All Forum Posts by: Carolyn Lorence

Congrats! So inspiring to read about your success!  Thanks for sharing your story - and thank you for your service!

@Grant Rothenburger I see another BP book in the making here!  Investing in real estate really does take a village! 😄

@Chandra Whittaker you have received some amazing advice from this group here! It is heartening to see so many willing to help you and others on the road to success! It might not be a bad idea to share this thread with hubby to show him the incredible advisory board you’ve created so he feels more empowered as well.   

You may need to show him the numbers and present it as if he were a private lender. Show him the breakdown and effect of refinancing, new mortgage payment, rent expected, allow for reserves, and cash flow on this rental.  Then show him the cash received from the refi and how it can be used to purchase your next cash flowing rental.  Show him the cash flow per month and how it surpasses having a second job that will only result in paying more taxes and nothing else. Show him the real tax and depreciation benefits of owning rental property and how it may offset your current earned income and reduce your tax liability (discuss and confirm all this with one of the amazing real estate CPAs here on BP).  Passive income from rental property cash flow is better than a second job!!  And if you’re in an appreciating market, icing on the cake as far as future property value.  Some people just cannot visualize or grasp the numbers and need to have it all laid out in front of them.

As @Jerry W. mentions - fear is very powerful until you are able to move past it and realize there was nothing to fear afterall, assuming you've done your homework and you have a team of professionals to help you. Also, you may wish to find a local REIA group in your market, and bring your husband along to help educate. Real estate investing is a business with many facets. He may realize that being a business owner has far more advantages to building wealth.

Best of luck to you and your family!

@Chandra Whittaker Awesome!  I hope it works out for you!  Look forward to your update!

@Chandra Whittaker I'm sorry you are going through this. A few questions: assuming you now own the property free and clear as inheritance, if you were to cash out refinance, with repair costs and increased propery tax without homestead exemption, will the ARV increase enough for the property to cash flow positive? This will help you qualify for your next rental. Other finance options you might consider would be a HomeStyle Renovation loan https://www.fanniemae.com/content/fact_sheet/homestyle-renovation-product-matrix.pdf which can be used on primary or investment property. I would save your HELOC for short term funding, like repairs or down payment on a flip where you intend to repay quickly with sale proceeds and reborrow for subsequent projects to maintain and build your credit history on this HELOC

Also, you might present this as a private investor opportunity, but you would need to show your analysis, hold time, expected returns, etc. 

Hope this helps!  Keep us posted!

@James Wise - He doesn't seem to understand the definition of Redlining.  You're not the lender determining loan approvals based on this data, and you're not publishing anything that isn't already widely published by every real estate portal, demographics and data analytics firm available to the public.  As I mentioned above, even GreatSchools.org combines this data down to the school / neighborhood level with the ability to shop for homes on Zillow based on scores and demographics in that specific area.  So much for accurate journalism.

The sponsor may be able to issue a simple statement of your unit valuation, provided by their accounting firm/CPA.  This is what our sponsors supply to all members in our syndication on an annual basis.

So I guess the author would also take issue with any crime heat map readily available to the public on Trulia, Realtor.com, Neighborhood Scout, as well as school rankings on Great Schools.org?  It's incredible the lengths some will go to misconstrue and misrepresent, almost to the point of slander, or worse.  

@Arianne L. and @Chris Lemire - Way to crush your goals and expectations!  Truly inspirational and thank you for sharing!