All Forum Posts by: Will Payne

I’m a Real Estate Investor but I have a bachelors degree in health sciences and a masters degree in occupational therapy!

Real estate investing was not even close to being on my radar when I chose my collegiate and professional path. I love occupational therapy and plan on practicing for many more years. A degree in healthcare, specifically OT has taught me the importance for forming relationships and gaining solid rapport with those I deal with throughout day to day. As an OT that is physicians, patients, families of patients, and co workers. When I shift into my real estate investment self this translates to my relationships with realtors, lenders, contractors, etc. I would say I have definitely been able to use my degrees to become a more rounded real estate investor even if it is in a more general sense! Great question!

Hello all,

I was listening to BiggerPockets Real Estate Podcast Today and heard Brandon mention that as is is the biggest scam in real estate. I am definitely new to investing with one deal under my belt but I was of the understanding that if you go under contract and agreed to “as is” you can’t get out. Am I wrong? How would a buyer of an “as is” house protect themselves if they need to get out of the contract?

Hello, I am considering taking out a HELOC On a residence we recently bought and renovated. When I say recently I mean within the last month. We are currently living in Louisville Kentucky but my job has the potential to take me to Lexington Kentucky. I am wondering if there is a specific time frame that you must live in a home after you take out a HELOC. If we were needing to move to Lexington would that be an issue if I first secured a HELOC? Any expertise and advice would be greatly appreciated.

@Whitney Hutten thanks for the response! Yes I think I was in the right place at the right time for this one. My intention for my first rental was most definitely not a condo. I was hoping to find a deal on a multi family unit and house hack for a while (still the plan when the right opportunity arises). I am also very much interested in SFRs. This deal just happened to come up first! I have gotten myself stuck in the endless cycle of analysis paralysis a few times and I’m ready to pull the trigger!

@Jeff Copeland I think you make some really good points. I guess as a board member myself and with two other board members that I am very close with I would be able to closely monitor that situation. At least the change in board members, the financial health of the HOA. Obviously I would have little control over the economy.

This is such a great deal that it would actually work as a flip. Instead of a quick turn around though I was planning on renting with a cash flow of $200 after all other expenses are accounted for including HOA, maintenance, capital expenditure, etc.

Would you say that you personally are never in favor of purchasing a condo in a BRRRR, or buy and hold situation?

Again thank you for these insights!

@Kenneth Garrett thanks for the advice. I happen to know the president and another member on the HOA board who are both renting at this time. I will follow your advice and contact my lender prior though! Thanks!

@Jeff Copeland thanks for the response! All good things to consider. It turns out that this is a smaller development of condos. I personally know 2 of the 5 board members and plan on becoming a member myself. This condo is most definitely warrantable based on the description given in the article you posted. I will take your advice and go ahead and reach out to lenders regarding the refi! Thanks for all the good resources.

Will

Hello!

I am wanting to get some input on a deal that I am working on right now. Found a great deal I intend to BRRRR. I have secured private money. The property is a small condo that definitely needs some work but not a total but job. I have run the numbers and they look great! My question is when I finish the remodel within 3 months and get it rented how quickly can expect a bank to issue a cash out refi? At this point I would pay my private money lender back and move on to the next deal! Thanks for your input!

Hello, I am working on the numbers for a house hacking deal. Wonder if there is anyone out there that would be an unbiased third party for me and do an analysis. Not sure there are any concrete rules for house hacking! Any special recommendation. Thanks.

So I had a neighbor approach me about buying my house. It was perfect timing as my wife and I are looking to sell. She offered a great price and we have come to a verbal agreement. From there I have no idea how to proceed. I live in TN. Wondering if someone can point me in the right direction? Can I find the paperwork online? Can a title company walk me through the process and provide me with the correct paperwork and guidance? I am totally not anti real estate agent but I was wanting to make this a learning process for myself since it fell into my lap.