All Forum Posts by: Bria Johnson

I meant P&S (purchase and sales) LOL not P&L. I apologize about that.

I wish I knew an attorney in VA but I do not. Good luck!

 Have you run the deal through a calculator? I know bigger pockets has some you can use. As far as the first step. I would say make sure it is a deal you want to pursue based on your objectives (cash flow , principal pay down, tax benefits, etc).

Depending on if the property is owned free and clear OR you are doing a wrap mortgage, I suggest speaking to an attorney to get the correct paperwork in place.I know you said that you will wait to get a lawyer involved, but I believe you need to have the correct paperwork ready to get it under contract.  If the seller agrees to the price that is half the battle, they would also need to agree to your terms and I am unsure the traditional P&L will be adequate for the deal.

I know for lease options my paperwork had to be created first because a traditional P&L won't cut it.  

All this to say  - this is only my opinion and not gold :). Make the offer and get it accepted. 
Good luck! Keep us posted.

@Karl Denton thank you!

@Jeff S.thank you very much! And yes I meant I was referring how do I protect my HELOC, so I appreciate you clarifying that.

Hi! Would love to hear from folks who have used a HELOC to private /HM lend.

-How did you get started?

-How do you protect your asset?

-What kind of assets do you lend on?

@Daniel Leonardis where in NE do you invest Daniel? I live in NE so I’m curious about what deals you find Denice I am search of a 4 family

@Michael Trueba awesome that you feel ready! My two cents is that everyone on this thread will have a different answer on what the first steps are and that is because all of our journeys look different. All that to say, what follows is merely my opinion and not fact.

What helped my journey is crafting my vision (10 year goal). The thing about real estate is that there are SOOOOO many little steps you can take. However, are the steps you’re taking going to get your towards your destination (10 year goal) ?

My suggestion would be to first answer what are you trying to achieve by X date and then work that goal backwards. Then answer What’s your niche to get to your 10 year goal? I know you named a few different things you’re interested in so create a criteria for those interest (ie: you’ll only look for deals in X neighborhood, you want X cashflow). That way anything that doesn’t meet your criteria you can quickly say “no” and not get caught in shiny object syndrome (I’ve very guilty of this).

Above all take action. I was going to say take “massive” action but I have a feud with the word “massive”. It’s all about consistency not intensity. So I would rephrase in say take consistent action !!!

Good luck!

@Spencer Smith Thank you for the book suggestion. I am going to pick that one up.

@Mike D'Arrigo Jumping In on this post here to say thank you very much for your insight. I do not currently invest in Indy but looking to do so within the next year. My biggest fear is that I live in the north east and I am worried about investing in properties that don’t make sense and that I can’t see. Any tips on how to properly learn the Indy market well with being miles away? I see you are from Cali so figured you are a pro at out of state investing.

Thank you!