All Forum Posts by: Mindy Jensen

Welcome to BiggerPockets, @Jamon Stanton. 

You have already found the forums, but did you know that we also have a top-rated Podcast and excellent Blog?

Be careful on these pages, you will soon get addicted! 

@Pavlos Kasselouris, my husband checks it every day. He thinks of it as a game - how much can I make it go up by tomorrow?

We use Personal Capital, which is better for keeping track of investments. Mint is great for keeping track of spending.

Welcome to BiggerPockets, @Michael Wise. 

A good contractor will do well on this site. Check out the Podcast and Blog as well as the forums.

@Tim Porsche, welcome to BiggerPockets.

While I hope you do succeed, I think it will be very difficult - if not impossible - to get a 100% HELOC out of a rental. I don't think you can find a 100% HELOC out of a primary residence.

How sure are you of your ARV?

Do you have any recommendations for contractors? They are notoriously difficult to find - at least a good one. Bad ones are everywhere!

Do you have an idea of the area? Have you been watching prices? Find an investor friendly agent now who can set you up with emails when new properties go on the market.

Don't forget to factor in selling costs when figuring out how much money you will put into the flip. Have you read J. Scott's book, The Book on Flipping Houses? It comes with a free bonus book The Book on Estimating Rehab Costs.

I think a better idea would be to partner with a more experienced flipper on your first deal. Connect with someone on BP or join a local REI club. It is very easy for a $10-20k profit to turn into a $10-20K loss.

@Ameer Alexander, there is money to be made in Detroit. I don't have any experience with The Motor City, and I suggest you get someone with boots on the ground experience there before you drop one dime on a tax sale.

What I have heard is that sometimes these tax sales start immediate foreclosure proceedings to get the back taxes paid on them. The properties may not be in the best areas, they may have squatters in them, the entire thing could be gutted, etc etc etc.

Tread lightly in Detroit.

@Kenny L., what the others haven't talked about is the major red flag that is showing by the potential tenants wanting to move in as quickly as possible.

Oftentimes, this means they are being evicted, or are in danger of being evicted. Why do they want to move in so fast?

And why is the listing agent finding tenants for you? That seems hinky...

Can it cashflow at a 10% rate? Have you heard of BRRRR? Buy, Rehab, Rent, Refinance, Repeat.

The issue is that if something needs repair, let's say the roof or a major mechanical system, do you have the money to cover it?

You say you are between jobs, what are your prospects? You can't get a loan without a job. You can't get a loan without two years of tax returns if self employed. Unless you go with a portfolio lender. 

Really, it seems like a recipe for disaster. Low funds, high interest, no job and bad credit. I would concentrate on repairing the credit and getting a job, then start looking for deals.

@Robert B., you posted this is the REO forum. I haven't come across this before, but I also have not purchased too many REOs. My current home was a Fannie Mae Homepath foreclosure, and we had to put down 1%.

I would double check with your agent that they mean 100 and not 10. But that is really odd to me.

@Joel Owens, the only downside is that for the first week or so, you will be overwhelmed with the smell of vinyl. That said, it is amazing, great for areas that get wet - holds up to standing water, and looks great. Once the smell evaporates, people will have a hard time telling the difference between it and real wood.

No legal advice given! :)

Yes, @Account Closed, she totally didn't care. She hates real estate. Hates going to see houses, hates when we work on it. Nevermind that we are currently building her an amazing playhouse...