All Forum Posts by: Young Park

@Andrew Postell Thank you for the list and the updates! I will check them out! And would love to meet you - I've enjoyed reading some of your posts shared on the forum and I can tell that you're a wealth knowledge :)

@Sherry Patterson I'll be there! I'm currently serving the Veterans at the VA within Tripler :)

Thank you, everyone! Can't wait to attend these meetups :) 

Hello! I'm a real estate investor from Hawaii and my wife and I will be moving to Dallas, TX around April/May of this year. I'm hoping to network other investors in the area and continue learning! Please share any local meet ups here :)  

Thank you!

@Andrew Ramirez if you plan on house hacking, I don't think saving cash for a BRRRR is the best idea. Since it'd be your primary residence, you may get it for ~5% down. And if you do it the right way, you may have little to no mortgage expenses as the tenant would pay for it. Whether that's $500-2000, that's how much you'd be able to save quicker because you won't have housing expenses.

@Nneka Keshi Have you considered a HELOC on these? Is the cashflow more important to you right now? vs accumulating more assets? No right or wrong answer, but figure out what you want long-term and perhaps guide your decisions based on that. Good luck! :)

@Chris Phillips yeah, I've been using them for the past few months and it's been great. Their phone app isn't all that great so you need to be on a desktop to transfer money between heloc & checking/savings acct, but that's a minor issue.

It depends on where you live. I live in a high cost of living area so I've been renting and purchasing cash-flowing properties out of state using the BRRRR strategy. I would have to pay significantly more making monthly mortgage payments vs my rent. House hacking would be the ultimate strategy, but my wife isn't all for it, so we made the next best decision :)

@Jeffrey Swanson I think HELOC is a great tool and more flexible than a cashout refi. It's a revolving line of credit so you only start paying when you are actually using the line. It's also not amortized like a mortgage. If you are purchasing properties outright with cash, I don't think there's a seasoning period as you would if you were to finance it. There are a ton of BP posts regarding this topic so try searching for it. Good luck!

@Emily Lee Welcome to BP and congratulations on making the first step by introducing yourself and share your goals. 

What market are you currently in? If it's not in your area, what area are you considering?

It's not a dumb question, but trying to purchase a potential BRRRR property (aka distressed) with a traditional down payment may not make your offer stand out vs an all-cash offer that doesn't have the financing contingency. Also, you would have to close twice (at purchase & at refinance). But this doesn't mean it's impossible and I've seen some people do it successfully here on BP.

I raised capital to fund my deals so that I can BRRRR using cash.

@Trey Sutliff Consider reading David Greene's first book, Long-Distance Real Estate Investing to implement the strategy to do BRRRRs out of state. I started investing out of state (I live in a VERY expensive market) using the BRRRR strategy from the very beginning. I got started by finding a mentor who had his team set in a specific market so I was able to leverage his network to get started. If you have any questions, please feel free to shoot me a message!