All Forum Posts by: Jorge Borjas

@Rob N. Welcome to BP man! Kudos to you on wanting more out of life besides just a day job. Having said that, I suggest you begin immersing yourself into REI education. If you're not ready to begin investing, at least begin making relationships, bringing value to others, because you reap what you sow. In order to be ready in two years, you'll have to develop good networks from now on. Read all the material you can on REI and begin practicing what you learn, even if you don't buy anything.

All the best man!

@Larry Bealer Do you do rehabs in Cobb County? Kennesaw and ACworth?

@URIYAH ROBINSON

Welcome to BP man! You'll find a ton of resources in here that will help you get off the ground. I suggest you educate yourself like never before and learn everything you can about RE investing. Set up your key word alerts:

https://www.biggerpockets.com/alerts

Also, check out the weekly webinars with @Brandon Turner :

https://www.biggerpockets.com/webinar

Also, attend the local https://www.meetup.com/NW-Atlanta-REI-Meet-Up/even...

You can meet great people that are willing to share their knowledge and time with you.

All the best man! 

Hi Tomas,

Welcome to BP! You'll a ton of resources in here that will help you get off the ground. I suggest you educate yourself like it's a second major and learn everything you can about REI. Don't wait to begin getting your financing in order as well as establishing your systems to obtain deals.

Make sure you set up your key word alerts, as these will alert you anytime someone posts about something you're interested in:

https://www.biggerpockets.com/alerts

Also, check out the weekly webinars with @Brandon Turner:

https://www.biggerpockets.com/webinar

Also, attend the local REIA meetings. There are several around the Metro Atlanta area. Here is one later this month:

https://www.meetup.com/NW-Atlanta-REI-Meet-Up/even...

You can meet great people that are willing to share their knowledge and time with you.

All the best man! Dive in with all you got.

Welcome @Katriel C. Sarfati! You should attend the REIA meetings around the metro Atlanta. There was one yesterday in Canton, GA and there is another one Aug. 22 at 7pm. ALso, there is another one Aug. 4 in Kennesaw, GA. I just went to my first meeting and it was worth it.

I recently contacted them and they spent a lot of time trying to sell me on their mentoring program that costs an arm and leg. They seem like the gurus that want to coach you for a fortune. I think the CEO is Lee Arnold. Has anyone gone through that program or other related programs? How have your dealings been with them? I definitely don't like the idea of putting $10k up front for a program that is not guaranteed to work. Your thoughts and advice please. Thanks!

I recently contacted them and they spent a lot of time trying to sell me on their mentoring program that costs an arm and leg. They seem like the gurus that want to coach you for a fortune. I think the CEO is Lee Arnold. Has anyone gone through that program or other related programs? How have your dealings been with them? I definitely don't like the idea of putting $10k up front for a program that is not guaranteed to work. Your thoughts and advice please. Thanks!

Anyone?

I'm not sure how the HELOC works, but I think whatever you have tied into the new house in rehab costs, you're gonna have to subtract it from the 130k. Granted, that will reduce the loan amount cuz you're using your cash. You have to account for the out of pocket closing costs and things like that, which at this price range can be around $7k. The holding costs (interest payments) could range from $10k to $15k depending on long it takes you to rehab. There are a lot of intricacies that you have to think about. But big picture it makes sense. Just figure out the logistics.

@Peter Kehr

Hey man, welcome to BP! You've come to the right place, as many experienced investors here are very generous with their time in giving out advice. 

If the house is in such bad shape that the bank won't give you a loan, you might want to go to a local bank or portfolio bank that specializes in real estate investing. You might have success there. Another option is to connect with a Hard Money Lender to fund your deal for the first 6-9 months until you can refinance and get a normal 30-yr loan with a bank (by then house would be in great shape). You could still leverage your HELOC to fund the rehab costs, but gotta think how you're going to pay that back once you sell, cuz that money is gonna be thrown into the new house.

Have you looked into the Flip calculator here in BP? Here's the link:

https://www.biggerpockets.com/flip-analysis

Look up the webinars on the subject by Brandon Turner. You have to be a pro member though to watch replays:

https://www.biggerpockets.com/proreplay

You gotta make sure that the deal is a great one so this all makes sense. Otherwise, it's gonna be tough.

All the best man!