All Forum Posts by: Jake Thornton

I got a thing in the mail today from a company called point. It was offering me $94,000 to buy equity in my home. I want to get stayed in real estate, and I have been contemplating doing a refi on mortgage, but given fluctuation income over the last couple of years, I've been worried I may not qualify. This seemed like an interesting option. 

From their website "We pay you today for a share of your home’s future appreciation. There are no monthly payments; there is no interest rate; you can buy Point out or sell the home at any time; we can lose money if the home depreciates."

Has anyone used this company before? If so, what was your experience like? 

If you haven't, what are your thoughts on this strategy to get some cash quickly to get started vs a refi or HELOC?

This has been a really good discussion. Thanks everyone for your input. It seems to be, like with most things, it's all about those relationships. A company like CHBO may work, but finding someone who actually works for/with corporate housing companies seems to be a better way to go. 

@Justin Ellis hmmmm forum juice. 

I currently run two successful airbnb's in the Lake Arrowhead area, but was thinking about the ideas of corporate housing. Ie getting a place, furnishing it, and renting it out in desirable areas for the corporate world. There are a few platforms out there, one of which is CHBO. Does anyone here have any experience with this? What was it like? How does it compare to Long term buy and hold, and airbnb?

@Rundell Ramsay how does that strategy allow me to pull all of my money out?

Thanks for your reply @Lee Ripma

 Yes Kansas City is where I’ve been looking at too. How’s your experience been investing there long distance?

Hello! New member here!

I work as a screenwriter in Hollywood. I've had some successes (although nothing has been made), but three years ago hit a real tough couple of years where none of the projects that I was counting on moving forward did, and I really faced the truth about my industry: it's feast or famine. With two young kids, and really the only breadwinner in the family, I was faced with the very really possibility of selling my home. Since then things have picked up slightly, but I started during that time to educate myself financially, and read at least two books on money/self improvement/business a month. During the lean months, my family rented out our suite nice home in LA on airbnb, but last year about this time, decided that we should try something new. So we, with the help of family members, started two airbnb's in the Lake Arrowhead area of Southern California which have been producing quite nice cash flow. We also just bought a converted school bus to use as an airbnb in the Joshua Tree area of SoCal too. Cash flow has been good and I'm pleased with the way it's all been going. Next up are some BRRRR projects out of state, and I'd love to connect with realtors, lenders, contractors, and property managers in markets where that could be successful.

Thanks for having me!

Jake

OK, so I'm fairly new to the community here, but a couple of months ago I picked up the BRRRR book and I'm in love with the concept.

A little about me. I work as a screenwriter in Hollywood. I've had some successes (although nothing has been made), but three years ago hit a real tough couple of years where none of the projects that I was counting on moving forward did, and I really faced the truth about my industry: it's feast or famine. With two young kids, and really the only breadwinner in the family, I was faced with the very really possibility of selling my home. Since then things have picked up slightly, but I started during that time to educate myself financially, and read at least two books on money/self improvement/business a month. During the lean months, my family rented out our suite nice home in LA on airbnb, but last year about this time, decided that we should try something new. So we, with the help of family members, started two airbnb's in the Lake Arrowhead area of Southern California which have been producing quite nice cash flow. We also just bought a converted school bus to use as an airbnb in the Joshua Tree area of SoCal too. So that's that. 

My long term goal has always been buy and hold for single and multifamily. I'd always bought into the idea that properties should be within 50 miles of your house, but living in LA, it's just not feasible to get something of a deal given my access to cash. So I''ve begun the tentative looks out of state and have been reading to Long Term Real Estate Investing to help manage my ideas of that. 

So while I have quite nice cash flow from my airbnb's, I really don't want to wait to start the process of BRRRRing. So I've looked at the numbers of my house. It's worth now about $925k, and the balance on the mortgage is about $585. I've thought about doing HELOC's, but my previous year my income on my taxes was $10k (yikes!) and last year about $25k (slightly less yikes, but still yikes) and didn't qualify due to income. This year should be slightly better. So I'm contemplating a refi on the home, and pulling approx $185k to get started with this BRRRR thang.

I've already started conversations with a realtor in Kansas City, but open to more markets and ideas. 

I suppose my question is is does all this sound like a good idea? Will I even qualify for a refi? What advice do you all have to get a newbie going knowing my situation. 

Thanks in advance!

Jake

Congrats and thanks for the inspiration!

Following this thread too. I also live in LA (just up the road from you actually), and will have about $200k to invest. I think LA is hard, but maybe nearby cities like Bakersfield and San Bernadino. Easy to get to (ish) but properties available for that price perhaps...