All Forum Posts by: Wilhelm J. Lieto

@Heather Skowronsky Thank you so much the useful information. I did not know all of that and definitely something to consider! I will continue to do more research to cover as many corners as possible, but like everything in real estate, there's always a surprise. I have a friend who is a realtor, I would have to consult with her to try and find that good deal. your numbers were pretty spot on for the area btw.

@Paul Wachtler thank you for the response, it is very similar to the BRRRR method. basically I'm also trying to find a way to do this without using a hard money lender or come out of pocket for 20 something % for a traditional loan. I will definitely look up that book, thank you for the recommendation!

I've been wondering, now that I have accumulated some equity in my current home, could I get a HELOC and use those funds as a down payment for a property. Then assuming all things being even, I am able to secure the property and put a renter in it, can I then refinance the property for the total of my down payment plus the rest of the mortgage so that I could quickly pay back my HELOC. Also aside from any closing costs I am uncertain if I would need any money for the refi?

However if this is even feasible, that would mean I could then use my HELOC rather quickly again to go out and acquire another rental property. Hence the name Boomerang HELOC method. In my area property values are stupid high, but rental potential is also high, so I am looking for a way I could begin investing without waiting till I'm 130 years old. I am also not comfortable investing in a real estate market far from where I live because this is the only area I am very familiar with. I am looking in the NoVA D.C. MD area.

Any insight, advice, or criticism is greatly appreciated!   

Definitely interested as well. I'm late from when the post was originally shared, what is the status of this? 

@Jennifer Slaughter Thank you for your advice, I am currently very busy and stretched thin. However when I can get back to focusing more time to this I'm sure I will have plenty of questions for you!

@David Faulkner I don't have a choice at this point where I live. I have a decent paying job in D.C. to which nothing in my current profession compares. There for I will not quit, my goal is to live closer to work while staying in VA. However the Alexandria, Springfield and Arlington are more then I can qualify for, for a single family home. I am picky about what I want, that is why I am currently looking at places that are 30 minutes from work. Those areas are in my budget and affordable. The NoVA area is not a place I can afford to be a Real Estate Investor at this time.

@Cody L. There is no irony, it was just an example of a place far away from where I currently live. I am by no means in any way experienced in real estate. I am here to ask questions and learn as much as I can. But what I can gather from your comments is, CA is not a great place to start investing, especially if one is a beginner? I understand that the market differs from place to place, and doing some due diligence along with some basic investigating one can get an idea about an area and if they want to invest there.

I want to thank everyone thus far for your comments, everything is helpful and appreciated.   

@Brent Coombs thanks for help!

So I have several questions that I believe others could benefit from as well. The area I live in is extremely high priced, and although I've heard several testimonies from VA realtors and investors here on BP say you can get started and be successful in this market. I am finding it hard, it seems that unless you have lots of money saved up, or you are well established and money lenders will work with you it's next to impossible. At least at a younger age, especially with little assets and money.

I recently had this crazy question, "what if I could live here in VA and invest in a market that is closer to my financial situation." but then other questions come up such as how would I see the property, monitor is up dating, and sell it with out leaving VA. These all come up because I have a full time job and I cant take the time off nor afford to go see a property in let's say California.

Other questions like how would I buy it, what about an inspector, or will a money lender lend me money to acquire this property and do the updates. Need less to say, I've realized that if I could do it, it would be a daunting task. But BiggerPockets being such a great place with an infinite wealth of knowledge, I'm turning to all of you.

Any and all feed back is welcome, as well as any other questions any one may have!

@Gilian Gegawin Thank you, I will definitely be utilizing BiggerPockets as much as I can.

@Rashard Alomari Thank you for your advice, really anything helps right now. How would I go about finding and vetting a mentor, also about how much would it cost to hire one?

As always, anyone else please feel free to answer or advise!

@Joe Facenda Thank you for your help, I've found a place and know the sellers personally. we are thinking of doing a private sale, any advice for a private sale? Also I agree with keeping the money in pocket too.

Any one else please feel free to chime in about private sales.