All Forum Posts by: Vincent Townsend

Hey Bigger Pockets,

I recently became a part time agent and I have an opportunity to purchase a coworkers house off market. He's looking to close fast which is part of the reason he wants to sell it off market. Ive been in the property, ran comps, and gotten quotes on what I see it needs before an inspection. As the house sits I believe I could purchase it and sell it the next day for more than 25k over my purchase price. Or fix it and walk away closer to 50k. My question is lending. This deal fell into my lap and I haven't established a relation with any hard money or personal lenders in my area. Does anyone in Boise, Ada, or Canyon County have any recommendations? If I can't close soon he will end up going with a local wholesaler "guys from the radio".

Also for any experienced investors,

How would you have handled an opportunity like this? I would hate to see an opportunity like this go away, but I want to be more prepared for future deals.

Hey @Daniel Kramer! I'm totally in the same boat. Unfortunately this didn't click until I was searching for a Refi or HELOC. I realized how much easier it would have been with cash. Your not the only one buddy. Not at all. It is pretty mind boggling that you can listen to hundreds of hours on the same material and still miss something.

Cassi! Thank you for an answer. I was beginning to think I wouldn't hear anything. It sounds like i'll need to get my partner back at a W2 job before we can make a move. Thank you!!!!!

For those of you who have done a HELOC on your rental what was required? Is it similar to your traditional loan where it's based off you your DTI, credit,W2 job or is it based off of the property's LTV? Currently my partner that I purchased the property with doesn't have a W2 income. I'm worried we wont qualify if its based off of income and not the property.

For those of you who have done a HELOC on your rental what was required? Is it similar to your traditional loan where it’s based off you your DTI, credit,W2 job or is it based souly off of the property’s LTV?

@Steven Rubino Now that’s inspirational! Way to kill it. Being in construction how much of it did you do yourselves? Did you hire someone for the kitchen?

@Jerryll Noorden Dude I’m digging the humor in the post! Great write up and great pictures!

@Branden Sewell Do you have any retirement accounts? It’s usually not advised to cash them out but I took some out of mine for my first purchase. It was well worth it in the end!

Originally posted by @Christopher Howard:

Congrats on the deal. I'm wondering....you say this is a long distance rental but you also did all the work, how did you manage that? Did you visit weekends or did you take a few weeks off from work? I'm looking at long distance because it's so expensive here but can't exactly take a month off from work for a rehab.

 Hey Christoper, 

Luckily being a union electrician I was fortunate to have one project end before we closed on the home. I just took the little time off before going back on the books to the next project. You might just have to time it. Take a week off from work and anything you can't work on get it all subbed out before you arrive. Also this wasn't a huge rehab, it would have been hard/more time if this was a huge job.

Originally posted by @Tony Monserrate:

Awesome story.  We are looking for our first rental, but we've got analysis paralysis lol!  We are up in central New Jersey.  Anyone know of any good areas for rental properties?

AMERICA!! lol, But in all reality the numbers just have to work. You can make money in any economy.