All Forum Posts by: Ashley Benning

@Jeremy Michiels Glad my naïveté can be useful for the greater good! :)

I so appreciate everyone's feedback here! I've made some great connections, and have learned a lot about what it is going to take to be competitive. I'll report back how the process ends up evolving on this property. Offer is due in 2 hours!

Thanks for the sanity check, everyone! I do have a second job, so I'll re-strategize to put that income aside instead. It'll take a little tightening of the belt, but you've gotta sacrifice to accomplish great things sometimes.

Christopher Phillips This info is gold. Thank you so much! Time to re-analyze my strategy and make sure I'm offering on the right kinds of properties.

Christopher Phillips Thank you for explaining. This is very different from my interpretation from listening to the BP Podcast and reading Investing in Real Estate With No (or Low) Money Down. I'm wondering now if the offer I am about to submit today--which claims cash--is not correct! Yikes.

I have about $0 saved up for REI. It all went into the purchase of my primary residence a year ago, and now that I'm stepping up my REI game I'm regretting that. Live and learn. My down payments with HMLs comes from my parents, who will earn interest from me matching the HML's rate. I have little of my own cash in the game thus far. Obviously the intent is to change all that with profits from flips and BRRRs over the coming years. I have various retirement accounts with not a TON of cash in them--only about $25k-- and in analyzing the returns I'm averaging about 6% in my current 401, and that includes the growth from the company matching. I'm wondering if I should stop my 401 contributions and set aside that $300 per paycheck in a business checking account so I can build up my own cash reserves and not have to rely on other people's money so much. Of course, I lose out on the compound interest and company matching if I do that. And/or, do I take the hit and pull out my current retirement savings? Dave Ramsey fans would say no, but if having the cash allows me to make other investments could it be worth it? I'm 33 years old, and hope to build wealth through REI such that I can leave my full-time w-2 within the next 5 years (hopefully sooner). Thanks, friends!

Don Konipol INTERESTING. I was under the impression working with a HML would read like a cash offer to buyers, and therefore would actually be a leg up over conventionally financed buyers. This is really helpful to know, and the way you explain it makes perfect sense. Thank you!

John Thedford I am also looking at properties out of state, but I keep an eye on my neighborhood here in the Valley and if a property makes sense with the numbers I act on it. This one is a fixer, and in a fantastic neighborhood, so there is profit potential. My other market is Phoenix for BRRRR multi families.

@David Weintraub I wish your company did loans in Los Angeles! :)

@Account Closed I wondered what the process was after I made the offer. That's helpful to know. Thanks!