All Forum Posts by: Rey Gonzalez

I know Lynchburg very well. I worked this are of town for many years. You will find it very difficult to rent to college students if that is your goal. Even with a complete reno and making it "nice", you can't change the neighborhood and students will not feel safe here. I would stay away from it, but just my personal opinion.  

Thanks for the comments everyone. I'm not planning on quitting before I start, I just needed some encouragement here, which I got. I am definitely going to find my niche and I'm excited to get started this year.  

New investor here. I am in the process of finishing my basement to rent out, which I guess is one way to house hack, but I am looking to do more. I have available funds (150k-200k), and I'm spending time analyzing deals, but recently I was discouraged. I reached out to an investor in my area and he flat out told me that I shouldn't be investing right now. He said that it is definitely as seller's market and everything is selling pretty high. It really burst my bubble. Is he right? Should I wait until the market corrects? I just don't want to make a mistake when I'm at the beginning of my REI career.

Just for reference, I live in a university town and want to use the BRRRR method to improve a SFR with a possible 2nd unit in the basement. Also looking for a small MF, but the inventory is very low right now. Any advice would be greatly appreciated.

Hi Logan. I'm finishing up a project in the next 1-2 months and then looking for other opportunities in the area as well. I'd love to hear about what you have going on. I have a really good knowledge of the area and neighborhoods. I have capital, right now looking for a GC and realtor I want to work with.

I live in Forest, work in Lynchburg. looking to build a team.

@Payton Burks Merry Christmas sir. I’m in the Lynchburg area too. I have owned an income property in the past, but looking to really get in the game in 2021. Im wanting to connect with other investors.

I am just starting my real estate investor journey and was thinking about selling a property to get the equity out to invest in more properties. Here are the details. I bought my first home at the worst time May 2008 for $275,000. We put down $100,000 and got a 30 year at 6%. We refinanced a 2 years later at 4.5%,put some more money down and did a 15 year note. We then built our current home with the help of a $115000 line of credit on the furs the house. So this house has around 10 years left on the mortgage, we owe $70,000 on the original mortgage and have a maxed out $115,000 line of credit on it. We probably will only Ben able to sell it for around $250,000 or so.   It is in a nice neighborhood and rent so at $1695. My mortgage costs $1288.22 a month and we are paying interest only on the line of credit which is around $350/month. I know I have made a lot of mistake mistakes here, but I am trying to avoid making more. My fear is that the house will start to need big ticket items soon. Should I sell it, refinance, or do something else. I also have around $200k in my current house that I could use for invrsting if I needed it.