All Forum Posts by: Phil Avery

Quote from @Wes Foster:

Yes sir! I've already picked up a couple and knocked them down. Managing Rental Properties by Heather and Brandon as well as Rental Property Investing by Brandon Turner. Which of his books did you enjoy the most? 

 Thats awesome! I think the 2 I enjoyed most from him are: "How to Invest in Real Estate" and "The Book on Rental Property Investing". Just finished Pillars by Mr David Greene as well. 

Great foundational advice on REI for sure. Any other books you highly recommend?

Welcome to BP! I'd definitely recommend any books by Brandon Turner (Former host of BP) They did wonders for me. 

I plan on attending. Looking forward to it. 

Had a great time with great people last week. Looking forward to the next meet on May 29th! 

Quote from @Mayra Alvan:

I currently own a house. I would like to start investing in more properties. I’m also interested in the 
Move Up and Lease Program 5 houses in 5 years! Should I sell my home in order to have the funds to buy my first investment property? Any suggestions would be appreciated!

Hey Mayra, Great question. I love the idea of you purchasing 5 houses in 5 years! I think we'd have to know much more about your current situation and future goals as well as more info on the property you currently own. I guess the first question that comes to mind without knowing too much about your situation is: Do you have a significant amount of equity built up in your current home? I would maybe look into pulling some of the equity out via a HELOC to finance the purchase of your next property as opposed to selling. 

If you are set on selling, sounds like you can also do a 1031 exchange to defer capital gains tax on the sell which would strengthen your buying power as well. Would love to know more about your plans and goals!  Feel free to reach out anytime! 

Congrats! Keep us posted on the progress! I'm looking at closing my 1st deal very soon as well! 

Quote from @Charity C Miller:

Hi all! My name is Charity Miller. I am from the Houston area. I currently work full-time, raising 2 kids with my husband, with the dream that I can quit my job one day and take control of my time and future. Just starting my journey with REI and looking forward to building my network of other investors, agents and lenders. Hoping to get my first property under my belt in the next 90 days.

Hey Charity! Congrats on taking the leap into REI! I'd love to connect and exchange resources/ideas in the future. Also if you need an extra set of eyes or a second opinion on a deal, feel free to reach out. I work full-time as a CFO, but I'm also a Realtor@ with aspirations of becoming a full-time investor. Looking forward to connecting!

Quote from @Christie Gahan:

In my area, I can find split level homes.  Often, the lower level has the laundry ( water, elec) and a bathroom.  I changed the laundry to a kitchenette.  Build new laundry in closet or garage.  I added a new exterior entry to the lower level.  

You are doing a great job at saving!  Don't rush.  You will have a lot more options next year.

Congrats.

 Thanks so much. Great advice on not rushing. I find that being ready to approach great opportunities is just as important as finding them, so perhaps I'll keep saving up while actively scanning for great opportunities  

Hey there! Always looking to connect with like-minded individuals and pull our resources together whether it be knowledge, experience, contacts, etc. Currently focused on equity plays locally, and cashflow plays out of the state.  Let's connect!

Thanks for the quick response! I got $3,700 from current rentals nearby. This duplex is a new construction property with 1700 sqft on each side. 3/2. Avg rent with this criteria is $1850+

As far as reserves, I am saving about $4k/month, however, these funds were going to go towards my next property so I guess the answer would be no, I do not have separate reserves set aside for big expenses. 

Currently, I am approved for a residential conventional loan with 5% down ($500k+ purchase amount)

I did not know about the increase in value of 18% needed to refinance. Thanks so much for that info! Getting a quote on hazard insurance is another great idea as well.

This investment comes with more risk than I would like. I will go back to the drawing board and see what other strategies I can deploy given the current circumstances. Thanks again!