All Forum Posts by: Peter Wong

@Joe Villeneuve I do. I have acquired 5 rentals all with great ratios along with flipping 3 in the last 4 years. I know the market im targeting VERY well.

I'll be more direct with my question...with BRRRR, I'm paying several months in between purchases and the next refi.

WOULD A HELOC MAKE MORE SENSE ?

@Joe Villeneuve yes to every single question you asked in reference to my "plan"

I'll use the term 'series of events' then....

First... how doesn't it make sense in reference to my statement you bolded ? I'd rather invest in areas I'm comfortable with. Just how I invest. In terms of that, it could be a week or a year before my next purchase. Is there a reason why you'd cash out refi vs HELOC ? My mind set in regards to this is that I don't want a monthly payment when I'm not positive when the next purchase would be.

I currently own a rental that was paid for in cash. It is personally owned (not LLC).

My plan is to obtain a HELOC on it to fund my next rental. Once purchased, I would then reno, rent & refi to pay back the balance of the HELOC and I would continue this for 10 years.

Good deals on properties in my area are hard to come accross. Which is why I'm leaning towards the HELOC vs Cashing out immediately. I like the idea of the HELOC being readily available funds for me to use but not making payments until used.

Here's the Kicker (maybe not).... In reference to the property I plan on getting the HELOC on.... I want to open the HELOC then change the deed from personal to my LLC... I understand the lender CAN close the line but is this more prevalent when done on Cash Out Refi or HELOCS? Opinions and experiences with this is much appreciated.

The subsequent rentals would be under my LLC also.

I have have 4 rentals and multiple flips in the areas that I'm targeting, so I do have a good understanding of the market and analytics.

ANY questions, comments or concerns is what I'm looking for!

Thanks in advance!

@Juan M Restrepo

Do both! I'm a full time Police Officer, married with 2 kids... theres time.. trust me... its rough but 2018 was my second year as a realtor and I sold 13 units, totalling $3.3MM.

Also I must add:

ALL of my sales have been either: family, friends, referrals from them and self purchased to rent or flip investment properties.

I've been licensed for 2.5 years so far. I'm currently with a brokerage that is a 70/30 split with minimal fees. So far, I've sold 30 units totaling over $5.5M. I'm a part timer and looking to explore my other options.

I'm rarely in the office. I'm only there to print and drop off ratified offers and EMD checks and to be frank, I wouldn't be in the office at all if I didn't have to drop off hard copies of the contract. I like to work at my own pace because I do have a full time job and children. I want to keep the mind set of: "If I sell, I sell. If I don't, no big deal."

Currently I'm looking at a brokerage that offers 100% commission with $295/month desk fee plus $600 per transaction.

Another Brokerage I'm looking into is eXp Realty which is 80/20 with minimal fees.

I plan to continue to be active. What are your thoughts? What would you do?