All Forum Posts by: Brett Wells

Thank you for all your help I will talk to my cpa but sounds like leaning towards a heloc. I appreciate all of your help @Marina Draper,@George Lay have an awesome day 

I appreciate your thoughts what about from a taxes stand point and right offs is a heloc still the way to go instead of a personal line?

My name is Brett, I have been a fan of bigger pockets and listen everyday to the bigger pockets podcast and bigger pockets money, absolutely love it.  I set a goal for myself to obtain a buy in hold property in one year, did it in 6 months.. We did a complete renovation turned a 1 bed 1 bath in two a 2 bed 1 bath, took it clear to the bones add new electrical, new plumbing, with all the great updates in 8 month turn around. We bought it for $100,000 and gain $80,000 equity once finished.  It sits on 1/2 acre and the plan is to do a lot split and move another sfh on the property in the back.  Moving forward I recently came across a deal down the road similar deal .47 acre sfh 1bed 1bath asking 140,000 but been on the market for over 70days. I've walked thru it has a lot of potential.  1bed 1bath house.   My question is I've done some reading and curious on which loan to go with a personal line, heloc, or commercial? If I were to purchase the house needs a little clean up and new roof that's about it, thoughts were to make it live able to pay the mortgage. Future build two houses or duplex, it is also labeled multi family.

I would like any input and thought thank you

@Andrew Johnson I appreciate the advice I look to take my first deal on step at a time 

Thanks for the advise @Jd Martin and @Rick Pozos I enjoy learning about all the different tools to add to my box 

boom! that's why I love my community at bigger pockets.

Jd,   Those were my thoughts as well just needed a second opinion.  I am just itching for my snow ball effect cause I see so much potential here in Boise,id. 

have an awesome day!

Questions.....Deal #1 I will be closing on my first deal in two weeks thru private lending and will be doing the BRRRR method.

Deal # 2  The question I have is how fast can I get into my next deal but using a different method say like portfolio lending?  I have another deal that could consist of moving a house to an area that has some great new construction and value. An area going from trailer parks to mulitfamily and new single family, so from a equity side I see great potential in say 5 and 10 years, then maybe sell.

Deal # 3  Possible partnership fix an flip buy for 120,000 sell for around 200,000 or hold and 1031?

Thanks 

Brett

I appreciated the feed back from everyone, I look forward to this wonderful journey. It took me 8 months of gaining some knowledge and executing that in to a plan to purchase my first rental property will close on June 7th looking to do a BRRRR method very excited. So thank you to @brandon turner and everyone here at Biggerpockets.

John Leavelle 

Thank you for your response the house was deemed uninhabitable by 4 real-estate agents, which I'm sure they looked around the house and do to the outside condition said it needs to be torn down.  They did comp the home around 150,000, our assessors office valuation is 153,000 minus the Mother-in-law house. So the demo guy took a look at it, as well as myself and believe it can be rehabbed, it has good structure or bones to start fresh with new updates.  New roof 2013, new HVAC, and water heater.

Muliti-family units in this area are common and most of the neighbors will subdivide the lots.

Rent will be at $800 per month, cash flow $100 

Exit strategy buy and hold