All Forum Posts by: Samuel Watts

 Just the one property, it is my personal house (for a short time). 

I was told that I could get both by my bank. Not really sure how it works at this point though. Am I wrong? 

Hello! I am finishing up my first BRRRR project now and getting ready to purchase my next project now and am wondering if it is possible to do this full time and if there is a good way to pay myself?

A rundown on my first deal... bought house for 72k cash (private, interest-free loan for 15 years from family member)  and put a little over 10k into it. Just had it appraised but am still waiting on the results, hoping that it comes in at around 120k (other similar comps are 115-125k).  

I have the option to take between 80-95% back out on a HELOC (Currently living in the home for now) and 85% on the refinance.

This gives me:

~96K from HELOC = 14k profit? Am I wrong in thinking this? Would it be bad to take 5k from this to pay myself for the work?

~102k from cash out refinance 

Total funds to work with =198k to reinvest into more properties

I plan on buying 2 more similar properties with the HELOC and Refinance funds and doing the BRRRR strategy on them as well.

Once I get this rolling I would like to be purchasing about 10 houses a year with this strategy. 

Is there a good way to pay my self when using this strategy? Is this something that I could start doing it full time? (I am a Realtor but would much rather focus most of my time on rehabbing)

Any input would be appreciated!

Hello, I have found a guy who is trying to sell some duplexes at $65k each which will need about 10-15k in repairs in the next 5 years or so. I am thinking about asking him if he would consider doing owner financing for 6 months until I can refinance and pay him back. I have never done owner financing before and wanted to get peoples opinions as to whether or not this is a good idea

Hello! I am a relatively new agent (6 months or so) and I am wanting to get into listing REO properties and do some BPO's as well to get started. I have read a little bit about how to get started but I am by no means an expert and wanted to get some advice from someone with some experience. I am in the state of Kentucky if that helps.

I am in the process of signing up for RES.NET and wanted to get peoples advice on using this site and others like it to get BPO'S. Have sites like this one been helpful to you and are they worth the money to access them? What are other ways to approach banks to get them to send work your way? It seems like getting through to the asset manager is one way but I really don't even know where to start in contacting them and what I should say once I get ahold of them! 

Any advice would be greatly appreciated

@Adrien S. How do you make sure that once you purchase the home that all the liens and back taxes are paid off? Do you have to do it yourself or does the previous owner do that?

Thanks!!

Hello, I am trying to better understand Kentucky foreclosure laws. It is a judicial foreclosure state but I see foreclosed homes being sold outside of the commissioner sale at private auctions and other being sold by agents. Why are these properties allowed to be sold outside of the commissioner sale? 

I am considering doing a cash out refinance on a home that I have purchased. I am wondering if they will only refinance on the amount that I have paid so far or will they refinance according to the value of the home.  I have been told both and can't get a clear answer. 

@Chris Oster Hey Chris! Welcome. There is a ton of great info on this site that will help you get started. I'm always looking for people to partner with on investments in the area. Let me know a little more of what you are wanting to do to get started.