All Forum Posts by: Brent T Galbreath

@Jaysen Medhurst thank you. Will take your advice seriously. Thanks.

@Jaysen Medhurst thank you so much for your reply. I purchased the house for 120k and owe about 50k at this time. I’m told the house would sell for about 165K by realtors. It’s in a very nice neighborhood but the area is growing with Rowan university and a hospital moving in. it’s only a two bedroom one bath which I understand doesn’t usually bring long-term rentals. However, it’s completely remodeled with all new appliances, granite countertops, etc. Given the market, I’ve also wondered if I shouldn’t Simply sell it, take the cash and go buy something else. My current mortgage including taxes and insurance is $1050 and I’m told it should easily rent for $1200 but would most likely go for more given its condition. That’s on a 15 year mortgage which I could refinance at 30 yrs with such low interest rates and make around $500 a month.  or I’m thinking I could be satisfied with $150 a month but continue to pay the $400 each month towards the principal. However, because of local growth, our equities keep climbing and I don’t want to lose out on that. Thoughts?

I've been listening to BP, sitting with investors, reading, and learning for a year now. I'm frustrated that no one ever told me about RE investing before but now I know and at 52, decided we will be moving out of our current home so we can rent it out. My wife and I have bought another home we will move into, have rehabbed and feel confident we can rent it out in a year for a very good profit as well. Or we may stay in this new home for a while and refinance the first home that has about 100k in equity. My question is, should I get a HELOC so I don't pay unnecessary interest when I use it or a home equity loan which may leave me with extra tax-free money to add to another BRRRR if I get a low enough home price and rehab for another home? In other words, if I get a home equity loan of 80k but am all in at 70k for a house and its rehab, I could still have 10k left towards another home. Would very much appreciate all of your input. Thank you for your time.

@William Boeklen welcome to the forum. So much good info here from people who know what they’re doing! Enjoy!

@Brandon Spurlock that’s awesome man. I’m in the middle of doing my first one now and it’s exhausting but exhilarating. I love what you did to the home. Do you mind telling me where you found your wholesaler? Also are you planning on using a property manager or doing it yourself?

@Tim Davis I’d love to connect with you about some things you have available as well. What’s the best way to connect with you?

Thank you all, this is great info!

This is great info guys.  Can’t thank you enough!

I'm a newbie at real estate investing and looking to get my first home for rental income. I'm told I should start an LLC to protect my personal assets. Do you guys feel that is necessary? If so, does it have to be my home state or can I choose another? If I can choose another, what states do you recommend?

Does anyone in the south jersey area, more specifically, Glassboro, have good recommendations for property managers? Also I’m hearing a rule of thumb is you pay a manager about one months rent to find tenants and then about 10% per month to maintain those tenants?