All Forum Posts by: Travis Ward-Osborne

@Julie McCoy, I do not have a firm grasp on numbers. I’m still looking at markets to buy in for either scenario. BRRRRing a vacation rental would be amazing! You’re absolutely right, best of both worlds. I’ll see if I can find anything that might live up to that. Eventually, I’d like to buy and hold LTRs.

@Paul Sandhu and @John Underwood, I appreciate the insight. I’ve been leaning toward the vacation rental precisely because of the lack of a mortgage. And if advertised and managed properly, I feel like the returns would be awesome. Again, I haven’t run specific properties for numbers. Just getting an idea of LTRs vs vacation rentals.

Thanks again you three. I’ll look again at both options and run the numbers.

@Lucas Carl thanks for helping out a beginner.

So here’s where I’m at

I’m going in with a partner (he has the money, I have the hustle and the knowledge) and we’re trying to decide between two options:

We're prequalified for a loan on a minimum purchase price of $225k where we could buy a place in a more expensive market and BRRR it, OR we can buy a place near a lake for all cash and rehab it into a dope vacation rental.

What are your thoughts? I know it’s not a lot of info, but just for the basics.

There is a property in my market that has been chilling on Zillow and other sites for 400 days. Whether or not this is 100% accurate, it seems like nobody wants to touch this property. It is a foreclosure being sold “subject to a first lien mortgage on the title. Buyer to be responsible for clearing any and all title issues.”

The house is listed WELL under comps in the area. As in several hundred thousand under. So my question is, why is nobody touching this place? Are there title issues that are bad enough that they would drive even investors away?

Your input is valued!

Not sure if this exactly the right forum for this, but here’s where I’m at.

I’m looking to get started as the “knowledge/hustle” sides of the delta, with my friend having about $60K to throw around. We live in an expensive marked (NYC) and will almost certainly need financing to acquire anything here. I’d like to keep it in my backyard as I dip my toes into the investing world.

I'd like your thoughts on putting together a BRRRR deal where we both benefit and getting a loan doesn't stand in the way of cash flow.

Thanks all!

@Dean Letfus if you're against a beginner starting with a flip, how *do* you propose he starts? I'm asking for myself as well. Seemed like a good place to start, especially considering I'm not in a position to house hack or BRRRR right now. Have a partner financing, looking for deals with a RE agent.

Just finished this part of the beginners investor's book from BP! Basically they say that either way is fine. An LLC is just that, limited liability for the founder. So if the LLC goes bankrupt or gets sued (not that we're hoping for for that obviously) then your personal finances would be untouched. They say that either way you need to keep your business and personal finances separate.

@Anthony Parisi, let me know if you have experienced this, but that same chapter also said that "transferring" the title from your person to your LLC could trigger a balance due clause. In other words, the lender would assume that since you sold the property (even though you didn't) that you've been paid, so they should be paid.

I'm brand new, still chasing a first deal, and I'm wondering when it would be smart to set up an LLC. Are there financial implications for (currently) small time investors that would make it wiser to wait?

Yeah, I have experience with those guys. After a certain point in your “education” they offer their full package which comes at a no-so-modest price. I was all in until that point, but I’d imagine that the info you get from the paid materials is probably pretty good. The information you get from their free materials is, but you never *quite* learn how to actually get a lien in your hands.

The answer ends up being that you basically either have to go to the local department of finance, or for counties/districts that are slightly more current in their technologies, you can go to the state’s website and find lists there.

I, too, am curious to know if there are other materials for learning about liens. They seem like a very effective way to acquire property.

Hello @Paul J Perez and @Abel Curiel! I am also an Astoria local (though I'm a transplant) looking to get started in REI. I'm a performer myself and I got tired of living paycheck to paycheck. Paul, I think you may have commented on one of my posts earlier this week.

My goal is to find financing for a flip or a BRRRR within a year. Abel, if you're willing, I'd also love to link up to chat. The New York market is intimidating for new investors like me.

Gentlemen, I hope you’re both well, and I look forward to chatting.