My SECOND New Member Intro...
Posted in here about six years ago when I thought I was getting started in my investing journey. Then life happened, I got distracted, and I sat on my dream for a few more years! Figured it was about time to post here though, now that I've actually headed down the investment path.
I'm from Jefferson County, Missouri, just outside of St. Louis. Through a long journey of health issues, work changes, and just generally having my life shaken up over the last 10 months, I stuck one toe in the water of REI back in February and locked up a wholesale deal in my area. Sold it a couple of weeks later and made a few thousand dollars, but really made a lot of interesting and valuable connections through that process. I completed a cosmetic flip with private money shortly after and did well there, and have decided to pursue my Missouri real estate license now as well. My wife and I refinanced our primary residence (got it out of the 7s) and took out a HELOC on the equity with the intention of making it easier to get into more flips, then found out that most small town banks that I've talked to hate HELOCs and treat them as if they're fully drawn, which has made this process more interesting, to say the least.
All of this brings me to where I am today: a contract on our next (probable) flip with the option to keep as a rental if necessary, a lead on a multifamily that we're pursuing later this week, and expecting repayment on a private money loan we did as soon as today, so we've really started to wade out into this community/world of REI! Would love to connect with anyone else in the area, and looking forward to perusing the forums more often as we do more on our own and learn just how little we know!
Most Popular Reply
Welcome back, and congratulations on finally taking the leap! It sounds like you've accomplished a lot in a relatively short amount of time, closing a wholesale deal, completing a flip, and now pursuing your real estate license is a great foundation.
The HELOC issue is definitely something many investors run into. If you're planning to do more flips, it may be worth looking into lenders that specialize in investment properties, as they often underwrite deals based more on the property's value and project rather than treating a HELOC the same way a traditional bank does.
Best of luck with your next flip and the multifamily opportunity! Sounds like you're building some great momentum.