All Forum Posts by: Randal Spence

@Tim Herman I see what your saying, that’s a pretty good way to look at everything. I’ll start looking around. I’ll also be reading through your older posts. Thanks a ton for talking with me, I know my original post was a bit scatter brained as I had about a million questions.

@Tim Herman No, I have not yet done that. I’ll take a look at that now. I figured with the house being paid off it would be a good rental. Do you know of any good posts for the house hacking side of things? Thank you for your time.

Hello bigger pockets,

I am newer here but I have a few questions I need help answering. I currently own a single family home that’s fully paid off, I am in between selling it or using it as my first rental property. It is in need of some repair, I don’t have a lot of capital to put into this. This is where my question of do I try to do a cashout refinance and buy more property and rent it as is or do I make cosmetic upgrades using a cashout refi, or do I just sell it and buy a property requiring less repair? Overall the property would cash flow around 400 dollars at the moment based off of current market rent. My next question is would a cash out refi be the best way to go with this property if I wish to continue to grow my portfolio or is there a better option that I’m not aware of?

Thanks for your time in advance,

Randal

Thanks @Michael S. I will do I was looking at local investment group meetings as well. I think one of the biggest things I have to overcome is my age, being so young, having so little credit and so forth seems to be one of my biggest bumps in the road at the moment.  

Hey there everyone, my name is Randal(randy for short). I am 20 years old. I am currently attending trades school for facilities maintenance. My fiancee and I are wanting to get into buying and flipping properties. Later down the road we would like to move to buying and holding to generate a more passive income.

I have been stalking the forums here for nearly two months now, reading everything I can get my eyes on. I think it is about time I take some action and delve into the community learn from you all. I have a short term goal of buying our first flip within the next six months.  Hopefully that is something we could achieve.

Enough about myself, I am really writing this post to learn from you guys. The ones with all the knowledge and experience. Any tips/advice for a newbie? I appreciate all you who take the time out of your day to read this and hopefully respond.

Thanks a million, 

Randal