All Forum Posts by: Jason Rowlett

thank you both so much! This really helps me out. I appreciate your insight. 

I know that an RE license is not necessary to be an investor but I would like to bid on HUD and invest in different states to expand and diversify my portfolio. Before I invest in taking the courses I'd like to ask...

Does having the license give you a lot more education and credibility as an investor? 

When bidding on HUD, are there advantages to being a licensed agent over a licensed broker or vice versa?

If I don't get my license, what are the best sources to learn RE laws for different states? 

Thank you!

Do you have to be a licensed real estate agent or broker to bid or purchase on HUD homes? I'm sure there are other finance requirements as well, but I did not see anything on their website that would filter unlicensed investors.

Is HUD even a good place for a beginner investor?

Thanks!

I have a condo that has risen in value and I would like to borrow against the equity to reinvest in other properties:

• Current condo value: $315-325,000 
• Current mortgage balance: $131,000
• Equity line I would like to reinvest: $125,000
  • $100,000 split among 5 properties with 20% down on each
  • $25,000 cash left in a reserve account for repairs/unknowns

My question is, if I put down $20k and borrow $80k to purchase the first rental home wouldn't that knock a dent in my ability to borrow again to purchase a second home with $20k down, borrowing another $80k? And then perpetually with a third, fourth home, and so on?

OR, do I wait to rent out the first, keep my equity cash in reserves and once I have a cash flow from the first rental, use that cash flow as a separate source of income with which to apply for a second loan to purchase a second rental home? (And then repeat with two cash flows to buy a third, and so on)? 

As a side note to factor in...I cash flow about $230/mo on my current rated condo and my day job earns me about $2200/mo.

I hope my question makes sense!

@Greg H. - Thank you so much for your insight into this niche! I appreciate the info you've shared, I've found it hard to get info from the township of Lago on building restrictions -- like you said, I have heard from others as well, they are a rather unfriendly group. These lots are located further north, near the municipal airport (no water access). I'm really leaning away from them being a good investment right now.

I had been thinking that with Austin expanding as much as it is that there would be a future boost in value but I'm not sure if its the right investment for me at this point as I am still learning the ropes. The seller informed me this morning that he has spoken with a developer so I'm not totally cashing out of the idea but I'll have to get more details for sure!

Thank you again,

Jason 

Hi Nick, welcome to BP! I went to college in Tampa and have spent a lot of time in and around Tampa (St. Pete, Clearwater). I've learned a lot about that market and its drivers over the past 10 years or so. If you know about good RE opportunities in Tampa then I'd like to learn from your perspective.

-Jason

@Lauren Heart @Assaf Furman @Account Closed

Thank you all for your comments! I truly appreciate your insight. My condo is located on Kiely Blvd. across the street from Central Park (Woodsborough complex). It's a "junior one bedroom" which is basically a studio and is 440sf. I've added new floors and painted it myself and it looks great given its age (45 yo). 

There have been 2 recent sales of comparable condos in the complex. One with upgrades for 350 and one with no upgrades for 315. I'm at a loss because just this past November my agent in CA told me mine would be worth 265-300. I will definitely need an appraisal! 

I like the idea of pulling equity out of it, I just don't have enough equity to take out a second mortgage on a new primary residence after pulling cash for a down pymt. (My mortgage company tells me I can only get about 50k out as of October 2015). Not really sure what's going on here with some of the numbers I've been getting. I think that has led to a lot of my confusion on what's best to do.

Thanks again for all of your responses.

Jason

@Account Closed

Thanks for your input! The condo is less than 2 miles from Apple's new "spaceship" campus so this is another reason I want to hang onto it. However, I have been wondering how much more my condo can appreciate. 

If I can purchase a house in Austin with the equity I own in the condo I could still move forward with my plans to invest full time and have a fixer-upper home as well to live in. Refinancing after the fact is something I had not considered as far as reaping equity out of a primary residence, as opposed to taking out a second on it.

I think the market in SV is nearing its ceiling and there are a lot of people leaving, but there are a lot others moving in and riding the wave of tech expansion. Austin is expanding astronomically.

Would you recommend borrowing $50k against it to use as investment money to wholesale or leverage other investment in my current area to build up cash for a down payment on a primary residence?

I own a condo in Silicon Valley worth about $300-325k. I owe $130k on the mortgage. I currently rent it out for $1650/mo and profit $250/mo. I now live in Austin, TX, and need to purchase a primary residence for my wife and I. 

I want to keep my condo and leverage it into other investments to grow my portfolio. But I am also tempted to sell it to purchase a primary residence. However, I don't want to "mortgage the house" to pursue my dream of being a full-time RE investor later on.

Am I killing my chances to become a full time RE investor later on by putting my investment into a primary residence? Should I hang on to it and save for down payment on my personal home?

Hi, I am a beginner investor wanting to get into rental properties. I have a condo in California that I currently rent out and I am now trying to build my portfolio.

I have been seeing these *inexpensive* lots of about 0.4 acres for around $4-5k apiece in the Lago Vista area. With Austin expanding so much demographically now, I am wondering if these parcels would be a good investment to flip to a developer. But many have been on the market for more than a year (I assume because of the recent recession). Perhaps these would be a good buy now?

Anyone familiar with the Lago Vista area on the north Lake Travis side? Does anyone know why these lots are still available? 

Thank you!

-Jason