All Forum Posts by: Maverick V.

Getting a HELOC generally does not take all that long, however, you must still qualify for the HELOC. They will check your debt to income, employment history, credit score, and equity in the property. What exactly do you mean by using the equity to buy the next one with 20% down? The first thing you need to do is figure out what these properties are worth, and what they are rented for. (I'm assuming they are rentals?) Keep in mind you most likely will not be able to count the income of the property towards your debt to income when qualifying for the loans/helocs. As far as a cool off period no, asoon as the heloc is active you can use it, it may take a few weeks to apply and get it approved though.

Yes a retail buyer would be your best bet if you were going to flip it. If its cash flow your after, this property sounds like it would be cash flow positive, assuming all the numbers are correct. Figure out what all your numbers would be and enter them into the bigger pockets investment calculator found here. Let us know what you find out, and what you decide to do. Don't hesitate to ask if you need any help finding some numbers.

Congrats, that's a phenomenal accomplishment! I'm sure in 20 more months some of your guests will be answering the "how did you get started in real estate" question with "the bigger pockets podcast!" Keep up the great work guys.

First you need to analyze the property to make sure it even makes sense as an investment. When you say you are looking for these types of investments I assume your not going to be using it as a primary residence? What are your plans with the property? I'm not familiar with that area of ND but if its like most of the other small towns, and not near oil take into consideration rental prices and demand. I used to rent from a small town landlord in North Dakota who had 5 rentals, no more than 2 were ever occupied at the same time and his rents were under $300/mo. I don't intend to scare you off but make sure you do some research first. If you decide that it is a good deal, close with an attorney and he will make sure everything is legit. 

Hey Brandon, I'm assuming this is the one you were talking about in the first webinar? What problems are you having with the refi? I'm defiantly not in the loop on this but with 1k/mo cash flow being a 5 plex have you talked to one of your portfolio lenders about a commercial loan? If you can appraise it at a 10 cap (dunno in your area) 1k/ mo puts value at 120k, you paid 90k if i remember right, so if the lender wants 75% LTV your out with 0 down. Self manage during seasoning period then flip it over the management? To answer the original question, I'd rather get 1k per month.

Hey Jeremy, the Realtor will have to be a member of the board in the area of the properties. MLS's are local not national, your best bet would be to use one in the same city as the properties (assuming there all in the same city) because they should know the market there best. As far as the purchase of the properties you could do some research on owner financing and see if you and your mother would be comfortable doing a sub-2 or wrap. If she truly doesn't want anything for any of them you could simply take title and take over payments by buying them all sub-2. Make sure to do a little research and consult with an attorney.

Hey Rosie, always nice to hear from new people in the area. What are you investing goals? what were your plans when you bought the house? 

Things to consider would be:

Make sure you can do a cash out refi. (if you want to rent it out)

Are you ok with breaking even every month (not saying you would, need more info to estimate)

Are you comfortable with the area and types of tenants that would be there?

Can you find more deals like this? If so, if you flipped it you would have twice as much cash to do it again, you could buy one all cash (with the same numbers) or you could do multiple using hard money. (are you ready for the work of doing multiple)?

It really all depends on what you would like to see happen, but it looks like your getting a good stat, Congratulations.

@Winston Spence No I haven't set one up yet, however I think I'll go with patlive, or answer connect or someone similar, The monthly fees are much higher but they collect all the info you need. I'm waiting another month or 2 so I can track my call volume and decide what is best.

Are there any DM companies out there that will help me fully put together a mailing campaign? What I mean is I tell them what kind of deals I'm after, give them a budget and geographic area, and they put together the list, design the mail pieces, print, and send x#/mo for a designated time.

Also does anyone have any suggestions on 30 day+ late mailings In Texas? I don't think the traditional 1 letter/postcard per month for 6+ months would be ideal with the speed of the foreclosure process here.

Any feedback on putting the list together myself would also be welcomed, I'm not against putting it together myself I'd just prefer to leverage someone's experience on what works. 

Thank you and have a great day!

I agree with @Bryan L. 

Don't get stuck on the "development phase" let your business grow organically. Figure out what you want to do, figure out how to do it (not every little detail, you'll get hung up) and do it. I wasted ALOT of time starting out trying to learn everything and putting it all together. 85% of your time should be spent on marketing and finding deals (depending on you niche).