All Forum Posts by: Justin Wotring

@Whitney Breedlove there definitely is some getting used to the differences in the input fields between calculators. Some of them you can itemize, like expenses, etc. Took me a couple of times running the numbers on DealCheck before I got results that looked more realistic. Went from $1200/month cash flow down to $50/month! Thanks for your input!

Originally posted by @Josh Durham:

Thanks, guys.
One other note...I found that some bankers did not know what I was asking regarding some of those things. For example, more than once I asked "Do you have a required initial disbursement?" and they acted like they didn't understand the question. This probably just means they don't do that at all.

I closed on my first investment property several weeks ago, and paid cash with my HELOC. I am almost done rehabbing it. I plan to list it for rent by the end of next week. I'm just hoping and praying for a good appraisal (I should get what I need based on comps), and then I plan to refi into a commercial loan pulling out 75% of the appraised value. (You have to find a local lender that will allow a commercial refi with no seasoning time!) This amount should be more than enough to pay off the whole HELOC balance. Then I'm on to property #2! This is basically the BRRRR strategy that uses a HELOC as the funding source. Pretty sweet! This is the perfect method for me, a person who bought a fairly expensive SFH for my family before I had ever heard of house hacking or live-in flips.

 Do you have any updates to provide?

Anyone try DealCheck's calculator? How does it compare/contrast to BPs calculator? Pros/Cons for both? Preference? I'm asking because I just recently found the DealCheck website/app, but have been testing out BPs trial calculators for a while now. I'm thinking about signing up for BP Pro after today's webinar, one of the main reasons being unlimited use of the calculators. Thanks in advance for the input.

@Sterling Hill to my understanding, properties greater than 4 units are considered commercial and thus need to obtain a commercial loan. If you currently don't own any rental properties, it may be difficult to find a lender willing to offer a commercial loan without the experience. Good luck with whatever route you go!

@Shirley R. awesome and inspiring! I hope to be acquiring my first property by the end of the year. It's all about goals! Good luck @Michael Turner!

Welcome to the community! I'm also new to the community and to the world of real estate investing. I haven't made any offers yet, as I'm still in the learning/absorbing stage. That said, @Brandon Turner has said on numerous podcasts and in his books that he likes to present several options to the seller in his offers. It changes the seller's mindset from a yes/no to choices. The trick is to find the seller's motivation and pain points. Often times this can be a win-win, even if your offer is lower than others. Good luck!

@Benjamin Ervin looks great!

Welcome to the BP community and congrats on getting your offer accepted! Keep us informed on your journey!

@Sunny D. good to know, thanks!

@Sunny D. glad to hear you had a good experience! I was speaking with a colleague at work the other day and he has a HELOC through a credit union that I also do business with. He shared the same advice about getting approved for the max, but taking only what I need. If I do look into this route, I'll be checking with them and comparing with a few other institutions. Thanks for sharing and the advice!