All Forum Posts by: Preston Quinn

Im not buying and holding in lynchburg yet. But I’m born and raised here and started flipping last year. 

@Joseph S Stevens II

Call every local credit union in your area. If they don’t tell you what you want to hear. Call every small town bank in your area.

Here in lynchburg va there is one local credit union that will allow you 100% LTV on a heloc. That's what I would be looking for.

What’s up BP,

I want to hear from you guys if you could start tomorrow with a $100k HELOC and $50k cash in the bank. You want to buy and hold. What would you do now?

Would you try to start using the brrr method?

Would you deploy the $100k in 20% down cash flowing properties?

Would you pay cash for lower priced properties?

Would you look for class C properties to maximize your cash flow?

Would you look for class A or class B?

What do you see as the fastest path to financial freedom?

I’m curious to hear what you guys would do. I will be in this situation in the next couple of months.

Just so you know, my why is to get financially free as fast as possible. I am sick and tired of working for someone that doesn’t care about my well being. All they want is their pockets to grow.

Here’s the house guys  went on the market last Monday  7 days I have 1 offer and 1 on the way by 1pm today. I have to make a decision today on which offer to choose. I decided to let the market decide what I did with the house  I went $10k above average sales in the area and apparently people are willing to overpay. Today is a good day!!! 

https://www.zillow.com/homedetails/530-Sweeney-Cir-Forest-VA-24551/79044912_zpid/

@Joe Alford

That looks more like a soil issue that caused the foundation issues. Not a fun fix. I’m out on this one if I were looking.

@Jason James

All of our offers are made with no inspection. We have a pretty strong construction background. However, I will not offer on a property without walking it and looking at everything.

@Devan W.

Would refinancing the 15 year mortgages you already have to 30 year mortgages help your DTI? If so, cash out refi them. Add that to your acquisitions account. Another option would be to start a LLC so you get commercial loans. With my local bank, I was told as long as the mortgage payment is 70% of rental income I can buy as many as I want inside my business and it'll never affect my DTI. in fact, if the payment is less than 70% of the rental income it'll help my DTI because my income will increase on paper.

I want you to keep in mind, I don’t have any rental properties. I have only flipped til this point. So I could very easily be missing something. If anyone sees that I am missing let me know.

Good luck.

@Will C.

Thank you for that example. That’s why I can’t make the 1% rule. I was trying to analyze the deal wrong. Thanks again

Never mind. Smh. All I had to do was read the instructions. 🙄

Hey guys,

I bought the brrrr book that was just released through the bigger pockets bookstore. I got the email with the access code. Everything works as it should. My question is do you have to go back to that email every time you want to listen to it? Or is there an easier way to get to it?