All Forum Posts by: James Canoy

@Brian J Allen

Do you deal in western Massachusetts at all? Specifically, Springfield up to Northampton.

@Maurice Blackledge

Figure out where you plan to invest and then search bigger pockets for rehab companies in those areas. You won’t be able to be on top of you rehab process like you would if it were in state.

@Brady Wolfgram I never thought of grouting vinyl. How does it hold up?

@Pete Harper

Pergo at Home Depot

@Lauren Billups

Being new myself I can tell you my logic. I started with flipping because I need the extra money to move forward and it won't tie your money up. Also, I need the experience In this area so that I can understand the costs and logistics of rehabbing. You could BRRRR a rental but that'll take time to get each property up, rented, seasoned, refinanced, and then find another.

Unless they’re selling bulk houses as 1000 each that seems like it would require a lot of money upfront 

@Ron Russell

It’s fine but make sure you get their parents to guarantee the lease so they don’t just move out or tear the place up

@Michael Ealy

How do you go about finding these notes? Especially the discounted vacant ones?

@Larissa Pacifico

Buy, rehab, rent, refinance, repeat.

You have to find a deal where you put in a fairly low down payment or other of your own money...maybe you can pay cash. The point is that there is a house you buy low but when it’s fixed up it’ll be worth significantly more. So you fix it. Then you rent it to have someone paying the mortgage or cash flow. Then you get a bank refi off what the fixed up value of the place is so that you get all your money back. Then you do it again with another place with that money from the bank.

Bad simple example:

Assume a house you’ve bought for 20k needs 30k rehab. So you have put in 50k total of your own money. But the house is now worth 150k on the market.

Then you rent it out.

Then you run to the bank and take out a home equity line or loan on what the house is now worth.

So 150k-50k = 100k. You’ve got your initial 50 out plus.

Then you do it again.

You’ll end up with 2 houses being paid for by tenants and at the end you’ve made money.