All Forum Posts by: Kelvin Washington

I appreciate all of the advice and options that I hadn't considered. I will definitely take my time, do my due diligence and run the numbers before I commit myself to anything. As for TD Bank, I have their website saved and will refer to them when once I have all of my questions put together. 

A HELOC seems like a great idea, especially if I just use it for the 20% down payment for investment properties. Or, I could use it as seed money to BRRRR if that would be feasible when the time arises.

Bottom line, I gotta run the numbers and make sure I run them properly and accurately. I'm glad that I asked this question, because it had been on my mind for a while. Thanks everyone!!

Wow! You guys gave me some solid advice that I didn't think of, especially in regards to a HELOC. Tomorrow, I will be contacting a few lenders to inquire about their rates for a refi as well as a HELOC. Thanks for the quick and positive replies. You guys are awesome!!

Hi all! I currently have a SFR Rental Property that I paid off late last year. I am very interested in doing more real estate investing, but this time, using the BRRRR Technique.

So, instead of using private/hard money to fully fund any deal, I was thinking of doing a cash out refi on the paid off rental and using those funds to help purchase another property. 

I am at a crossroad. Go with private/hard money to fully fund the deal, or do a refi? What would you do? My property is worth approximate $90K. 

Thanks! 

@Maverick V. I'm also looking in the Clayton County and Henry County area for properties to rehab, then resale. I currently have a rental in Rex, but the inventory has been pretty scarce lately. I just moved back to Locust Grove about six weeks ago and I'm not finding any properties in my target areas.

@J Scott I bought your books several months ago and I used them as references when I bought ($25,000 CASH) a distressed property in Warner Robins, GA. It took eight weeks to rehab ($35,000) and sold two months later for $85,000. After paying commission to the agents and no closing costs, I was able to profit approximately $20,000. Needless to say...those books are always with me wherever I go. Thanks for sharing your knowledge!!

Name it: The Sandwich Shop

Hi BP! I've been a member of this site for a couple of years and I've done a few wholesale deals, one rehab/flip, I currently have one rental, and I recently acquired (paid taxes) on a property deed all within the last 4 years. I've accomplished those small number of deals without being a member of any local REI, but I'm looking to change that in the near future. I have yet to locate any REI clubs that are in close proximity to me. If anyone out there has knowledge of any clubs in my area, please pass along the info. I would be very appreciative. Thanks in advance.

David Currey I too am interested in buying 2nd position NPN in the state of Georgia. This afternoon, I spoke with a rep from Georgia's Department of Banking and Finance and I was informed that a Mortgage Originator License is required to own mortgage notes in GA. Here are the requirements to obtain the MOL: $150,000 surety bond $1,200 Licensing fee Company Name Owner's Name Background Check Credit Check Also, after the application and all required documents have been submitted, it would take 5-7 weeks for approval. I've never purchased a note, but I have done some wholesale deals; a property rehab and flip; purchased 8 acres w/dwelling at the county tax sale for $3,000; and I have one SFR rental. Buying 2nd position NPNs is what I want to pursue next.

Thanks to Greg B., and everyone who responded to my post!

@ Mr. Weese, I will definitely hold on to your daughter's contact info. By the way...I'm a retired Army Master Sergeant, but was never stationed anywhere here in Texas.

@Thomas Handy, thanks for that vital info. I will be sure to stay clear of that area. My son was stationed here with 3ACR about four years ago and he made mention of that ares too.

@Tod, I will contact Bryan and inquire about any contacts that he may have in this area.

Hello BP!
I've finally completed my move from GA to TX and now I'm looking to network and find some good people in the central Texas area. I've only completed 4 wholesaling deals while in GA (about 3 months ago) and now its time to make some deals in TX. If anyone is has any insight or information about the market in central Texas, feel free to share. Hope to hear from someone soon!
Thanks!

Hi LaRhonda and welcome to BP. I too am a newbie REI down in Rex,GA (Clayton County). I got my first four properties (one seller/owner) under contract on 24 Feb 12. This was a result of my direct mail marketing yellow postcards to absentee owners. On 23 Mar 12 we closed one the first two properties and finally closed on the fourth one 18 April 12.

The process was a little touch and go in the beginning, but everything worked out in the end. With that being said...wholesaling has worked for me thus far and I'm in the process of making an offer on a FSBO that I came across last week. Just keep working at it and extracting as much information as you can from the professionals on this site and you will do well. By the way! Don't get a case of Analysis Paralysis!