of cash is not easy. I am not telling myself I can't. I'm just trying to figure out what would be the best way to get the money to do the work without burying myself. I plan on renting it out and should be able to get 800-1000 easily and up to 1200 a month. overall it is worth it. I am just frozen as to how to finance the work. I don't have anyone in my immediate group that has the money to invest, and honestly don't think I'm ready for a partner yet on my first property. I was also hoping to finance after its rehabbed and rented based on LTV so I can get another door this year, but I am just stuck. Does anyone have any creative ideas here so I can keep the property for passive income and pull money back out? Should I consider getting a loan of some form for the work and then using a cashout on the value to pay that off and keep the excess to apply to the next door? Is that something that is even possible? Is there a vital piece of the cog I am missing here? Thank you to anyone who takes the time to answer.

I have a couple friends out that way. I'm from Vancouver (the one in your state) so don't know firsthand but will ask them and get back to you if they can point me in a good direction.

What is your target audience to sell or rent to? That is the question you need to ask yourself. If your target tenant is just someone with a job that can pay, then who cares. But if your goal is to rent to a family, let me promise you, we check that stuff. Some people perceive blocks as an easier unit of measurement. It's a little easier to envision approximately what a block is versus a fraction of a mile. So there about 20 blocks in a mile. .2 miles is only 4 blocks. That's close enough to see them if it's a straight line. That is too close for a family in my opinion.