All Forum Posts by: Justin Wotring

If you suddenly had $200,000, what would you do with it?

Thanks @Lucas Duce. Just got off the phone with a lender and she said 70% LTV with a 6-month seasoning is required. I'm going to be bumping up the rehab cost to about $15k. My parents did a quick walk-around and saw that all windows need to be replaced, driveway re-paved, etc. Thanks again!

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Hey BP,

Does anyone have any recommendations for rock star investor-friendly agents in the Toledo, OH area? I've reached out to a couple with my specifics and have yet to find a good match. Thanks in advance!

@Anthony Wick thanks for the insight!

Thanks for the advice @John Underwood. I wasn't planning on listing the property until rent-ready. @Michael Craig I guess my question would be, if I had to list the property in November/December, what's the best way to structure the lease to get it back on a spring/summer cycle? Do you lease month to month, 6 months, etc?

Hey BP,

I'm currently in the process of obtaining a HELOC on my primary residence that I plan to use to BRRRR. Assuming it takes 30 days to close on the HELOC, and another unknown amount of days to find a deal, get it under contract, rehab it, and rent out, this could put me into late 2019 to place a tenant. I know that the ideal lease cycle is in the spring/summer months, and I'd like to find a quality tenant to get on a 12 month lease. Curious as to how other BP members do this. I appreciate any advice. Thanks in advance!

That's good advice @Sandeep Singh, I'll make sure to ask ahead and add a similar clause. Thanks!

Hey all,

So my wife and I are on the same page about taking a HELOC on our primary residence to fund the purchase of a property, BRRRR it, and cash-out refi to pay back the HELOC. I've calculated our %DTI, and currently it's at 29.9%. With the HELOC payment added, this will obviously push me closer to the 43% DTI mark. Will I be able to refi if I'm still making payments on the HELOC and the new loan on the investment property pushes me over 43%, or will the banks see that I'll be paying off the HELOC and that debt will go away? I don't want to be in a position where I won't be able to refinance and get my capital out. Thanks in advance for the advice.

Hey BP, back in September 2018 my wife and I were filmed for an episode of Trading Spaces that will air tomorrow, May 18, 2019 at 8/7c on TLC network! We had a blast with the cast and crew and I got to tap into my creative side and do some DIY design with some cool people. Just wanted to share my excitement on this once-in-a-lifetime experience! @Mindy Jensen @Brandon Turner @David Greene @Scott Trench