All Forum Posts by: Patrick Lloyd

Welcome Dimitar! I'm your neighbor out in Huntley. I'm new to this as well been studying since August. I decided to get my RE license to be able to wholesale and do some other activities in Real Estate. I know there are some Renatus meetups in the area which is paid education. I also go to a great meetup in Rockford once a month run by a buddy of mine. If you think you can handle c and d properties ie low income there's alot of money to be made out there. It's a bit tougher out by us and heading east is doesn't get much easier outside of some older neighborhoods like Elgin, Woodstock etc. Not that it can't be done I know some very successful investors in dupage county but they are doing more like b properties. Margins are a bit thinner but more equity so it really depends on your strategy. Look me up on FB if you want to connect!

Cheers,

Patrick

Thanks for all the replies I would concur with you all. I will keep the two separate.

That being said any good strategies for getting loans against the SDIRA? Or do you just get them all 100% cash?

Thanks again,

Pat

So I was originally planning on using my SDIRA independently of my savings for investing in real estate. Basically treating them as two different companies. I have heard you can partner with yourself when using SDIRAs but have to be very careful about it and keep detailed records. My question is specifically with flips or BRRRR method can I buy a property with my SDIRA as the money lender and then do the rehab with personal money then if I flip it pay myself back plus interest on the SDIRA side and keep the rest outside of the fund. Or in the case of the BRRR the cash flow would not go the SDIRA. Effectively using my SDIRA as the lender. Any insights would be greatly appreciated!

Cheers,

Patrick lloyd

@Nigel Guisinger agreed there are lots of opportunities in the Midwest. I have 25k in savings but and using a Heloc to buy my first property for 30k which I can rent for 6-800 monthly!

Hi all,

I'm wondering how I can leverage websites like investor carrot to start my REI business? When is the timing right and how can I benefit immediately from using a site to get leads? What are the best uses right off the bat?

Do I use it to build a buyers list and then somehow match it to a distressed home also funneled in from the Site?

Does anyone use it to find seller financed properties?

Any advice would be immensely appreciated!

So i guess i think i understand what you mean. You would get 80% LTV so on 140k home i rehab and refi for 170k thats 134k, what happens to my down payment of 20% down? And the part im confused about is for the rehab portion if i put 10k in then i would be able to get that out as well? Sounds like i would need to get it for cheaper or have it appraise higher to make it a good deal?

So I'm looking at a property that is going for 140k, I think it can rent for 1600 with about 5-10k in repairs and it would be worth 170k. First of all can you finance a purchase of a brrrr property? I get it cash is better but you still can get a loan right? Secondly When I try to use the BRRRR calculator the cash flow shrinks after refinancing with 75% arv because why? It's worth more so there is more to finance correct? What happens to my cash down payment from the initial loan when I refinance mortgage? Sorry what am I missing?

Not sure how to phrase this question or even if it can be answered effectively but on average what would you estimate for contractor expenses, or better yet any examples someone can provide? I know it depends heavily on the scope of work but i have no point of reference. I'm looking in the 80k range for distressed properties in northern Illinois. Thanks yall!

I'm a newbie. I will be purchasing my first rental property soon but was planning on wholesaling to generate $$$ for my 2nd property and so forth and so on. My question is related to getting a real estate license. Should i get my license? I was thinking it would be valuable some day if not now, i might want to get into real estate and give up my day job someday. More then that im guessing there might be valuable things to learn i can get under my belt while waiting for cash flow to pile up. I read its not good to get your license sometimes its not good for both purchasing rentals or wholesaling. Should i take the real estate classes but just not take the test for now? I'm anxious to do something! Thanks in advance!

@Clint Harris

Okay here's a question, knowing what you do now would you even get into the LTR game or start off doing what you're doing now? I'm still looking for my first property and believe ultimately thats what i want to do anyways (STR). Thanks man!