All Forum Posts by: Amanda G.

@Joe Villeneuve, thanks for the idea of loaning from your LLC. Having my BRRR sitting out there with my name on it until I can get a conventional loan feels uncomfortable. Your idea might improve the situation slightly.

Hi @Neil G.,

I have no idea about real estate law in Mexico. Some advice I've taken to heart is live where you want to live and invest where it makes sense. I happen to live in a place where it makes sense to invest, so I'm especially lucky. 

If you can get conventional bank mortgages they are the cheapest, longest term money you can get. Some other advice I wish I had known was to max out my conventional loans before moving into commercial/portfolio loans.
Good luck!

@Wilfred Gonzalez Jr, there are lots of ways to learn about real estate without going the wholesale route. Find your local real estate investment group and start soaking in their experience- someone there will have done what you want to do. Going into the skilled trades, , working for a property management firm, or a mortgage company, or a inspection company are all ways to learn, mostly while earning a w2 paycheck. Being a real estate agent is a commission based job, so that has more risk. Match what you like to do with some part of real estate and you have a good start. Good luck!

@Jantsen Locke, without knowing the details, it sounds like an excellent deal. You have to live somewhere, and this actually lets you live for "free". Then you can save what you would have been putting into rent/mortgage into your next project.

https://www.biggerpockets.com/blog/2013/07/12/real...

Contracts for deed and land contracts mean the same thing.

Hi Michael,

Your buddy is risking having his loan called due if he sells to you with existing financing in place. People do it, but it is a risk. If you agree to go that way, do a search for "wraps". And make sure that both of you agree who is going to pay the taxes and insurance.
If you plan on selling your current residence, maybe you have enough equity to pay off his loan and he can just owner finance whatever is left of the purchase price? Good luck!

Hi @Rodney L.,

You'll probably not like this answer, but I'd be careful about using that HELOC. Lots of people do, but if you don't have other savings you could lose your home when a big, inconvenient expense hits. Having a savings cushion is what keeps investors from becoming those "motivated sellers" that everyone wants to buy from.

You've got a lot of detail here, and competing goals, so that makes it trickier to answer you. 

Some general principles that might be handy: if the debt isn't getting in your way, consider whether you would make more with the investment than you lose with the liability. For example, if you can make 10% on something, and that is balanced against -6%, then broadly speaking, using the money on the investment is better. If it is the reverse, reverse it.

Then add a level of subtlety and consider the risk you are taking on for either decision. Debt completely paid off is gone, assets have risks of ownership.

With a young child, where do you want to put your attention? There are plenty of options, and generally the higher return ones have more risk and need more effort.

Notes aren't on your list, but those can be pretty darn passive if you can find or create performing ones. But as for SFH or multi- what would you enjoy enough to do the work of finding and owning?

Good luck! It is all about the number of offers you make, and getting more practice.

This might not be helpful, but the only ways to improve a deal are get it for less (including creative financing), reduce the rehab cost, or increase the rent. Lots of deals are not really deals.