All Forum Posts by: Jon Kelly

@Dan Maranto 100%. Cash out refi or HELOC would be great options.

Congrats to you for realizing you have an opportunity to leverage the $500k asset you're sitting on (and living in). 

I understand paying off your debt gives you peace of mind and lower monthly bills. But, now you will have the opportunity to earn more money with cashflow and experience the tax and wealth creation benefits of real estate. 

@Steven Harris You can always come directly to a hard money lender that actually funds their own deals. Lower fees and a quicker process. Send me a dm. 

My company offers up to 90% of purchase and 100% of rehab for fix-and-flip loans. 

@Salvatore Lentini has a great point. The rates on fix-and-flip loans are higher than terms loan. Rates can be 8-9%+. You'd want to pay these offer ASAP and sell or refinance into a longer-term loan. Our fix-and-flip loans are 12 months with 2 additional 6-month extensions (24 months max) and you can pay off any time without penalties. 

@Mitchell Mohney I would find friends / family or any other way to finance the remaining $6-8k of rehab. After repairs are finished and it's rented you should refinance and pull out 75% of your money. If the ARV is $60k then you'll get a loan for $45k. This $45k will go towards paying off your $6-8k repairs you financed and will give you capital to go buy your next property.

All (*most*) successful people work hard. Saying you work 17 hours per day doesn't help your case. You either want to make this work or you'll continue making excuses and find reasons why you can't do it... 

You've put in a lot of time to listen to 54 books and hundreds of BP podcasts... don't let it go to waste. 

FYI - I know a good agent and property manager in Toledo. DM me if you're interested

@Chauna Caudill what are the numbers on the duplex? 

If you can still find an interest rate in the 2s on the house hack I'll bet that generates a higher ROI. Selling could be the way to go

@Dustin Murray seems like you've already started... keep going

@Kurt Granroth checking account in my business operating account. 

I'm sure you can find alternative options to earn 0.5% on your money while it "sits," but for me it's not worth the trouble. I'm trying to find good deals as quickly as possible so large sums of money sit for 2-4 months at most. It's not worth transferring funds or the potential negative downside of stocks to earn an extra $500... 

If you believe in real estate then go all in on real estate. If you believe in stocks then go all in on the stock market. Don't mix business with pleasure : ) 

@John Oh start with listening to the BiggerPockets' podcasts. It will get your creative juices flowing by listening to other success stories. Over time you'll start to understand different strategies and you'll pick whatever is most interesting to you. 

I would try to soak up as much free content before I start paying $5-10k for courses... 

@James Warren Congratulations! That's a great story. Looks like you're not stopping anytime soon! 

You should recommend some of the professionals you relied on to help other people on here

@Christopher Schott it sounds like you already have a plan on what to do with the profits. Can you rephrase your question on what you're seeking advice about? 

It sounds like you want to get into the STR game. You may want to create a new post specifically to that. Try to connect with other STR investors, property managers, agents in your area.

@Brian Ellis I understand what you're saying, but I disagree with the post. "Why is it impossible for people to see some value in what he's teaching..." 

Dave Ramsey has hundreds of thousands, probably millions, of people that follow his advice. There's a lot of value in what he says. Of course he isn't for everybody though.  

Kind of the world we live in these days. Just because you read a few negative posts doesn't mean that's what everybody thinks. 

(Note: I'm a big believer in leveraging debt, but I still see the value it what Dave Ramsey preaches)