All Forum Posts by: BJ Gadway

Hello and welcome  @Chris Cravey! I myself am new to the BP community and also have a similar strategy for my first deal. I am currently in the "Education Stage" though. I wish you good luck in your venture, and please keep us updated on your progress.

BJ

Thank you @Mike Cumbie. and thank you for your service!

So for my first potential I am thinking about refinancing my primary residence just NW Atlanta so that we can have the down payment on a slightly bigger home as well as pay some debt off and establish an emergency fund. We want to take the remainder and fix some minor problems with the residence and turn it into a rental.

Is there anything I need to do prior going to the bank?

Is there anything I absolutely don't want to do?

Can I be refused REFI because of credit score even if I am current on my payments and have enough equity?

Hello everyone! I am a complete newbie from Woodstock GA, just northwest of Atlanta. I am an ARMY combat veteran of 6 yrs. and a father of three beautiful girls. I current work a blue collar job as an Electrical Technician, it’s not terrible but it is not the place I want to end up for the next 35 years. I want more freedom for my family!

The only deal I am working on is currently my primary residence, which I am planning on refinancing and turning into a rental as we will be purchasing a slightly bigger home for our growing family.

I just recently stumbled upon BP recently and am so glad I did. I have been reading and listening to the podcast nonstop; I even started all the way back to the first episode and am going one by one until I catch up to the most current one. I am anxious to learn, participate and also help in any way that I can, again I am new and don’t know much but I will put forth an effort. I am excited to be here and am looking forward to meeting all of you.

Yes provided that my numbers are all correct and were I would like them to be, I do believe that I will be keeping it as a beginning to my real estate investing. what I don't know I will learn along the way through the experiences I have and the help of those I meet. Thank you Peter for your feedback. I do appreciate the help.

Ok so without even knowing I did so, I bought my primary residence a specifically the right time. 3/2.5 with 2 car garage 1600sq/f. Under current market conditions, my home has nearly doubled in value from time of purchase. We are however as a young family outgrowing the residence and looking to upgrade. So my question is "should I sell and use the proceeds to clear some debt, set up emergency funds and have a 20% down payment on new place and then save, plan and structure my relestate investing " or " should i refinance have the around 15% down payment on new home, clear about same amount of debt and same emergency fund, and fix the few minor repairs needed to rent out the home, with an estimated cash flow of $300" Thoughts, recommendations, tips, suggestions, any and all help would be much appreciated. I am new to real estate investing and am excited for what lies ahead.