What direction do we take?

Question

Good morning, good afternoon, goodnight everyone! My wife and I are looking to expand our portfolio, and in hopes go full time real estate investing. I have been working 10 years and the same w2 job and she is a real estate agent. We currently have one rental and house hacked our current home that is currently under contract to sell. Once the house closes we plan to brrrr as many house as our capital will let us. I also have a 401k that I'm trying to find out what to do with. What are some thoughts, advice, and opinions on our strategy

Eric Doe · Answer

@Bruce Woodruff we are located in Texas and we plan to buy in our area for the first few house just because we familiar here. Once we get established I would like to like to buy anywhere.

I don't feel like we've researched enough or have the reserves on STR to pull the trigger on one yet, but it's definitely on our radar.

Bruce Woodruff · Answer

@Eric Doe I think Texas is going to be a great place to stay and build your empire...about 100,000 people from California alone are flowing in each year.

Check out and research STRs more, it's the best RE path I've ever seen.....this forum is an incredible resource....

Billy Davidson · Answer

@Eric Doe Awesome!! Great to hear. I would continue to shop and become more familiar with what you are capable of getting. See if you can find anyone that will provide a LTV even higher. The last question I would ask is what is the seasoning period?? Usually lenders make you wait a certain amount of days before you can refi. I would make sure you are comfortable with the certain period the lender gives you.

Good Luck!!

Bruce Woodruff · Answer

@Eric Doe Where are you located? And are you intending to buy where you currently live, or go OOS? Or are you open to moving?

Look into STR...it's the  quickest way to get a high ROI....

Eric Doe · Answer

@Billy Davidson awesome thanks your the reply. We have talked only to 2 lenders and both will give us 75% on the refi. What would be some other good questions to ask lenders?

Billy Davidson · Answer

Hi @Eric Doe, this is awesome to hear and I am stoked for you and your wife. I guess the first question is, where are you looking to buy? With this in mind, does it make sense to buy in the area you are looking at? If it does, awesome. After you establish the place you are looking at, I would interview lenders and make sure they are capable to help you with this process. I would try and created a binder of some sort showing your income, your investments, and all your real estate that you own.

Make sure to ask about how much equity they are going to require when you do try and refi. Compare as many lenders as you can. Be as open as you can about how you want to make this a full time job and how you want to quit your w2. It shouldn't be an issue when you have a way to show cash flow.

Best of luck