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All Forum Posts by: Randy Janoe

Randy Janoe has started 1 posts and replied 59 times.

Post: How did you first get into the position to invest?

Randy JanoePosted
  • Lender
  • Asheville, NC
  • Posts 60
  • Votes 50
Originally posted by @Kenny C.:

@Albert Brown I would say

1. Make sure your four walls are taken care of. I didn't want to get started until I minimized the risk of having anything hinder paying the bills.

2. My next step was to get debt free (except for my house) we thought this was soo important that my wife and I now help other people do the same.

3. While accomplishing step 2 will help with this. Check on your credit, work to get the score up so you can get better interest rates.

4. In this process, watch BP podcast and others, read books (plenty listed on this site) the first book I would suggest is "The Slight Edge" by Jeff Olson it helps put other books into actionable steps. Stay in the forums, go to meet-ups.

5. Work on adding people who are making positive moves to your circle of influence (the 5 people you spend the most time around) strangely this has worked for me even if its watching them on Youtube! The energy around these people is contagious!

6. Looks at houses online and also go see house, we looked for 8 months before we bought our first house, the agent we stuck with was patient and awesome, analyze them like you would if you were planning to buy them (start doing this at step 1, It can't hurt) the more you pour through the more you start getting an eye for things (Market, neighborhoods etc) BP has an awesome deal analyzer page, find your market, learn it, know it, love it.

7. By this time you should be more able to understand some of the strategies that are discussed on BP. (It helped us ex BRRRR)

8. Get to it!

This is a short breakdown of the things my wife and I have done, and while talking to you it's sort of a refresher for me!

I also am a introvert so I forced myself to volunteer at work to teach training classes and signee up for other projects where I had to talk in front of 60+ people, that helped me tremendously, considering that I would've never had a single post on this site if I hadn't done that.

Good luck out there! Hope this helps.

 Stepping outside of your comfort zone helps you grow tremendously. Nice work!

Post: Making the jump advice needed

Randy JanoePosted
  • Lender
  • Asheville, NC
  • Posts 60
  • Votes 50

I have identified an 8 unit property in NC. Has a great renter demographic (college town). Let me know if you're interested in learning more.

Originally posted by @Martin Neal:

@Randy Janoe I've tried to refi into a HELOC but no bank will let me. I called several banks and they told me that once I have more than 4 properties then I am not allowed to get more HELOC's. I probably will wait a year and try to refi again to get all my money out.

 I see. A good commercial banker may be necessary to get what you need. There are thousands of banks, call until you connect with the right bank. It is exhausting but necessary.

Post: Cashout refi or using heloc? When is it beneficial

Randy JanoePosted
  • Lender
  • Asheville, NC
  • Posts 60
  • Votes 50

I believe what you're asking boils down to return.

Which situation will provide the highest LTV to use debt to maximize returns?

The HELOC will most likely be a variable product tied to prime plus 0.50 to 1.00%. 10 year draw (interest only) and 15 year amortization. So in essence the max term will be 25 years. Be careful of the draw period. Interest only could really help cashflow, but when it enters the amortization period, it could really crush you or require a refinance.

The mortgage may allow for a longer term, fixed rate and probably a better rate. That would be my choice to mitigate some interest rate risk.

Post: RE Beginner from Akron Ohio

Randy JanoePosted
  • Lender
  • Asheville, NC
  • Posts 60
  • Votes 50

Welcome!

Originally posted by @Martin Neal:

@Ronnie Fielder

Thank you for the kind words. I’m glad I can be a source of inspiration.

Yes the appraiser did walk through the property. I’ve gotten a few appraisals and each time the appraiser has come inside. My tenant hasn’t mind in either situation. I have used Guaranteed Rate for the most recent refi and First Midwest Bank.

In terms of the ARV, I am a licensed Realtor so first thing I did was I ran comps from the MLS. Second, I have a friend that is an appraiser so I had him check. He told me the appraiser should have compared based on amenities and bedrooms but he didn't.

 I think it may be worth it to refi again elsewher and pull funds out. 

Another option would be to refi into a purchase money heloc. Some lenders use automated desktop evaluations that amalgamate 20+ comps, tax records and MLS data to arrive at a value. From my experience, it is pretty forgiving! If your property passes the automated valuation, you wont have to pay for a full blown appraisal. Just an idea.

Post: Greenville, SC Upstate Investing

Randy JanoePosted
  • Lender
  • Asheville, NC
  • Posts 60
  • Votes 50

Love the upstate market.. considered Greenville and Spartanburg myself.

Post: New member introduction

Randy JanoePosted
  • Lender
  • Asheville, NC
  • Posts 60
  • Votes 50

Welcome!!!

Great write up! If you truly believe it is worth 100k, you could always sell and pocket some serious coin.

Is the 13k pulled back out worth another $500 appraisal? Maybe!

Post: BRRRR refinancing costs high

Randy JanoePosted
  • Lender
  • Asheville, NC
  • Posts 60
  • Votes 50
Originally posted by @Mary K.:

@Randy Janoe who is your banker that does 85%

 A Community Bank in western NC. If you are interested in using his services, I could see if he will entertain out of state deals?