All Forum Posts by: Alex Russell

I would say using a HELOC to tap into the power of home equity!

Hey there @Lindsay G.!

One of my favorite options that I always recommend to new investors is actually being the Lender on a hard money loan. This gives you the ability have 100% passive income  - beginning the day you invest, without the hassle of doing the renovation, get permits, contractors, find a renter,  etc

Every deal has equity at closing, and in many cases, there is usually 20-30% of equity, making it extremely safe.

What's the downside?

The downside is actually the upside. In the event of a default where if you did have to take back the property, you can simply resell it and get the equity spread or even keep the property for yourself which you essentially purchased at a discount. 

I hope this helps! 

Feel free to reach out if you have any questions.

Good afternoon @Matthew Wilson!

One that I can recommend that is fairly close (Boca Raton) is Darin Mellinger ( Mellinger LLP), we have many private investors who use him. He is a great guy. Let me know if you'd like me to introduce you to him.

Hello @Sandy Keller, 

In my opinion, it depends on how old the appliances are. If they somehow made it to 8-10 years...they are highly likely to be on their way out very soon, which the warranty could benefit you.

However, it also depends on how skilled you are at doing the repairs yourself, as in many cases, the most expensive part can be the labor. For example, a small O-ring can cost under $0.99, while the labor to install could cost $80-$120. 

@Nathaniel Winkel there are 2 different approaches in my opinion, you can either buy the property to either fix & flip or buy & hold, .....or on the flipside, you can be a lender on the deal (with hard money loans). With the second option, you can make a steady 10-11% interest without the hassle of doing the flip yourself, which saves a lot of your time and the headaches that go along with flipping. 

I hope this helps! 

Hey there BP, wanted to see if anyone has any good recommendations for inspection companies in Texas?

You can look at their google reviews, those reviews usually speak for themselves. See how effective they are with actually closing the deal on time, as most fall short. Also, make sure they don't have hidden fees and are up front with their costs. 

Most hard money lenders try and hide fees on top of the points they charge, so make sure to do your research on them and ask alot of questions about ALL costs. 

Aside from the cost, you also want to make sure that you are working with a reputable lender that will actually be able to close on time. Many lenders fall short on the day of closing, and if you are not able to get an extension, you could lose your deposit. 

Let me know if you need a good recommendation. 

Hey there! 

I just wanted to say, be careful with wholesalers right now as many of them are putting very high ARV's in this type of market. There are definitely some great deals you can come across with wholesalers, but you have to be persistent and be sure to do your homework.

Hey Hana,

Another option could be for you to utilize your HELOC and invest in a hard money loan. We actually offer 10% returns for our investors, backed by an extremely safe underwriting process.

If you invested the $150k, you would be making $1,250 every month without the headache of dealing with renters, remodeling, etc.

Let me know if you might be interested in this and I can send you over some more information.