All Forum Posts by: Josh Gregory

@Account Closed You make some great points!  I have learned to put everything in writing, even if it's super-simple, and even if it's a friend or family member I deeply trust.  It makes it much easier for no one to get confused too! 

Hey, I noticed you're in Cincinnati.  I've been kicking around the idea of investing outside my market at some point.  Care to connect on FB so we can keep up with each other? 

Hi @Will Fraser.  It is indeed a meaty topic.  And I am now questioning whether I should have posted with such brevity.  I really appreciate your comments, and agree wholeheartedly with you.  I still have a heart for charity.  I've just learned more and more that sometimes I have to sacrifice my own perception of helping someone in the short term for the greater good of helping a lot more people in the long term.  This is something I wrestle with constantly.  But, for example, if I give every single homeless person all the money I possess, I won't have any money to invest and help even more people in the future.  

All the best to you sir! 

7 years in real estate investment experience, but this is my first year as a licensed Realtor.  When I got my license last December, I interviewed 5 brokers, and researched several others.  For me it came down to one thing primarily -- I wanted to be under a managing broker whose values and character align with mine.  That was paramount.  In addition, I left my previous secure government job largely because I wanted more time freedom.  My current broker allows me to build my own business on my own terms.  Sure, the start up was harder than it might have been in some ways, but I wasn't having to work a set schedule or spend time doing the same repetitive actions over and over.  Given the chance, I would make the same choice all over again! 

I started in real estate investing as tender-hearted as they come.  From the start, I hoped to use rental property investing as an outreach to help people who hadn't had the same opportunities I had been blessed with.  My very first purchase was a 3 bedroom 2 bath ranch that I bought with cash back in 2011 for only $45K.  It needed some TLC and cosmetic updates, but nothing structural.  

I had been working in downtown Nashville the previous few years and had made friends with some of the local homeless newspaper salesmen.  I offered 2 of them a place to live temporarily if they would just help me paint.  Both declined.  I offered another man a place to live for a month if he would help me cut down some trees.  He declined.

As it turned out, I did most of the work myself, or hired friends or people I know who could use the work.  And when the time came to advertise and screen tenants, I personally met dozens of potential renters at the property.  After losing track of how many would-be renters asked to waive the security deposit or the first month's rent, I began to understand that business must be treated as business.  And this was only my first property!

I'll expand on my future experience in future posts, but suffice it to say that I learned quickly that business must be treated as business first.

Investment Info:

Single-family residence other investment.

Purchase price: $52,000
Cash invested: $140,000
Sale price: $345,000

New Construction Spec Home. Purchased Lot in March, just before COVID. Construction complete in July. Sold October 1.

I agree with the previous responses.  Just wanted to say "All the best to you!" 

I have done both in the past, but I currently use a HELOC several times a year for short term, and pay it off in full each time. In my experience, the HELOC has a lot lower closing costs, but probably has higher (and most likely variable) interest rates. Given your scenario, it might make sense to take out a HELOC to buy your primary with cash, and then refinance the primary later at a lower interest rate and pay off the HELOC. Then, you'll already have the HELOC available for future "CASH" purchases.