All Forum Posts by: Robert Butler

How's it going Jimmy!  Glad to hear you are deciding to pursue Real Estate Investing here in Amarillo.  As Tony mentioned we have a growing group located here in Amarillo.  You can also find our group by typing Amarillo Reig in the BiggerPockets search in the upper right hand of the screen.  We look forward to meeting you in the future.

Great job! The duplex looks amazing.  I am glad to hear that you have good tenants in place already.  Good luck!

Robert

Keeping the property is probably not a bad thing.  If the numbers are right then you may be able to have a cash flowing property that will continue to build equity assuming the market value increases.  Of course, you don't want to bet your money on the equity later, but rather focus on the cash flow now.  Alternatively, you can sell the property yourself or use an agent, which since you are a seller will generally run you about 6%.  If it makes since to do that then go for it.  

Also, if your planning on living in the duplex for a minimum of one year you could get an FHA loan. FHA loans typically require a lower down payment of about 3.5% versus a typical conventional loan that will be around 15% down here in Texas.

Hey @Gregory McBroom,

Just wanted to say welcome to BP Nation.  I'm located in Texas and never been to the East Costs, but I would suggests setting up your keyword alerts for the areas your interested in.  Whenever there is a mention of those keywords you will automatically be notified. It is a great way to stay informed about things relevant to you.  Some examples of keywords could be: Jersey City, Single Family House, North Jersey, Hoboken, and your name.  

Again, Welcome and Good Luck!

Hi @Michelle Franco

Matt said it right.  Some other things to consider is buying the house right.  Meaning older homes usually 12-15 years generally have a nice amount of equity in them considering it hasn't been used up by the previous owners in the form of second mortgages, etc.  

Depending if you have equity in the home you should be able to get a home equity loan or a home equity line of credit.  Depending on the lender they will usually on lend 70-80 percent of the loan-to-value.  

The pros and cons depend on your strategy, i.e., buy and hold, rehab and flip, etc. I would recommend you looking up the BRRRR strategy on the forums. It means Buy Rehab Rent Refinance and Repeat. Also, you should start building relationships with local banks, staying away from large national banks, and try to inquire exactly what you need to get the ball rolling and ask them any specific questions you may have in regards to financing for real estate investing. The Branch manager may be a good person to start and should be able to put you in contact with someone in the bank who is familiar with these matters.

Good luck!

I totally agree with Marcia. This will be an excellent opportunity to survey the condition of the place, provide move out instructions, and see the severity of the plumbing issue.

Hey, Riku Kiyokawa First thing first. I recommend reading the free bigger pockets book "Beginners guide to real estate investing". I think that is a very informative read that will introduce you to some common terminology and concepts. From there you should have a pretty good idea of YOUR Why and what strategy you want to focus on. How you choose to finance your deals will depend largely on this. So next I would recommend reading Brandon Turner's book on "investing in real wastage with little to no money down". Sorry if I didn't get the title right Brandon! Any how, this book will give you a more in depth view of financing options. Finally, surf the forums, ask questions, and get involved. Hope this helps and good luck to you!

From my understanding most the newer the property will result in lower cash flow. Older properties between 15-20 years that are in good shape and bought right could yield good cash flow and have a good amount of equity in them. Once again, the key is to understand your goal and what it is you want to do. For example, newer properties will typically reduce the stress of having any cap ex issues, but his is all relative to your market and the analysis of the deal.

Jerryll Noorden I'm a be honest with you. You ready...This is the most inspiring posts I have read this far. The thing that stands out to me is your genuine honesty about how brutal and difficult your journey was but yet you succeeded. Thank you for sharing and I wish you the best! Robert