All Forum Posts by: Wes Sherwood

Hello BP! Has anyone had any success with finding lenders that will do HELOCs on investment properties in Spokane or Birmingham. Thanks in advance! 

We'll catch you next time @Alyssa Dyer. Hope you had a great time in NY!! 

What a great time in OKC! Thank you @Kiera Underwood!!!

Picks us up from our Airbnb at 9:15am, treats us to an amazing breakfast in downtown OKC, spends 4-5 "Sunday" hours to show us all the different neighborhoods that fit our investment criteria. We also got to see one of their recently renovated properties that was soon to be listed. Looked amazing!

The following day we received a follow up email with a breakdown of the #'s from the properties we were interested in and recommendations to a local lender and national lender. 

What a great experience...

Hello BP. My wife and I will be traveling to Kansas City, MO - Oct 27th - 28th. We're hoping to meet up with some rockstar agents, PM's, and investors. Looking for buy and hold, CASH FLOW, SFH or Multi 2-4, C or B class properties ... good appreciation would be icing on the cake. 100k to work with.

Kansas City will be the 2nd leg of our 3 city road trip. ( Oklahoma City, Kansas City, Chattanooga ) We landed in OKC today. Tomorrow, we will be meeting with @Kiera Underwood and her team (Table Investments). Super excited! 

Please reach out. Looking forward to meeting great people!

Thank you all for taking the time out of your day to respond to this post.

@Randall Alan 

Keep crushing it! That's awesome. What a nice portfolio you have built for yourself. To answer your question..

"why would you buy a property that doesn't cash flow?" 

I was uneducated and had no RE knowledge. I obviously had no clue what I was doing. I was the opposite of "paralysis by analysis". Thankfully I've learned some since then. =)

@Alex Olson

Thank you for your feedback. My wife actually grew up in Independence, MO. We lived in Jamestown, MO for a year back in 2014, then came back to San Diego.  Have you personally utilized the 1031 exchange? If so, did you use Dave Foster. I hear nothing but good things about him on. 

 @John Morgan

It sounds like you have a good plan moving forward. I'm definitely leaning toward exchanging the properties for cash flow. My wife and I want to move down to Panama for a couple of years, maybe longer. $1500/month goes a long way down there.

Hello BP community. I absolutely love these forums and have learned so much since joining  BP a few months ago. So firstly, thank you to all that post and help people like myself in their RE journey. I'm hoping to receive some feedback from y'all. 

My goal:

$1000 - $1500 monthly cash flow within 3-5 years.

I currently own to two SFH homes out of state. One is located in Spokane, WA and the other is just outside of Birmingham, AL. Both are currently rented and under Property Management. After all expenses (maintenance, CapX, PM fee's) they are breakeven properties.

There might be 90-100k in equity in Spokane property and 50-60k in the Birmingham property. (according to Zillow) 

I had Spokane's loan modified in 2013. Because of the modification, the agreement states if and when I sell the property the bank gets 25% of the proceeds. I'm hoping I can refinance into a new loan and not have that 25% hanging over my head? 

My ultimate plan is to 1031 both properties for SFH's in the Midwest (Oklahoma City and or Kansas City)
however, the appreciation rate has been really strong in Spokane these past few years, but is that reason enough to hold on to a property that is not cash flowing.

Can anyone make a good argument on why I should wait on doing a 1031 now vs later? Is Potential/speculated appreciation reason enough??

Thank you in advance for your feedback..