All Forum Posts by: Wes Brand

Sign up for a paid account here and post them to the marketplace. If they're good deals you'll have someone interested. Otherwise the buyers come from networking. 

There are a few threads and blog posts here that might be of use, for example: https://www.biggerpockets.com/renewsblog/2014/10/0...

Local REIA meetings are another good starting point.

What's the difference to you? 'Round here renting by room and roommate is the same thing...

@Jeremy T. most banks won't offer HELOCs on investment properties. They will offer HELs (or simply "loans") and cash out refis.

The highest I've seen for an HELOC on an investment property has been 70%, most are around 60%.

Purchasing land? No idea what you need to be aware of, I haven't done or looked into any land deals. I'd suspect you might want to check what it's zoned for, but beyond that I don't know.

Meaning you haven't seen it/purchasing out of state, or the seller won't let you in to look at it until you've purchased?

I wouldn't have signed that contract. I want out if I decide I don't like the inspection report for any reason, not subject to the seller making an attempt to repair it and only for conditions hazardous by some legal definition. And I'd also want the contract voided if the deadlines weren't met, not accepted.

I'd start the notification process since you said you'd give the seller  time to perform repairs. If you really want out with your EM back I'd specify everything that could be considered hazardous. Personally even if I didn't get my EM back I'd walk from this deal unless the price was low enough to justify fixing the mouse problem myself. But you can use that to negotiate a lower price if you were so inclined...

If you didn't get a good deal and are still in the inspection contingency I'd bail. No point taking a risk on an average deal.

Yes, you can get a HELOC on a rental / investment property. Most banks stopped doing them, but there are some left out there. I know that Wells Fargo will do it, and Union Bank has it explicitly listed on their website as an option. I don't know what the rates will be or how hard it will be for you to qualify.

Thanks, I don't think I can do a DST, since I'm not accredited. At any rate low buy ins don't attract me, and I'm (currently) ok with some significant risk.

What I'm looking for is a better return than 10%; risk will have to be priced into that, of course.

Your expenses are monthly, not yearly.

I am unfamiliar with pool maintenance. I haven't yet bought a place with a pool, but if I was considering it I'd research how much it costs to have them cleaned regularly in whatever market they're in.