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All Forum Posts by: Jennifer Shuler

Jennifer Shuler has started 6 posts and replied 19 times.

Post: Generating cash for REI

Jennifer ShulerPosted
  • Investor
  • Mount Vernon, Wa
  • Posts 20
  • Votes 10

Thanks for the advice Gerald. We have been looking at the properties in our area (Stanwood) and are finding the prices are really going up. The county just re-assessed our property as well and we feel like if we make a few more repairs, new flooring, painting, etc. we would have a strong possibility of grossing between $70,000-80,000 before closing cost. Since we haven't been able to put anything in savings we think it would be great to build up a savings account and still have the ability to put the 3.5 % down for another FHA 203 loan. The plan would then be to use some of the remaining savings to attract a hard money loan to flip an additional house while we are staying the required year in the FHA 203 loan property. So all together we see the end result being that 1. We have some savings built up. 2. We would start another home flip with little down and still have a place to live. 3. Within the first year we could flip another house through the hard money loan and build more savings. 4. By the end of the first year we could resell the FHA 203 home for even more savings. Then we could start looking for passive income rental properties. Does this make any sense? The home we want to sell we have been in for 2 1/2 years and bought at a great price through a short sale. But our house is small and even with the market price raising, it will only bring so much money so we feel we need to sell while our area is hot right now. We are looking at March-April "15 to list. Sorry this is so long!

Post: Generating cash for REI

Jennifer ShulerPosted
  • Investor
  • Mount Vernon, Wa
  • Posts 20
  • Votes 10

Thanks Hattie, I will look into that!

Post: Starting from Covington Louisiana

Jennifer ShulerPosted
  • Investor
  • Mount Vernon, Wa
  • Posts 20
  • Votes 10

Hi Chet,

Welcome to the site. There is so much information here you just have to jump in!  I love all the podcasts and especially the Ultimate Beginner's Guide with various links at the end of each section. I have found a lot  of additional information using the links! good Luck!

Jennifer Shuler

Post: Hi from NYC

Jennifer ShulerPosted
  • Investor
  • Mount Vernon, Wa
  • Posts 20
  • Votes 10

Hi Jack,

My husband and I are just starting out as well! This is a great site. Just read as much as possible! Connect with groups such as Meetup, and find other REI clubs in your area. We just went to our first REI club meeting and made amazing connections with very experienced investors. There is lots of help out there, don't be afraid to ask! Good Luck!

Jennifer Shuler

Post: Generating cash for REI

Jennifer ShulerPosted
  • Investor
  • Mount Vernon, Wa
  • Posts 20
  • Votes 10

Thanks for the suggestions.  Hattie, we talked to the mortgage broker we used for our current house and she said it would be difficult to qualify for two mortgages, and we really don't want to become landlords until we build up some savings which we don't have right now.  Apparently you have to have two years worth of verified rental income to start getting approved for multiple loans,  but thank you for responding.  Thanks also Joshua, we are going to consider the multiplex as well as a single-family home.  Thanks to both of you for helping!

Post: Generating cash for REI

Jennifer ShulerPosted
  • Investor
  • Mount Vernon, Wa
  • Posts 20
  • Votes 10

Hi everyone,

I'm hoping to run an idea by for some advice. My husband and I haven't saved any money for investing since we bought our first house approx. 2 1/2 years ago as a short sale. We have been making repairs and cleaning it up and now between the new county assessed value, our local market, and our repairs, it looks like we could see a profit of between $40,000-80,000 in the near future. Since we don't have cash to help secure a hard money loan and our credit is still building, currently in the mid-high 600's we were thinking of selling and then getting a FHA 203 loan might be a great way to start. It would give us a cash savings account as while as let us start flipping another house at the same time. Does this seem like a good plan for beginners? I'm also thinking of looking for a FHA 203 on a multiplex so we might be able to rehab and gain passive income if that is allowed? Any advice would be much appreciated. We are located in Snohomish County, Wa, which is really strong for investing right now

Post: Good questions for first REI Club meeting

Jennifer ShulerPosted
  • Investor
  • Mount Vernon, Wa
  • Posts 20
  • Votes 10

Thanks for the good advice! 

Post: Good questions for first REI Club meeting

Jennifer ShulerPosted
  • Investor
  • Mount Vernon, Wa
  • Posts 20
  • Votes 10

Hi Everyone!

I am going to my first REI club meeting and noticed there are some professional private lenders and mortgage lenders there. My husband and I are getting closer to "jumping in" and I am wondering if anyone has suggestions for encouraging lenders to become involved with our company since we are just beginning. The "cons" of our business are no start-up cash of our own and an average credit score. Our "pros" are a strong current work history for my husband in law enforcement, which has been long-term (13 years) and is secure. We are very serious investors looking to build a team of experts that can assist us. Any suggestions? Thanks!

Post: Stepping Stones for a new investor

Jennifer ShulerPosted
  • Investor
  • Mount Vernon, Wa
  • Posts 20
  • Votes 10

Hi everyone,

My name is Jennifer and my husband and I have recently signed up at BP. We are beginning the process of building a real estate investment company and will be concentrating in flipping single family homes in our area. I want to find other beginning and seasoned investors who would like to maintain a regular online "meet-up" so we can bounce ideas and advice between each other. Our goals for this week are to set up a professional mailbox, create business cards, and start the process of registering for our state business license. We have a question as to what internet provider others use for a professional look. Any comments or advice would be much appreciated. We have been researching the chapters of BP, attending "guru" seminars, (for info. and motivation only), as well as joining local REI clubs. We can't wait to attend our first local club meeting this Saturday! Thanks in advance for any feedback!

Jennifer S.