All Forum Posts by: Scott Rist

Thanks Shaun.  How do I qualify for delayed financing?  Can you explain that a bit more?  So what your saying if I pay 100k cash for a property I can get 70k out with delayed financing?

Great, Darlena.  So if my lender is saying they can't do that, should I just simply move on to a lender that does?  Are you doing conventional loans or working with a portfolio lender?

 I'm just working with a lender that was referred to me.  She is great, but maybe can't do what I need.

Thanks for responses.  So, @Nazz Wang and @Darlena, assuming I qualify and am able to get a loan, what is the process you are taking from acquisition?  Can you run me through that?  

I'm just trying to figure out what you guys are doing differently.  

Thanks

Hi BP, I have been searching, reading, and talking to various people about doing a cash out refi after a cash purchase and receiving a wide range of answers.

I primarily do flips, as it doesn't make sense to buy and hold in my area of CA. I am moving early next year to another market to continue flipping and buying and holding. My plan is the BRRR strategy.

My question is, if I buy a property with cash and do my standard rehab and rent it how quickly can I do a cash out refi?  I only have so much capital to work with right now and I don't want to tie the money up for very long.  I have been told that I might need to wait as long as a year to refi.  That won't work for me at this stage.

What if I was to get a private note on the house from a family member (using my funds) and just refinance out of that into a conventional loan?  Any seasoning period with that?   Would there be any issues using a family member?  

Thanks a lot for your thoughts.

Scott

I'll give another recommendation to Jonna Weber.

Thanks for the post.  I'm adding "listing the property" to my list when numbers don't add up.  I've been considering it, but trying to get away from being an agent.  When I was an agent, being a listing agent was what suited me best.

Never will I drive around town with a husband and wife again!  Haha.

Well done!

@Chris Kane Yes I do have ties to Boise in that I work as a river guide on the Middle Fork of the Salmon River out of Salmon and would always spend time in Boise when I would come out.  I spent two weeks there a few years ago and really fell in love.  A lot of guides and guests I've met over those Summers have been from Boise and always sold me on it.

I can't wait!

My Dad actually owns a few homes in Meridian and Nampa and I'm very interested in both areas as well.  I'm used to driving 4 hours to houses we work on so 20-30 minutes to Nampa and Meridian is nothing.

What type of properties do you own there?  What part of CA are you in?

Thanks for chiming in, Chris.

@Jonna Weber right now I'm open to both SF and MF.  I definitely have a lot more experience in SF properties.  I think, in the beginning, it will just come down to the deals I find and the cash flow they can bring.

I'm also toying around with a few niches to bring higher cash flows from properties.  

Thanks for the response, Cody.  I really appreciate it.  I have been listening to a lot of podcasts and have found them to be highly valuable and inspirational.  I will definitely download the ones you've mentioned.

I recently connected with @Jonna Weber and look forward to getting to know her and the other around Boise soon enough. 

I will be making a trip out there later this month.  I'm just finishing up a huge 6 week rehab and looking forward to a trip.

Are you in the Boise area, Cody?  If you have any questions about buying and selling feel free to ask anytime.

Thanks,

Scott

Howdy Bigger Pockets.

I've been wondering around the site for a few months trying to find some answers, which I have, but figured I better post up and hopefully get a bit of varied responses to my most pressing questions.  

As the title states, I want to transition from a buy and sell investor to a buy and hold investor.  I have been buying, rehabbing and selling homes with my father for a while now.  We have done roughly 50 homes over the last 7 years, and have become quite good at it.  We have our own crew and work closely with a few subs.   My Father and Grandfather are both investors so I can say its in my blood! They are great mentors, but a bit old school and I'm always looking for new and creative ideas.

Anyways, this year I have taken the reigns as my Dad is retiring, and I plan to move my operation to Boise, Idaho.  I have been wanting to move there for a number of years, and feel like I can really stretch my dollars there much more than California.

I will say I am very aggressive person and do things fairly full on.  There are pros and cons to this approach, I know, but it just seems to be the way I operate.  That being said my goal is to get to a monthly income of $10,000/month within 5 years (hopefully sooner).  I plan to be working at investing full time.

So here is what I am working with:

$350,000 in cash

Living expenses saved for 12-18 months (after starting businesses in the past I know the importance of this buffer) Plus I have another stream of income that covers my expenses as extra back up.

Moving in March of 2016

Will have my Real Estate License in Idaho by then

Zero debt and two payed off vehicles (work truck and car)

Single 31 year old male with no dependents

With my rehabbing experience I feel I can take on the majority of projects, and plan to start building my crew right away in Boise.  We have a dream team here of hourly employees.  So I hope to replicate that.

I'm willing to continue flipping, but absolutely not full time.  maybe 2-4 a year just to build more capital.

So with that being said my questions for all of you is...

What would you do if you were me?

What approach would you take?  BRRRR method sounds very much up my alley.

What type of properties would you invest in?  SF, 2-4 units, 5+?  

What niches have you used?  I work best in a well defined niche.

My hopes for this post are to come up with a measurable plan of action over the next five years to reach my financial goal.  After that I can reevaluate.  I'm truly open to all approaches.  As I'm reading this post I'm realizing how blessed I am already and am really exciting and hopeful for this endeavor.  I could keep writing forever, but this post is already long enough.  I look froward to hearing from you all and thanks for your time.

Scott Rist