All Forum Posts by: Sean Elliott

Honestly, I don't know much about the eagledale rental market. I currently own a rental  multifamily in Speedway that is cashflowing great. On the down side they have a landlord certificate you have to buy every year and the water bill is always in the landlords name. The tenant is put down as the responsible party but if they decide no to pay it for 6 months and leave ,speedway water works comes after you for payment. If you have any other questions about Speedway let me know.

I am normally a buy a hold investor,but recently I have started expanding my skills into house flipping. My plan was to flip and sell 4 homes in 2017 spring/summer season. But I heard that since I am not licensed realtor I can't sell more than 3 homes a year. If I do I face some type of govt penalty tax or law consequences. How true is this or is it complete BS? How do flippers get around this if it's true? Is this just in Indiana?

Welcome to BP, Congrats on catching the REI bug at 22. As others have stated read as much as possible but also take action look for deals and since you don't have money you have to find creative ways to finance them(private investors is one way.). Watch your time& how it is spent and develop a culture of constant learning and putting into action what you learn. Good luck on you journey

@thomaswolters May I ask since you are just starting out. What kind of RE investor are you? Buy&Hold,Flipper ect it helps to focus on a style and branch out to others as your experience builds. 

Hello BP, It's been a while, last week I just closed on my first SFR. This will be my 3rd property acquisition along with my 2 duplexes rental properties. In one duplex I live in one side and rent the other. The second and third properties I completely rent out. So far my rate of property purchases have basically been 1 per year. But, to be honest BP this was ok when I first started this REI journey but now it sucks. This production is not acceptable. I need MORE!!! 
Currently all three properties are on standard 30yr. Fixed mortgages. But now the banks are saying NO!,due to my Debt/income ratio and saying they will not finance me anymore. So BP do you have any creative ways so I can acquire more property? I have a few ideas I'm considering listed below. What would you do in my situation? 1)take on a partner to share debt burden 
2)Use HELOC to start actively flipping homes, and use money to buy more rentals 
3) Keep calling banks for financing 
4)Sell current 3 properties and buy 1 larger commercial property

Hello BP, It's been a while, last week I just closed on my first SFR. This will be my 3rd property acquisition along with my 2 duplexes rental properties. In one duplex I live in one side and rent the other. The second and third properties I completely rent out. So far my rate of property purchases have basically been 1 per year. But, to be honest BP this was ok when I first started this REI journey but now it sucks. This production is not acceptable. I need MORE!!! Currently all three properties are on standard 30yr. Fixed mortgages. But now the banks are saying NO!,due to my Debt/income ratio and saying they will not finance me anymore. So BP do you have any creative ways so I can acquire more property? I have a few ideas I'm considering listed below. What would you do in my situation? 1)take on a partner to share debt burden 2)Use HELOC to start actively flipping homes, and use money to buy more rentals 3) Keep calling banks for financing 4)Sell current 3 properties and buy 1 larger commercial property

Lee Smith I currently have a 70k mortgage on the home. The bank is offering to drop the interest rate if I get a larger 110k HELOC and allow them to pay my current mortgage off with the HELOC. Then I would carry the debt of 70k on my HELOC and still can draw 40k when needed. As for the 2400 , I going to apply it to my property rental account.

Matt Compare this home to others in the market to see if what you say is true about forcing the equity. Dont fix what's not broken. Is the property priced below the current market trend of actual sales. The goal is to make money going into the deal.

When evaluating a area you are unsure of it will help a great deal to call a couple property managers with homes in the area. Find out what they rent their homes for and the vacancy rates.

I'm in the process of acquiring a equity line of credit on my investment property. I am considering doing my own escrow and financing the entire property through the HELOC because the initial rate offer of 8.64% is high in my opinion. If I finance the entire property mortgage the bank is willing to drop the rate 1-3% depending on what it appraises for. Then I can chose to make interest only payments on the property for the 10yrs I have the HELOC for. I can then cash flow $150-200 more out of the property. Does anyone have any knowledge about this financing style for a investment property? What's the down side of doing interest only payments? Is there anything else I should be considering?