All Forum Posts by: Josh Bustle

Looking for a PML to lend on a 15 house portfolio deal in VA that I have under contract. 12 homes are rented month to month, 3 are vacant. Looking at a couple different exit strategies. I am licensed Realtor in VA and have a trusted contractor ready to do the work. Open to partnering with equity spilt.

Purchase price is 1.4M

Reno - 675k

ARV - 3.375M

Looking for gap funding or funding the whole thing

Reach out to me for more details! 

Josh Bustle

Licensed in VA and SC with EXP Realty
  

Thanks for the input! I have looked into the higher taxes on non owner occupied properties. I look at it this way, its something keeping other investors away but to me its just an other number to factor into the deal. 

What I heard from investors and Realtors in the area, the price to rent ratio is strong, rentals are in high demand and listings are still going in days at all price points. Also with the big influx of people moving south from the north, most of them want to rent before buying to feel out the area. Also I'm looking to fix and hold and BRRRR whenever possible.

I also don't want to be over confident, please let me know other things that I might have overlooked!

Does anyone have some good news about investing in South Carolina real estate? If you don't want the secret out, you and just message me 😁

Hello Bigger Pockets and Happy Monday!

I've been listening and looking at Bigger Pockets content for years and years and LOVING all of it. My wife would get so tired of hearing "So I heard on this BP podcast today..." while rolling her eyes. I admit that I messed up by not using BP by posting in the forums and networking with investors that are doing the very thing I long to do.. Be a full time investor!

I bought my first house at 23 years old and my friends at the time thought I was crazy. Then I rented rooms out to them and they paid my mortgage. Who is the crazy one? I wish someone had told me then that I was house hacking and that I should work on buying another house to continue to build a business. If I only knew then what I know now!

Fast forward 10 years! I still have my first house (tenant in place since 2013) with very nice positive cash flow. I turned my wife's house into a cash flowing rental. Bought a live in flip (just passed the 2 year mark) and just sold my first fix and flip that I bought through a wholesaler. Also got my RE license 4 years ago to gain access to the MLS, help friends, family and clients invest in RE and of course make some capital on the side. It's been a learning experience but I still love it!

Next thing I know my W2 job of 17 years is draining my time and energy. All I talk about is real estate, I love running the numbers, teaching home owners about ROI and now a trashed and smelly house makes me exited!

Now for the point of this post! I'm ready to jump in with both feet. I'm ready for a new chapter with new people in a new area. I'm currently living in Northern VA where the price/rent ratio just doesn't work for me anymore. I'm looking to relocate my business and my family to upstate South Carolina. I've been reaching out to investors, wholesalers, contractors, lenders and Realtors in the area. I want to hit the ground running and network with as many people as I can. I'm a big believer that a good network equals a good net worth! Looking to create win-win relationships and I have no problem getting my hands dirty and helping an investor solve problems.

So anyone that does real estate investing in the upstate South Carolina area, please reach out to me so we can connect!

  Here's to a new year and a new chapter!

So much good input! I definitely have to check out the small print on my HELOC. Thanks everyone

So I would say that my "game plan" is to continue to find deals, decide if I while BRRRR into a rental or flip it and build capital (to BRRRR rentals). As for my new primary residence, it's a foreclosure that I'm fixing up and selling after the 2 year mark to defer taxes and keep my gains.

Guess I'm trying to do a little of everyone's strategies, hope it doesn't get me in trouble...

Thats another think I was worried about. I have 3.75% on one and 4% on the other. You just cant beat that right now! I got a 100k HELOC to use on my flips. I thought about doing the same on the other as an option or maybe a second?

Thanks Geoff for the questions! To start off, I'm only 32 years old so I feel like I have plenty of time to get back up if I get knocked down. Any of the money that I pull out would only go back into RE. Either buying another rental property, improving one to rise the rents (like finish a basement) or a flip property. 

My goal is to have enough cashflow from my rental properties to not have to work anymore. I think about 10k a month should do it. I love the idea of having them paid off. I wouldn't need many to achieve this goal if they were paid off. 

I did forget to say that I have a 100k HELOC on the $400k property. I plan of using this over and over for flips. I'm loving all the feedback on this topic, I figured putting "Dead equity" in the subject would be some attention!

Thanks everyone!

Well said Sir! I Love it, I feel like this is the best path for me. Doing this also protects me from lawsuits correct? Instead if having 6 figures of equity in a rental property that I could lose in a lawsuit 

 Thanks "Old dude"!

I have the same game plan but I feel like I can get there a lot faster if I use the banks money to grow my portfolio. Another thing I thought about is if (and when) the market does dip again, my "dead equity" will be gone. Thanks for the good fortune Terrell and I hope to be cash flow rich one day!! 

Hello Bigger Pockets!

My main question is how much money do you leave in your rentals? I've got one rental property worth $280k, about 60% LTV (115k in equity). I just closed on my first "Live in Flip" and I'm moving in there next month (this should be fun). I'll then be turning this house into a rental property. This one is worth $400k, about 55% LTV (180k in equity). If I do REFI, I should probably do it before I move out? (thinking yes)

I'd love any feedback. I'm not scared of risk and have told myself that I should just pull money out of both up to the 80%. Then take that money and buy one or two more rentals. What does everyone think about this?

Thanks!

Josh Bustle