All Forum Posts by: Justin Wilcox

I am originally from Boise! Love that place. Personally getting started in investing myself I think that the HELOC isnt a bad way to go as long as the investment can support it. The cash enables you to get the property with 20% down which allows for traditional financing with banks. With the BRRR strategy I think it is a good way to get money to start out.

Make sure you have enough cash to finish the rehab on the property and that it can make money when you re fi out of it and rent it and you will be golden.

Those items are all critical. 

Rate wise on the loan, its better than hard money. If you can get a personal loan, I would favor that more simply due to the fact that it won't show up on your DTI when your credit is pulled for anything else which is nice.

You can make money wherever you are. I would make a pros and cons list. Is this going to be your full time job? If so, it doesn't matter where you are. You will have to make money because you will have to be able to live unless your spouse works too.

Personally, I know that Texas is really hot with REI right now and there seems to be room for just about everyone there... Doesn't seem like a bad bet. Then again Florida.. buy and hold for all those retirees.....

Looking for a friend for some referrals as well..

There will always be deals out there... You just have to be willing to do the work to find them. You cannot buy a property for 96 cents on the $1 and expect it to work out in your favor. Buying at a steep discount appears to be the only way to scale real estate for most buy/hold, whole sellers and flippers to ensure sizable returns. 

If this is a buy and hold property, despite being able to get appliances cheaply, I would buy them from Costco. Their warranty is forever. It may cost more, but in the future you will just have to pay for the removal and install and they will replace the unit for FREE.

Just food for thought. It's what I plan on doing with my properties once things start going out. 

I am on the hunt to find a good real estate lawyer in the Phoenix area. As we all know, experience and cost all play a part. I am of the nature an ounce of prevention over a pound of cure so I am willing to pay a little more to know that all my bases are covered. 

For you as an a property owner/investor what are the key items you look for when searching out or working with a real estate lawyer?

Feel free to share your experiences and what you've been charged to handle tenant land lord issues, contract review ect. 

In any input is greatly appreciated.

Thank you!

I have recently been using VENMO which is a break off of Paypal. I like it because renters can pay rent with their credit card if they don't have the cash. The bigger issue is, make sure that you deposit all funds into your bank account so you can verify funds for whatever you do in the future. 

There is no fee as long as they use their debit card/bank account. 
I have yet to have any funds freeze myself. You cannot transfer more than $3000 a week though. 

The Phoenix area seems to be inflated right now, with not a lot of multi family units available that make sense return wise. There are deals out there I am sure, but 400k for a fourplex is not one of them. Good luck!

@Account Closed Sent a request over. Thanks. 

Hi Ken, 

I am familiar with subject tos. Do you just ask the seller if they are okay with doing that on their current loan? 

@Account Closed