All Forum Posts by: Justin Bailey

So 2 years ago I used a HELOC from my personal home to purchase the 20% down a rental property. I was looking into selling the rental property but would need to use the capital gains to payoff the 20% down. Does the heloc still account for the down payment? Or should I do a cashout refi to payoff the heloc and make my profit smaller?

I bought a property knowing the tenants would at some point want to buy the property they have been living in for 8 years. They tried to buy it when it last got listed but their DTI was just too shy. So I bought it to eventually flip to them. They want to use a lender which I'm fine with. Covid has increased the value enough that I will make a good profit. My question is that we don't want use a realtor for the sale because they don't need help finding a home nor do I need help selling it. (I think lol) what would be the steps I need to take to allow them to buy the home using a bank without a realtor. I do have a mortgage on the property and I don't want to assume the loan or do owner finance. As I'm using the cash from the sale to free up a heloc to start a STR. Any and all advice is welcome. Thank you in advanced.

@Chris Seveney Hey I wanted to give you an update on this post from over a year ago. Tennats are in the process of buying the house from me. Will be making around 25k plus rent for the last year and half. I havnt put a dime in the property. And drove out to it 2 times. Great tenants and soon to be happy home owners

Need advice on finding land for a STR (unique stay) and using a lender that will fund building the property (small container home or a frame). I've been using a heloc for my down payments on my LTR and refinancing the properties to get my cash back from the heloc (cheaper interest). Now I have a tennate that is buying one of my properties which is won't free up my heloc till we sell the property. I would like to get the foundation down before the ground gets too cold (Amish Country, Ohio)

I know pretty much everything about OPM and construction just need help finding people willing to sell land in a particular area and how to find people who will fund it. I work at a bank and don't want to use them for the construction process, too much of a pain and too many hoops to go through. I'll just use a bank on the refi part to payoff the lender and get back what cash I put in. Just need advice on finding lenders and land owners to do land contract. I know REA might have lenders but my problem with that is finding someone I can trust to lend funds, seems like the people I have met are trying too hard to sell why to use them as lenders. Any advice helps.

I currently own a couple properties and I work at a bank. So I'm not new to real estate investing. But I have been building out a plan since I live so close to amish country in Ohio. (Beautiful) and there is couple STR out here that are killing it with 95% occupancy and booked months ahead of time.

I'm looking into unique stays such as container homes, a-frames, and tree houses. I have a couple spots of potential for land by owner deals. Working at a bank funding for new builds that are investment properties are a pain. Looking for tips on finding funding (OPM) for the construction process. Will probably start off with an A-frame or container since they are cheaper. Once they are built I will cash out from a bank. Rinse wash repeat.

@Chris Svendsen so we actually bought a personal home for the main purpose of it to be a rental property. Market rent in the area is higher due to school system as its a good area to be in. We are looking to build a home or find a home with some acres but are currently living in a future rental. We just closed today on another property and actually dropped the rent down $75 a month because of a previous landlord (slum lord) jacking the rent so high and using the dogs against the tenates who have been there for close to 10 years and he bought it 2 years ago. But to shorten the answer your looking for. Is yes, I buy and look at properties and ask if I would live there. I also throw out incentives to tenants who mow and pay on time. Gas cards and grocery cards every couple months helps your property and tenants.

@Michael Mackney who is calling for the maintenance? If it's the property management company they might be wrongfully repairing non existing things. A good property can be easily ruined by management. Not saying this is the case but it happens often unfortunately. Easily look into another property management company.

@Maria Fortner thank you!

I'm looking to expand my properties by alot. I'm looking into multi-unit buildings or small complexes. In my area there are none for sale on the MLS. I've never done direct mail/marketing so I was curious because there is a million sites claiming to be the best. I don't know what sites to use nor do I know how to make a solid one. I have a little graphic design skills so im not worried about that if its needed. If you all have any tips on a higher response rate when doing this or the parameters to use and which site to use. Thanks

@Aaron B. You would definitely need more properties than a monopoly board. Idk I think it would be a cool idea. I'm sure someone here has the resources.