All Forum Posts by: Mayank S.

Bought mine and started digging in "Rental Property Investing" first.  Enjoying reading..Awesome content and refresh so many small details in mind related to investing. Great job..  

@Michael Hill

Welcome to the Bigger Pockets community!

I attended 3 days workshop worth $199 and being a newbie at that time, it was worth 3 days spending time listening and absorbing as much as I could. Had absolutely no idea about niches and strategies in RE so that definitely opened my eyes and hooked me to RE. 

Just to tell you they will upsell their Mastery course which is priced thousands of $$$$ so please do me a favor. Keep your wallet/credit cards at home when you go as it sounds so enticing to take their course and have someone hold your hand for a year to learn ropes. Its not worth paying that much and rather spend on your first deal and learn real time from that experience. Also BP is great platform full of real time insights, forums, podcast. Read/listen as much as you can. Network with seasoned/newbies investors , ask questions in forum and you will thank me one day for steering your $$$ in right direction :-). This is what I have done.

I am also in the same boat. Just got my HELOC approved on my primary home and getting ready to close a turnkey property in Dayton in couple of weeks. Have looped in couple of lenders also who are ready for 70-75% LTV delayed financing on this property to pay off HELOC. I am paying some out of pocket (10%) and rest through HELOC funds. Property FMV is roughly around 12-15% above purchase price based on recent COMPS and estimation from other local BP investors/realtors I reached out to as a part of my due diligence. Property in good B class/school district neighborhood.Will see how this delayed financing works for me after closing. Planning to rinse and repeat HELOC/ cashout refi option until reached the limit .

Any thing to be cognizant about in the process?

I pretty much use one checking account for my properties. Have a free wave accounting software linked with that for accounting purpose. Also created savings accounts fir each property to keep expenses reserve separate from one master checking. I found capital 360 useful where I can have one checking and multiple savings. Transferring fund from one to other for any purpose with in one portal make it easy.

Another thing to look out for is if they don't allow financing and insist on cash only deals. This is not always the red flag as some reputable companies do this for few initial properties before allowing financing but something to look out for and reason them WHY NO FINANCING and see if you are convinced with their reasoning. 

I have attended his 3 day seminar that costed $199 for me and partner. It was informational for starter like me. If you are newbie, probabaly its worth to spend that much to get a good feel of real estate niches and what suits your personality and goal. Beyond that, going for their $30k mastery program is not I would ever consider for education and hand holding for a year. Given the wealth of information BP provides, hold on to your money, educate, network and spend rather on your first deal and learn out of your own experience. It would be well worth it. I really hooked on to Real estate after attending his 3 day seminar and that's about it. Leave your credit card at home when you go for it. 

Taking out HELOC and do delayed financing exception within 6 months of purchase on appraisal value is one option. Delayed financing cash out can not be more than 70-75% of the appraisal. @Upen Patel can throw some light on this. Works well with BRRRR approach or any deal with good equity in place to get cash back quickly and repeat.

anyone?

Nothing to be embarrassed about. You took action and still in green which is great. There are many who are stuck with analysis paralysis and never get into the game, forget about learning. You can't learn from being on the pavilion, have to get into the field to learn and you are there. Things will get better from here, I am sure about. It's a game of experience and persistence. Good luck!