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All Forum Posts by: Randy Wiley

Randy Wiley has started 15 posts and replied 35 times.

Post: Best books for multifamily REI

Randy Wiley
Pro Member
Posted
  • Rental Property Investor
  • Port Huron, Mi
  • Posts 35
  • Votes 7

My wife and i are thinking it would be better to BRRRR multifamily properties, but i don't see any in the book section on biggerpockets. So we are reaching out for some helpful suggestions. Thanks for any helpful direction in advance.

Post: Homepossiable vs. Homeready

Randy Wiley
Pro Member
Posted
  • Rental Property Investor
  • Port Huron, Mi
  • Posts 35
  • Votes 7

Today my wife and I found these two other ways for getting a loan for rentals. My question is has anyone else used either of the two to get off the ground? Was it helpful? Any insight will be very appreciated thanks.

Post: [Calc Review] Help me analyze this deal

Randy Wiley
Pro Member
Posted
  • Rental Property Investor
  • Port Huron, Mi
  • Posts 35
  • Votes 7

Yes, we are going to start off by managing our first couple of properties. Then as we grow start looking and interviewing pm to do all the work 

Post: Question about BRRR and Refinancing

Randy Wiley
Pro Member
Posted
  • Rental Property Investor
  • Port Huron, Mi
  • Posts 35
  • Votes 7

On some of the things I am reading, it's also so that it's not considered income and don't have to pay taxes on your investment. Then to also rinse and repeat to grow exponentially and be more efficient with the cash you just freed up. 

Post: Hard money lender suggestions

Randy Wiley
Pro Member
Posted
  • Rental Property Investor
  • Port Huron, Mi
  • Posts 35
  • Votes 7

Well, my wife and I are leaning towards using hard money lenders. As of today we sent emails to three off of the suggestions in the hard money tab that service our state. We are wondering if anyone had suggestions on who you used and what was good and bad you dealt with? Is there anything you would have done differently being where you are now, or would you just take what they offer and get the deal done and under our belts. Learn and a deal done is better than not following our dream of being financially free. Thanks for the advice in advance.

Post: [Calc Review] Help me analyze this deal

Randy Wiley
Pro Member
Posted
  • Rental Property Investor
  • Port Huron, Mi
  • Posts 35
  • Votes 7

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Post: Basic REI questions often asked: answered

Randy Wiley
Pro Member
Posted
  • Rental Property Investor
  • Port Huron, Mi
  • Posts 35
  • Votes 7

Thanks for the great info, my wife and I are new to REI. Everything you have written is all the questions we have asked, and have started to answer them. We are pro members on BP and have also joined a local REI meet up in our local area. We talk about real estate to everyone we meet and know. I wanted to reply to this forum that way I could see everything that could be posted and learned.

Post: Looking for a BRRRR partner.

Randy Wiley
Pro Member
Posted
  • Rental Property Investor
  • Port Huron, Mi
  • Posts 35
  • Votes 7

We have been looking at properties in our local market. We have found that there are a lot of deals here. Would you suggest hard money, for the purchase of the house? I am very determined to succeed and motivated to get my first deal done. We are talking to a local banker in our town today. Who has worked with REI before. Would you wait to add the equity to our house and then get moving, or should we see what the banker can do with what we have in the house now? We want to add square footage, and add a bathroom. Along with two more bedrooms. Move the kitchen around, for better flow. Any additional advice or suggestions I maybe over looking will be greatly appreciated.

Post: Good deal or not land contract

Randy Wiley
Pro Member
Posted
  • Rental Property Investor
  • Port Huron, Mi
  • Posts 35
  • Votes 7

Thanks for your help. I'll let you know how it goes after the meeting tomorrow.

Post: Good deal or not land contract

Randy Wiley
Pro Member
Posted
  • Rental Property Investor
  • Port Huron, Mi
  • Posts 35
  • Votes 7

So my wife and I found a 4 bedroom 1 bath house with a land contract. We look at it Thur, right now with just looking at pictures and the description of the property it looks like we could do repairs for 15,000. Comps in the area are between 80,000 to 125,000. My question is what would be a good land contract payment to come up with for the house in your opinion. The money that will be paid on the land contract could be used for let's say 7% or some kind of interest on top of the 50,000 to intice the owner. If so would that sorta be like a private money lender, or a owner financing with a interest attached to the deal?