All Forum Posts by: Justin Wotring

@Stacey Vilardi I'm working on bringing up the ARV and I'd eventually like to refi, but I don't think it'll be to the point where I can fully recover my initial investment. My original goal was to BRRRR to recover 100% of my capital at 6 months, but after months of searching with my realtor and no luck with the numbers on several properties, I decided I just needed to go for it and put in the 25% down payment on this one.

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@Chris Christensen thanks! I do plan on speaking with my property manager about getting a specialist out there to have a look.

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@Danielle Moniz find a great team, build the trust (which will help build your confidence), and don't be afraid to make an offer. Best of luck!

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@Keenan Pearson Hi Keenan. A HELOC is a Home Equity Line of Credit. Simply put, it's like a having a low interest credit card that you can use to borrow against the equity in your home. The most important thing to note when borrowing against your home like this is to make sure you run the numbers on the property you intend to purchase and allow yourself some room to be able to make the monthly payments.

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Wow thanks to everyone for the kind words! I'm overwhelmed with all the positivity and humbled to hear that I've inspired some to pursue their first deal. This is why I love the BP community!

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@Andrew Arce the 19k does include repairs. I set aside about $1500 that we estimated would be needed. So far I'm under budget.

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@Steve K. I did not have a foundation specialist look at the property prior to purchase. I will bring it up with my property manager and try to get someone out there to take a look.

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@Chris Christensen here's some pics of the initial repairs we did. We had to remove all the shrubs in front because they were causing the grading to slope towards the foundation which allowed water to get into the basement. We removed the shrubs and threw down some dirt to help guide rainwater away from the foundation. You can see the the water damage and mold in the basement pics below. We removed a rotted wood storage area and bleached/scrubbed the entire wall and sealed it. Night and day difference!