All Forum Posts by: Joe Homs

@Ruben Espejel PM me for the ones that I use.

Good Investing...

@Bryan Galaz the purpose of a HELOC is to use that money to invest, but you must be disciplined with putting the money back and not spending it on a vacation or expensive car. As long as the money is green anyone will accept it.

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@Bryan Galaz you can start by getting a HELOC (Farmers and Merchants Bank, Lake Forest) to see how much you can borrow. Before you pull the trigger on anything I would get some training or find a mentor in your area willing to show you the ropes. If you're looking for a rental in California, that would be a big ask for something that can cashflow. You may need to go out of state, which has its own problems. Check out some local meetup groups in your area and start learning.

Good Investing... 

@Amby Bhagtani you should concentrate on getting your job done, especially if its a flip.  Once that is done and the dust has settled, you can go after the contractor (if you can find him) in small claims court.  The small claims court amount is only under $12,500 now.

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@Jeff Horowitz Welcome to BP in the OC.  I would check out some local meetup in your area.

This one is coming up on Monday:  

OCREIN - Learn How to Flip Homes in Less than One Hour (biggerpockets.com)

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 Check out Farmers and Merchants bank in Lake Forest.

Good investing...

@Taylor Dignam welcome to BP in the OC.  Check out the local meetups in your area like this one.

OCREIN - Learn How to Flip Homes in Less than One Hour (biggerpockets.com)

Good Investing...

@Julia Taylor, Chase, Wells Fargo and Bank of America.

@Lilly Fang I always do both. Make sure you are on title with your LLC so that you have a say in the sale of the property. As a lender you do not. Also make sure that the loan includes all the money you are putting into the property.

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@Dylan S. seek advise of a CPA, but form an LLC and get a S-corp designation. You will pay about 30% in W-2 wages and the remainder as ordinary income. Your example:

1M purchase, sale of $1.4M then a $400K gain is forgetting your rehab and sales costs of approximately $150K, so your real gain is $250K.  Do four flips this year and you are a millionaire.

Good Investing...