All Forum Posts by: Westley Bachmeyer

So an opportunity to get a(they said $165,000, I think $130,000) for $60,000 cash landed in my lap today. They want proof of funds and a cash offer, and I don't have anything lined up. In cases like this, is it better to take a partner? I have a ton of equity built in my name and my father has a ton built in his, but neither of us have taken a HELOC out before, so I don't even know where to start. On a side note, any investors interested, send me a message.

Welcome to BP.  

Very interesting that no one has brought up what "Value" means. Two people can hold the exact same property at two completely different values too. I'm surprised this wasn't mentioned. For instance, if you're thirsty on a desert, and I'm selling water for $100 a bottle, I bet that is a good value for you, but if you are in a swimming pool full of drinking water fresh out of a spring, probably won't purchase that bottle. Real estate can be very similar. How many people put money and emotions together? That is the PERFECT home, lets get it no matter the cost. Investors do the same thing when reviewing properties by only looking at ARV. There is so much more in "value" than just numbers.

$100k is a good amount to start investing in Houston, Texas and can get you a good piece of property when combined with financing. Possibly even less than $100k. In addition to that, there are a lot of Turnkey property companies that you can invest with, but if you are looking for complete non-involvement a REIT is the way to go. Minor involvement and I would suggest crowdfunding or Turnkey. I wouldn't try 100% financing unless you were putting in some MAJOR physical presence, it just wouldn't be worth it.

Not just seconding the above, but I've lived here for quite some time, and I hardly ever see duplexes listed under $175,000.  It can happen, but tough to find.