All Forum Posts by: Patrick M.

@Joe Sadusky doesn't they "payee" have the ability to cancel the payment?  Have you had problems with rent being paid and then the tenant canceling the payment?  

I would prefer a solid money transfer such as ACH that i don't believe can be cancelled until it clears the new bank?

@Account Closed This is a very thorough write up and I've had it explained to myself in similar fashion.  I apologize to OP for being so concise with my response. 

@Account Closed  what kind of problems did you have come up with your repair?  Did they think bracing only would correct, when the blocks also needed to be drained? Or vice versa?   

I have been through a few houses that have had interior tile added/redone and bracing.

Do you think it's common for the actual full  exterior excavation to occur?

Also don't forget the BRRRR calculation, 70% of ARV less repairs is what you need to consider to buy it for. I think I recognize the house so just run your numbers so you can get your cash out or HELOC repaid when you refinance.

@Jared Baker  the fact that you found a house in the falls without bracing already is the anomaly and that is more likely to affect re-sale that it hasn't been done.  My point is MFalls this is a very common issue.  

Bracing gets set into the footing/slab of the basement if done properly and then usually 2x6 (i believe) and it's a metal beam up the floor joists.  They're strong.  I have looked at several houses in the falls this is as common as a kitchen sink.  

Regrade away from the house with some dirt for extra coverage. I did it on my personal house, it's a couple hundred bucks for soil delivered by truck (yards of soil, not a bag from menards) and some gutter extensions if it's really wet.  

@Michael Olson  I can vouch for @Marcus Auerbach.  He is working with me on my first deal and knows this business like you wouldn't believe.  Especially for investors that don't need to take this on "full-time" right away if they don't want to. 

My younger self (i'm not 30 yet) I wish I would have house hacked and started sooner.  However I can tell you, my older self in 10 years is going to be thanking my now younger self for knowing good mentors like Marcus.  

https://www.biggerpockets.com/blog/investing-real-...

^^^^^^this might speak to you.  just re-read it myself

bump

I am looking at a property and have the scenario of either 

1.  20% down.  All cash tied up.  Cash flow 400-500.  Upgrades of 10k.  Use 0% for 15 month credit card to finance 10k upgrade.  Cash flow now pays down the 10k balance and I use some W2.  

2.  15% down.  Higher interest rate by .3%. add in Mortgage ins.  Cashflow reduced to 225-325.  5% cash remaining on hand would be roughly 10k used for upgrade.  Eliminates the 0% cc and hopefully any W2 payments

Anyone had this scenario or have any advice? Seems like paying the mortgage insurance might be better and use the cash flow to pay down mortgage faster to get back to 80% LTV? Have a HELOC or do a CC 0% for emergencies.

@Michael Olson

Sounds like a solid plan.  I found myself in a similar situation as far as being hands on while working a white collar job.  I enjoy my office job as it provides me some flexibility but also keeps food on the table while we get started in real estate.  

Seems to be the most successful people (depending on definition) own their own business of sorts.  Call it real estate investing or business,  you're in control more or less of your results.

It has always amazed me that people who have the backdoor look at wealth ie accountants, financial advisors, lenders, RE agents, don't mimic the things their wealthiest clients  do...IT'S RIGHT IN FRONT OF THEM!  

Good luck to you!

As someone who is still looking to get their first property before 30...I'm on the doorstep of both; what is your piece of advice @Shane Craig?  Thanks in advance.