All Forum Posts by: Lee Crews

@Paul Rush

Is it this Thursday night?

@Ivy Flowers

Thank you for the information! Will definitely be asking a lot of questions when I go talk to different firms.

I am in the process of taking my classes to become a licensed real estate agent. I was wondering if there were any tips on choosing the right brokerage for a new agent. I am going 100% into becoming an agent and luckily have the support from my wonderful wife. I wake up and check the forums here, I listen to all the podcasts and talk to anyone around me that enjoys REI. Right now I'm selling my first live in flip and plan to purchase another flips once this one sells but I know my job has to involve real estate. I have friends that tried part time and ended up going back to their old jobs because they did not put in any effort to succeed. That will not be the case for me and hopefully with some tips from the experts here, you all can help me become the best agent I can possibly be. So any suggestions or tips on finding potential leads are welcome.

Thank you in advanced,

Lee

@Winn Merwin

I sent you a Pm with more detail

@Patrick Crehan

I searched for awhile for our first home. I got lucky and found a HUD home that was in great condition for 75k. The day we bought it I told my wife when we sell this we will make a decent amount of profit. Fast forward a few years later and we are listing the house today for sale at 149,900. We are going to take the profit and put it towards our next live in flip and try and squeeze in a rental property as well. We have lived there for the past few years and have put a good amount of work into the property. We did all the work ourselves, tile, paint, new cabinets and countertops. Using this house to jump start our REI journey. Plan on repeating this process for the next couple years to come.

@Brian Keeler

Like Charles said Augusta is a big area to classify as a good or bad location. There are good parts and parts I don’t drive through during the day. I live in Augusta currently. If you want to pm me directly I can let you know if it is an area I would stay away from.

Lee Crews

I have a property I bought a few years ago as my personal property. Me and my family have lived there for 5 years. We are purchasing a new home and I am debating renting out the old house or selling it and buying another house. I owe 63k on it and had a realtor tell me to list it at 135k. Payments on it are low at 650 a month including taxes and insurance. Similar properties like mine rent from 1100-1350 per month. I would like to rent the property but my wife says we should sell the property to look for houses to flip. Any suggestions as to what you all would do in this situation.

Thanks

Lee

@Matt Gooding I have been looking at a few properties in Grovetown at the moment. But I found a few apartment I am going to go look at this weekend in North Augusta to see the area around them as I don’t know much about North Augusta and do not want to buy in a bad part of town. But the apartments are 6 units for 160k. Just don’t want to get to over my head on my my first deal with to many rentals but I see more cash flow opportunities in the multifamily properties.

I am curious on the refinancing part of the BRRRR strategy. I know that it is to get the cash out of the property so that you can Repeat the process. My question though is by doing the refinance of the property value after renovations you will end up with a higher mortgage payment which cuts into your cash flow. Is the benefit of this strategy to build up your portfolio while making a little profit or breaking even?

I am new to REI. But I bought my current house as a HUD home for 75k. I have put 10k into fixing it up and me and my family have lived here for the past 5-6 years. I owe around 65k left on the house and it's value is around 125-130k. I have a low payment at the moment and I am trying to decide whether to look into doing a line of credit or doing a cash out refinance to get money to purchase a property I am looking at.

Also we are looking to purchase a new home for us to live in and use our current as a rental property as well as the property I am planning on purchasing with the refi or the line of credit.

I am in Augusta GA if anyone from BP is and is willing to meet up to talk to me in person.

Thanks,

Lee C