All Forum Posts by: Meredith Parker

@Greg Scott @Wayne Brooks Thanks so much for the input; I appreciate it!

I'm under contract on a property I intend to flip and my insurance agent has recommended that I get a Builder's Risk Policy since I'm planning to do extensive renovations ($60K budget). The premium for this policy is about $700 more than a regular homeowner's policy, so I'm wondering if anyone has an opinion on whether this is necessary or not? 

Hi Jim, I just used 21st Century Painting & Roofing for new siding on my rental property in South Austin. They did a great job and their price was extremely competitive.

@Costin I. I'm still taking recommendations and haven't met with anyone just yet, as I'm focusing on wrapping up my first BRRR right now. I will keep you posted once I identify someone!

Thanks for all of the suggestions everyone!

Thank you @Linda Osborn!

@Beau Fannon Thanks so much for your reply! I just PM'd you. :)

@Adam L. It was very easy to pull out cash for the purchase and my rate on the HELOC is lower than on the refi...4.5% vs. 4.875%. I was able to close very quickly using all cash and it also gave me an edge in a multiple offer situation. Very happy I went with a HELOC.

Can anyone recommend a good and preferably affordable financial advisor/CPA in Austin? I purchased my first investment property this year and am planning to leave my salaried position to start working full time as an independent contractor (I recently became licensed as a real estate agent). I am in need of tax advice and financial planning. Thanks everyone! :)

I used Amplify Credit Union to obtain my HELOC and it was a quick and easy process...about 2-3 weeks total. They also had the lowest rates that I found. I then used my HELOC to purchase a rental property in cash. I'm in the process of refinancing it now with Better Mortgage...curious to hear if anyone has closed a loan with them as well?

Thank you so much for all of the valuable input! A few follow up questions:

@Nicole A. I would ideally like to transition fully into real estate investing in the next year, possibly by supplementing with a few traditional real estate deals once I pass my real estate licensing exam and get sponsored by a broker. Does that timeline seem completely off base? And if my strategy becomes a mix of flipping and BRRR, is there one that makes sense to start with for my first investment over the other?

@Matt Leonard Your advice to start with one flip to get my feet wet makes a lot of sense to me. Once I have a better grasp on the process though, it sounds like you are advising BRRR for long term wealth accumulation, is that right? What makes BRRR more advisable than going the route of back to back flips?

@Dori Arazi Since I will have my HELOC payments to carry while rehabbing either a flip or a buy & hold, and both require finding a reputable contractor who can get the rehab done quickly and thoroughly, is your main reason for preferring BRRR because of the long term appreciation (and reduced taxes)? Or are you saying that the process of rehabbing and finding a tenant for a BRRR is quicker than that for a flip, and therefore reduces the amount of time I have to carry those costs?

Thank you again for all of your feedback; I am so happy to have found such an amazing resource and community to help me navigate this process! :)