All Forum Posts by: Alex L.

For anything 30k and under, I use personal loans and then cash out refi 6 months later to pay off the loan. 

I mean, you don't necessarily have to BRRRR or flip to generate an income. There's always the straight-forward option of just... using your own income from your W2 to cover down-payments on investment properties. Obviously this is more ideal for people who are able to stash away a good amount of savings each month after expenses, but it's a very simple and common method.

3-5% down is only available for owner-occupied home loans. You can house hack with this, or purchase the home and live in it for a year, then convert it to a rental. 

Regardless, I think you need to do a bit more reading before diving in. Most people aren't waiting to recoup their down payment from rents from a single property to purchase another property. You either need to use your own earned income, or utilize creative financing.

Make sure you're utilizing the Do Not Call list... people like me love fund our vacations by suing cold callers for $500-$1500 per violating call/text. Unauthorized AI voice calls are also illegal under the TCPA, so that's another $500-$1500. I definitely wouldn't be using this for solicitation purposes -- too easy to lose your shirt if you call the wrong person lol.

I've been using Stessa for the last 5 years and I've only ever had wonderful things to say about it. It's free and has wonderful features... there's also a paid version which I began using this year, but none of the integral features are lacking from the free version at all... I'm just neurotic and like the extra bells and whistles. I do not keep paper receipts, and instead keep digital copies (1) in their property's respective Google Drive folder, and (2) uploaded with their respective transaction in Stessa. I also love that Stessa allows me to categorize transactions by properties if I so choose to... great for someone obsessive like myself who really likes to see a complete picture of how one particular property is doing at a time.

I've also looked into Baselane recently, which looks a bit nicer in terms of UI and some tenant management stuff, but I'm a huge Stessa fan through and through.

The only way you'd be able to receive cash at closing would be through a cash out refinance, which you'll need to already own the home free and clear to be able to do. If you need to finance the house via a mortgage in order to acquire it, though, and there's ample equity, you can always pull a 2nd mortgage or HELOC from the property in 6-12 months. You may even be able to do it sooner.

Interesting. Can't imagine it'll alter the BRRRR method much, since I imagine most properties purchased for that purpose are usually either paid for in cash or via financing that doesn't really qualify as a mortgage... like funds from a HELOC or non-collateral personal loan.

I've been in this situation plenty of times -- a single-page amendment agreement that's tacked onto the original lease is what I do. List out the terms, and have them both sign and date.

As much as I love real estate, if I was bringing in 400k-600k annually, I'd just throw it all into ETFs if I were just looking for a way to replace my W2! Less of a headache for a hell of a return with those kinds of numbers, lol.