All Forum Posts by: Ryan Copeland

@Michael Baum you just have to have enough room for them because the get 15 feet wide.

@Patrick M. thanks for sharing that powerful insight. I am in my first year of REI and purchased a duplex back on December 30th. I'd definitely like to purchase more MF, but right now they are very overpriced in my opinion.

I am a W-2 worker too and I don't plan on giving up my job anytime soon as I make good money, which allows me to invest in RE and I have the potential to continue to earn more on my W-2 job. However, like you stated, I don't want my wealth scalability to be tied to my job, which is what led me to REI.

I'm also under contract on a SFH which I will flip. I'm feeling really good about the direction I'm going in and I'm feeling more confident after studying REI for a year by learning the market, analyzing deals and now having closed on a property. I'm looking forward to "sunshine and lollipops" :-).

@Corey Hawkinson congratulations!

@Patrick M. How long have you been investing in RE? Congratulations on your success as well.

Hi @Ron Turner. I'm in Columbia SC and I've been aggressively searching this market for the past several months. In my opinion the properties are overprices and there is little margin for error with flips or if you're trying to BRRRR anything. I'm on a few email lists for wholesalers, but I never see anything that looks like a "deal".

Hello BP,

My brother and I are joining forces and are going to start partnering on some deals. We will do a 50/50 split and we understand our roles. Is there anything specific we need to do when structuring our LLC? Also, he's in GA and I'm in SC.

Thanks!

Kevin you were right! I called Pen Fed Credit Union and they were able to give me 80% market value vs. what current balance! You were the 2nd person who said Pen Fed so I called them.  They have to do a drive by appraisal and that may take a couple of weeks. Because it's a rental, they gave me a rate of 4.75%. If it was a primary residence or 2nd home, the rate would've been 3.75%. The loan officer said that the rate is adjustable and is based off the prime rate.

Each draw from the line of credit will be subject to it's own interest rate.  For example, I pull out $20,000, that will be at the rate of 4.75%. Then 6 months later I take out $10,000, then that individual draw will have the 4.75% rate attached to it.  The interest applied to the loan is not cumulative of all the draws, but specific to each individual draw made.

Hello BP,

There is a property I want to buy located near a rental I currently own. I want to obtain a HELOC in my rental to purchase this other property. I have already called the lender that owns the mortgage and Wells Fargo and they both said that they aren't doing HELOCs right now.

Any recommendations on lenders that are doing HELOCs right now?

 Who is WFC?

Hello BP,

I am trying to buy an off-market home from an owner in the community where I own a rental property.  He said that he has a quote from Open Door already.  How does Open Door work?  I've watched a couple of YouTube videos, but still wanted to post here.

How much of a fee do sellers pay to Open Door?  One video said it could be up to 10%.  I'm trying to see how I have effectively position my offer to the Seller by being able to compete against Open Door.  

Thanks in advance for the feedback!