All Forum Posts by: Jessie Dillon

depending on the amount we're talking about, have you looked into using a true private lender for this one?

yesss you'll want to run the numbers on a few different scenarios: 1. doing a cash-out refi (new loan amount, new rate), 2. doing a HELOAN to tap into your equity... and actually, 3. selling the property and doing a 1031 into a bigger asset that will cashflow better. condos (when doing LTR) rarely cashflow much if anything. find an investor-friendly loan officer that can help you figure out which path is right for you!

i bought a home warranty once and never would again. they rarely have things taken care of in a timely manner, which can be fine for your primary in some cases, but not for a rental. and the companies they contract to do the work, are getting paid pennies on the dollar for those jobs based on the deal they negotiated, so they're in NO rush to get out to you. and like any insurance company, they do all they can to get out of stuff. it was a waste of not only money, but also time and energy.

if the numbers work with the current rates, keep buying! but buying with the hope that you can refi on a certain timeline at a certain rate, is a bad idea, if you'd be screwed if the rates don't go where you want, when you want. 

i'm sure there would be a line around the block of investors wanting to buy the portfolio in one transaction with seller financing, so long as the terms are right. i'd look into it myself. but something to note: the copy and paste in a previous comment mentions 'to an owner-occupant.' does this mean those rules wouldn't apply if you're selling creatively to investors who will not occupy the homes? something to check on.

welcome, evan! always love seeing others getting into the RE game early in life. i used to be a die-hard index fund investor & have since moved all my $$ into RE. you just seriously can not compare the two. wealth can be built SO MUCH FASTER in RE vs in the stock market. would love to connect and see how i can help you!

putting down 75% ain't bad, but if you're dead set on investing in your backyard, oftentimes it's just not an area that cashflows. if cashflow is more important to you than having your rentals be a stone's throw away, consider another market.

pretty common reaction lol. the reality is that yes, investing does come with challenges. if you treat your investments like a business & really commit to being great at it, you will face far fewer challenges than the average mom and pop landlord. another reality of it is that the wealth-building power of RE, when done right, SERIOUSLY outweighs challenges like landlord/tenant issues. in life, find people who are doing what you want to be doing, and take advice from only them. block out the rest. 

welcome, bruce! let us know if there's anything in particular you're needing help with as you get started!