All Forum Posts by: Russell Johnson

Hello BP People,

We are closing our first deal today, and I'm supper pumped!  August 1st 2015 was the day that I decided that I would start a journey into a new career and not look back.  I talked to everyone I could get in touch with, or anyone that would give me the time of day.  I feverishly listened to every podcast available by BP and soaked up as much knowledge as my little brain could handle. Now, three months later, it begins.  I feel like there should be a blaring Rock anthem playing in the back ground as I write this post! (please name your song if you respond)  I would like to thank BP for providing the environment to learn and grow through unlimited educational content.  Truth be told, I'm scared to death right now, but I know that I have the resources to handle pretty much anything the real estate world could throw at me.  Peace out!

I've not done a HELOC before. What's the opinion on going with big bank, local bank, or credit union?

Sorry guys. I didn't mention this , but, in the NOI I included 7% for Vacancy, 8% repairs, and 10% for property management. I do plan on managing the property myself, but I wanted to account for the fact that someday I would like to pass that on. What I'm worried about is getting myself extended (leveraging) so far with the HELOC.

I'm wanting to start my fist deal, but my down payment would be from a HELOC from my primary residents. After doing the numbers, my cash flow would be $150- $190 per month. That is after NOI+mortgage+HELOC. Its my first deal and I'm getting the shaky leg syndrome. Any comments would be greatly appreciated.

Thanks Robert! My family and I just returned from Florida. The six hour trip was perfect to listen to the podcast. Lots of great information.

Wow! Karen, thanks for the info in the blog. That's exactly what I needed right now. I bought a condo about 15yrs ago. Low money down with an FHA loan. I kept it for 9yrs. When I met my wife she also owned a starter home. We sold both properties and put a very large down payment on our first house together. A little over a year ago we purchased our current house, due to a growing family. We've got great credit, no debt(except the house), and emergency funds for our family. I'm wanting to start this as careful as possible and really don't want the cart before the horse.

Thanks!

Hello everyone.  I'm Russell from Baton Rouge, and I'm very excited about starting a new chapter in life with RE investing. 

Hello everyone. I'm trying to get started and I'm feeling a bit overwhelmed. I've heard people talking of "chasing the shiny objects ", and that's exactly how I feel. My first question would be about financing my first project. We've got a good bit of equity built in our primary dwelling. Should we use this?