All Forum Posts by: Nic Juncos

@Leticia Georgia I don't specialize in anything although I should probably rethink that. I do bathroom and kitchen remodels very well. I love trim and finish carpentry. I can tile very well too. I'm a bit of a perfectionist when it comes to all things.

I didn't get into the trade until I was about 30 and I'm almost 40 now. I learned an enormous amount by watching hours upon hours of YouTube (Just ask my wife lol) I just developed such a passion for building and have gotten into woodworking as well.

Anyway, maybe a long-winded answer but your question got me thinking so I gave you what was on my mind.

Hey everyone!

I'm a carpenter working in the remodeling industry. I would love to connect with other investors, property managers, real estate agents and anyone who I could provide value and insight to. I want to share my knowledge and skillsets with the intention of networking with as many people interested as I can.

I live south of Kansas City in Adrian, MO, but I work in Kansas City. Anyone wanting to connect? Let's do this!

I'd love to find property managers and investors who are just stuck on a project or need a little extra help. I could come to you or we could connect on Zoom or whatever is convenient.

Good luck fellow BP family!!

I started just buying a house. A HUD house to be exact. Paid $30K cash. Didn't realize where it would take me 4 years later to the present day. I rehabbed it which was a TON of work but after regretting the project many times along the way, I'm so glad I did it. Spent roughly $25K but now it should be worth $90-100K considering the comps. I'll either sell to recapture capital, rent and cash out refi, or stay here and HELOC to buy an investment property. I'm really excited I've found BP and can consider all my options I never knew existed!!

Also, it has a brand new kitchen w/concrete countertops, completely new bathroom, new roof/gutters, new HVAC, new laminate flooring large fenced in yard. Basically, it's all been redone throughout.

I realize most of this will contribute to a higher appraised value and not necessarily a higher rent but wanted to mention it nonetheless.

Anyone have a clue what rental comps would be like in Adrian, MO??

$100K - 2 Bed/1 Bath 1100 sq ft home, 2 car garage and large detached garage

Paid $30K as a HUD house 4 years ago, completely repaired now.

If it can't rent for $900, I will most likely end up selling. I realize Adrian, MO is a very small market and no one will likely know for sure but wanted to ask anyway!

Thanks!!

@Jon Kelly You make a couple of good points. Since I have lived in this property more than 2 years, selling will avoid the capital gains tax. Plus, it gives me less "pressure" to find properties really fast since the cash will be mine and not accruing interest through a loan.

I considered this option early on, but I've recalculated my options many times since then.

Thanks for bringing it back to light! I appreciate your feedback!

@Mason Hickman My long term goal is to have $5000/month passive income from buy and holds over the next 10 years. I'm estimating around 20 doors.

Good point regarding the difficulty I may face securing an FHA loan while having a 1st lien mortgage (refi) on my first home! I'm sure they would want to see tenants in there, which I wouldn't have yet at that point.

So maybe it makes more since to get my FHA loan on new house first and then move, get tenants in first home, and then cash out refi first home even if it means a slightly higher interest rate?

Just my thoughts. Ultimately trying to get my journey started sooner rather than later but I want to make sure my decisions are sound every step of the way.

Thanks for the response!

I've presented my scenario before but now I've got a little more knowledge under my belt.

1) The house I live in is owned free and clear. Will appraise around $100K (Paid $30K originally)

2) We want to move to a nicer place around $150K and use an FHA loan for a 3.5% down payment.

3) We want to rent out first house and hoping to get around $900-950/month.

4) We want to purchase another home to BRRRR.

Would it make sense to do a cash out refi on current home now to get around $75K for our endeavors??

1) Pays for 3.5% down payment on new home.

2) The refi loan is covered with the first house rental income netting around $250/month cash flow.

3) Cash leftover from down payment of new home gives roughly $60K+ to pay cash for BRRRR property.

Is there a better strategy to achieve what I am wanting here??

Thanks for any input/feedback!!

@Joseph Firmin I'm also interested in your advice/info on a 1st lien position HELOC tied to the checking account! I have a free and clear home valued around $100K that I want to get a HELOC and start my first BRRRR. I'm hearing this could be the best strategy to access my equity.

Thanks for the reply @Jody Sperling!

Let me understand a little better because this sounds like a great option!

1) HELOC current home to access 90% of assessed value.

2) Take assumed $90K, pay cash for a BRRRR with enough money to perform rehab, rent it, refinance.

3) At this point, I still have original home with HELOC loan. And here you say use 5% down for our new primary home? So I'd have a HELOC on original house I could now be renting for cash flow or breaking even. And have a 5% down amortized loan I'd be paying on for new primary. Maybe I lost track in this 3rd step but just wanting clarification here.

Thanks!!