All Forum Posts by: Emily Strong

@Emily Strong Hi! I wanted to see if you had any update on this, have you learned anything worth sharing? I am active in the NC Market, and would be happy to discuss my experience. 

Emily, One thing I did gain from the Flipstress was where to get the funds from. My husband and I got a HELOC against our personal residence. We used those funds to buy a property with cash. We then contacted a local bank and asked for a line of credit for the rehab. The bank attached a LOC to the property, similarly like they would a mortgage. We draw on those funds as we need them to complete the rehab. When we sell, the bank gets automatically paid back from the proceeds, then we pay off the HELOC and do it all again. We roll almost all profit back into the next house, so we can buy at a bigger cash price for potentially bigger profit. Eventually, we wont need to use the HELOC or even a bank for the rehab. That's the goal anyways.

Also, you can get a Lowe's or Home Depot credit card for 0% interest for 6 months if you work it right.  You just have to make the minimum payment every month.  

I'm in Indiana.  Hope this helps you!

Hi Emily, getting started is definitely the toughest part.  I would  recommend that you work on practicing analysis of properties that you see in Zillow.  To learn how to do the analysis, I highly recommend you read, highlight, and reread two books:   both by Brandon Turner, first is Rental Property Investing which talks about finding, financing and everything to screening tenants for rental properties and the second book is  volume One of the Multi Family  Millionaire.  This book has an excellent chapter on the Math!!!.  Write down the formulas and practice these on properties that look like they have potential. And, if you want to invest close to home, find a realtor who works with investors who can help you look at these properties.   Also, see if there are investor groups in your area where you can start to network. As you are building your knowledge base on analysis, think about how you plan to finance these and begin to speak with lenders so that you'll be ready when the right deal comes along.  Good luck.!!

Hi @Emily Strong! What kind of property or properties are you interested in, SF, 2-4 MF, 5+ MF?