All Forum Posts by: Stephanie Money

@Alyssa Dyer thank you so much! :)

@Lara White Hi Lara! Yes the Lawton area! We were planning on using money from the Heloc for the down payment and then financing the property with a local bank! Type of properties we are looking at are 3/2’s that already have some renovations done. For our first property we are looking for something more turn key. Hoping to target military or students, but we are option to section 8 as well!

Hello! My boyfriend and I are Looking for an agent in Oklahoma, specifically in the south western region or familiar with the markets in that area.

After years and years of educating ourselves we have finally picked the market we want to invest in for our first rental property. We are interviewing banks to do a HELOC with and now looking for an agent to represent us. We are located in Houston, TX so we are looking for someone that is reliable and investor friendly!

Any recommendations are greatly appreciated!

Thank you in advance!

Thinking of doing a HELOC... what are the pros and cons of repaying it?

From my point of view, why would I do a HELOC versus saving up and using cash. Paying interest on an amount of money that I could've just saved doesn't make sense to me. I like the idea of a HELOC and using the equity built up in the house but I am just struggling with wrapping my head around why it makes sense to do.

I understand there's different strokes for different folks. I'm all about taking the risk and leveraging different opportunities.. maybe someone could recommend a good book to me so that I can educate myself further on the benefit of doing a HELOC?

@Jim Pellerin thank you so much!

@Jose Batista Abikarram thank you so much! I think that is going to be my biggest hurdle, as it has been my whole life. I am a female (I work in a male dominant industry and so I am Accustomed to “proving” myself in that aspect), but also I look like I’m 13 even though I’m 23 so I am prepared for people to not take me seriously at first glance but I really like the strategy you suggested!

@Jim Pellerin

Jim, Thank you for your response. Yes, I have established my "why". As far as the short-run goes, I do not have a why for real estate since I am so young and starting to establish myself in my career which is my short-run goal right now. In the long run I want to get into real estate investing for many reasons:

1) I do not plan on just relying on my 401k for retirement and SS is out the door, so I would like to leverage real estate to help my retirement portfolio. I am aware that mutual funds can be good as well, but I do not feel comfortable putting money into the stock market. ( I know real estate markets can fluctuate but historically aside from the crash have been relatively stable and increasing at a consistent slow rate )

2) I have two sisters but I will be the one to take care of my parents when it gets to that point in life and I want to be sure that money is not an issue when it comes to getting them top shelf care, if needed. 

3) Real estate gives me motivation that is long term rather than a project at work that is not infinite. I feel like real estate gives me a bigger purpose and something to look forward to as far as setting goals and reaching them in a longer time period goes. (My purpose in life is not to be a real estate investor, it is to help others and real estate will help me do that in the long run)

4) I am not looking to get into real estate to quit my full time job, I love what I do and find purpose in it, I want the passive income from real estate (once I've broken even and have more than just a few doors), to allow me to give back and help others have a quality life. 

Initially I am interested in the most basic kind of investing without any fancy strategies (I'm sure Im missing out on opportunities but not every strategy is for everyone. ) I would like to save 20% to put down for the first handful of homes, with 15k in reserves to cover vacancy and maintenance. I plan on purchasing turnkey properties. not from turnkey companies but just from the mls. Once I have advanced in my career as well as have a bigger portfolio I would like to try the BRRRR method as a challenge and my dad is very handy and I think it would be something fun for us to do together and keep him busy during retirement. This is something he has always wanted to do as well so I won't be throwing anything on him that he has no interest in.

My boyfriend (future husband, we've been together 6 years) is also on board and we both have very good salaries starting out and together have committed to high savings rates. We will not be "partners" on any deals until we are married, because as life has it you truly don't know what will happen. 

Lastly, I am a very motivated and determined person. I am type A and probably have a little OCD as well (haha), therefore I am skilled at time management, organization and when I find something that I am interested in I jump in eager to learn learn learn. (which is why I am on BP now, about 2 years out from when I plan on buying my first rental property). I have, what I would consider great people/communication skills (my parents raised me very traditional and I can talk to a wall better than I can communicate on social media lol). As I wrap up from this novel, I am genuine and I truly care about making a difference and I believe that can take anyone as far as they want to go. Greed and being money hungry like most people will only lead to an unfulfilled, depressing life and that is not something I am interested in. 

@Jaron Walling 

great advice! Thank you. I have been doing research for about a year now and know exactly where I want to buy my first rental at. There are a few neighborhoods that are just starting to get developed in a town that I am from so I am very familiar with the type of people, schools, crime rate, etc in the area.

Being that I am young and wanting to get into investing in rental properties, what are some hurdles that you think I may encounter that I can be better prepared for? For example; lenders not taking me seriously, agents trying to take advantage of me, etc. I know my journey will be different from everyone else's, because it's mine, but just want to hear about some common difficulties young investors have that I may run into when trying to close a deal. Thank you for taking the time to respond! 

@Tim Johnson

It would be a primary residence.