All Forum Posts by: Jessica G.

Ask your loan officer ahead of time what you should do. We just used a HELOC to purchase an investment property and our mortgage company didn't care how long it had been in our checking account. I literally transferred the money a week before closing. They knew where the money came from and just calculated the payment into our debt/income ratio.

@Jonathan Peters Gotcha, thanks!

Can someone help me understand how it makes sense to hold onto a property whose PITI is $2600 (after the refi) but only rents for $1950? Maybe I'm missing something.

@Caleb Heimsoth 100% agree that no one ever talks about risk... it's all the highlight reels, like when people post about buying X number of doors in D class neighborhoods and they are a year into investing. I wish there was more shared about when things go wrong to balance out the success stories. It creates a false sense of security for us beginners I think.

@Brieer Doggett I personally look at worst case scenario. If (when?) sh*t hits the fan (job loss, medical emergencies), are you able to make your car payment, student loan payment, and float a vacant rental property? Personally, that's way too much stress for me. 

You know what people have when they don't have any payments? Money. (Dave Ramsey)

@Cody L. I'd actually love reading more posts from people who are where I want to be! Your idea sounds like a great solution.

@Michaela G. I can only assume your post was directed at me. I can assure you I do not feel less than anyone on this forum, because frankly the number of doors or net worth someone has does not impress me to the level that I think they are better than me. Being able to learn from more experienced people is why I'm here. So to move all of the experts to another forum defeats the purpose and it would be awesome to be able to see conversations that are happening at a higher level, even if I can't post myself, like Cody above suggested. 

@Duane G. I run into the same thing when calling/texting fsbo on Craigslist- 99% is wholesalers. However I did just buy a house this way because I just happened to catch an ACTUAL owner. I don’t think there’s much of a way of knowing besides just doing it, and asking people right away if they are the owner. Also, if I were you I would wholesale on my own instead of with NWA. Nothing against them, I’ve gotten some decent properties from them, but as a buyer I’m looking for more of the Lone Ranger wholesalers because there’s more flexibility on the price and not additional fees on top. If you have a deal you’ll have buyers all day long. Just get into the Facebook investing groups in your area and you’ll off load a deal and build up a buyers list.

@Steve Snyder It seems that your post would probably have done more to effect change had it been directed at the mods or the BP powers at be then? In terms of filtering things out, encouraging people to post beginner questions in Starting Out forum, etc. I keep seeing posts that indirectly express annoyance at all of the recent new people joining. It’s somewhat insulting actually, and I’m sorry if that wasn’t the intentIon behind the underlying tone of your post, but yours is the lucky winner that I’ve decided to comment on ;) No biggie, hope you find what you’re looking for! Anyway, I’ll let the real investors get back to it!

I’m confused as to what questions and conversations need to be had in a private or VIP group that can’t be had in front of *gasp* newbies ? (As opposed to a pm or phone call) Perhaps when I’m a real investor I’ll find out!

Yes another thread about a possible pending "market correction"! I'm just curious how people were purchasing property during the recession - was it mostly cash? Conventional loans? I guess I'm trying to gauge how to best put myself in a position to buy - how hard was it to refinance out of hard money if that's what you were doing? I'm all about the BRRRR strategy but I wonder how hard it will be to refinance? Should we be stacking as much cash as possible? (Which kind of goes against the idea of acquiring as much as possible right now) I'm being super picky about buying right now, and will still buy if I find a deal, but I'm also ready to start scooping up properties!

Thanks for any input!

And when it comes to refinancing from the bank, I always assume a very conservative ARV so there is room for error.