All Forum Posts by: Pam Holbrook

Addendum: I purchased and rehabbed 100% with a HELOC as I learned on biggerpockets. :(

Hi Kayla, 

I would wait. I'm in the middle of my 1st rental purchase and rehab. The market is unstable and there are too many unknowns. I'm listening to J. Scott from Biggerpockets "What Works (and Doesn't) in a Recession" who is saying it's not time to invest now. It's impossible to know how refinancing will be 6 months from now. This is the time to be extra conservative and not over leverage (as many on bigger pockets promote). What's your exit strategy a, b and c?

This is not a time for rookies to start. 

The risky BRRRRR process just got riskier secondary to an unprecedented time 

Congratulations Rashad!

Hi Nicholas,

Thanks for your insight on closing and holding cost. 

The $1,000 is based on comps and realtor opinion.

Ive decided not to move forward. Not enough cash flow for property far away. 

Hi,

This is a property with a motivated buyer, they're about 10k in default. The asking price is $137,000. 

The area is a small town with a tight rental market in northern California. Not much expected growth. There was a murder in the house 5 years ago and the backyard is against a funky motel and mobile home park that is getting cleaned up. I actually talked to a policeman and he said they hardly get any calls there any more and it's a good neighborhood. 

Thanks!

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*This link comes directly from our calculators, based on information input by the member who posted.

Ok, the calculations didn't update. I'll post again. Nothing like being a beginner!

Hi Aaron,

I ust found your reply, I'm  having difficulty finding replies to post. This is northern California near my son. I would be managing it. I just posted the same property today @$165 k 

My son is a contractor and will do the rehab and repairs. 

T

Hi, 

I'm  still looking for my 1st property in a small northern California town with a tight rental market.  The asking price is $198k. 

The miscellaneous expense is an interest only HELOC payment.

I have a $150 k HELOC for REI.

Thanks!

*This link comes directly from our calculators, based on information input by the member who posted.

Hi All, 

I'm trying to figure out how to put in my monthly payments for a cash offer (money from HELOC) before I refinance and then not included in the after refinance calculations. I put it under miscellaneous for the buy and hold calculator, which works but its giving me double payments for after refinance in BRRRR calculator.

Thanks!

Pam

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*This link comes directly from our calculators, based on information input by the member who posted.