All Forum Posts by: Dave Thomson

@Tj Simmons a garage door, that’s crazy!

I had a Nest Thermostat get stolen, which they conveniently replaced with a standard thermostat. Not a tenant, it was a contractor that had the lock box code to the rehab project. Could’ve been a lot worse!

On a totally different note, this thread reminded me of a guy back in college that subleased through craigslist at our place. After a month he bailed and stole an iPod, 50 state quarter collection, and Buffalo Bills poster. I’m not bitter at all ;)

Find a new agent. Search for duplexes that we’re sold in your area and see who the listing and buying agent were. See if a name keeps popping up and contact them. Same thing for lenders, call around, and then get pre approval. It’s definitely possible, might take a few offers but it’ll be worth it.

@Eduardo Tarrio if i were you, I’d continue to get educated, listen to podcast, read books, and save a small down payment to do a house hack with as little as 3.5% down. I would also network at the local meetups and talk to people. Maybe there could be someone that you can provide value to (free labor, be a bird dog for finding deals, admin work, you get the picture) in exchange to learn from them and see how they succeed in their business.

Any “recession” forum post I see, I can’t help but click just to go see @Russell Brazil ‘s response :)

@Scott Passman the one person I know that invest in Muskegon isn’t on BP. He knows the area well and works with other investors there. Send me a dm and I’ll connect you with him.

@Bijou Diaou my biggest mistake was going with the cheapest contractor and not running my own numbers on the rehab. Lesson learned ;)

I thought the same thing @Mat O'Grady , it appears that transparency was lacking.

People should always be upfront with the seller and educate them on all the options if they truly want to help them and solve their problem.

Letting them know if they list it on the open market it’d go for x dollars more, or they can trade money for time and convenience.

Hi Alex, welcome to BP! It depends if you obtain a HELOC or a cash out refinance. A HELOC would technically be a 2nd mortgage, however it's like a credit card with a low interest rate and no closing cost, and you can pull out as much or as little cash as you need. Whereas a cash out refinance you would have to pay closing cost, would get a set amount of cash, but ultimately you'd end up with one mortgage payment.

Using a HELOC for the BRRRR strategy is a great option. But, there are many factors that come into play...the amount of equity in your current house, your current loan rates, the deal on your 2nd house, etc.

I’d recommend you call a local lender/bank and talk to them, then you can talk to other lenders/banks in the area and find the best rates.

I agree with @John Warren. Having your investment property close by (within a 10 mile radius from your home/work) is ideal in my opinion. As a new investor myself with a W2 income, it's convenient if I need to go to one of my properties from my home, or before/after work. It all depends on your current situation/goals though.

Best of luck and welcome to the forums!

Appreciate it @Craig Curelop, thanks for the post!