All Forum Posts by: Keith W.

Thanks  @Kelsey T.

@Account Closed What is SFH?

Thank You @Whitney Hutten That sounds like solid advice. 

Thanks for the feedback. When you’re getting into something new everyone is telling you don’t do it. Then when it’s over you wish you hadn’t listened. 

I’m trying to make a decision based on wisdom not fear. 

@Trevor Aydelott Are you buying and rehabbing? Selling? 

@Kelsey T., I'm probably a little ahead of @Evelyn Castillo at this point. I did, and I am still doing the education piece. I took a cashout on my home to put some skin in the game, start construction before the first draw, and have money for interest payments and reserves. If I move on a deal right now, I don't know if I can get the rehab started. 

Experienced investors are saying go for it! The way I see it, they have other properties which they could spread their losses. What would you do in my shoes where I'm essentially putting my home on the line in the midst of this? 

@Coty Dolan Thanks for sharing. I have a similar concern but its more of the BRRR Strategy. I should be getting a closing date on a cashout refinance of my primary home. I'll have just 70K which the plan was to use for down payments, interest and other carry costs.

Now that I have the money, I'm sure the deals will come through but what about rehab. In my state, they shut down non-essential construction. Even before that, my contractor friend told me he couldn't get inspections and many projects on hold. 

With this in mind do you still think we should be going for it? Keep in mind we are new and don't have other properties to take up some slack. 

I have the same concerns as I was in the middle of a cashout refinance when the COVID19 hit. I should be closing any day now. I don't have a deal to purchase but I'll have a new higher mortgage. Wondering if I should hold off on the refinance for now until everyone gets back to work.  

We need answers!

I started preparing for diving into real estate investing since last September. Learning as much as I can and figuring a strategy to get start-up funds. I decided to cashout refinance my home in order to have funds to cover the following:

The downpayment required by the hard money lender

The money to start construction before the first draw

Carrying cost including interest payments to the hard money lender during the rehab process

Reserves in case anything goes wrong

The exit plan is the BRRR Strategy

I was in the middle of the refinance process when this COVID19 shutdown started. I should be getting a closing date any day now. 

Now I'm concerned that I'll have this new, larger mortgage payment and no investment activity. 

Are contractors working?

How do you get permits?

Who's buying?

This might be a good time for me to buy, but the BRRR strategy is a short term process to be recycled over and over. I don't think I should buy a property and let it sit for months because of COVID 19.

What are other investors out there doing? Particularly new ones, who might not be able to spread their expenses over their entire portfolio.  

Thanks!