All Forum Posts by: Pat Jackson

Welcome. I lived on Kauai for two years. I’d love to own a cash flowing property there. Can’t see how that would work though. Are you going to invest in Hawaii?

Originally posted by @Clay M.:

Hi Pat,

I invest in Ripple, trade some ico's and just breaking into mining.   Have you gotten started yet?

 Sorry for the delay.  I haven't.  What sort of mining are you doing?  From what I see, mining takes a lot of time to stay up on everything.  Very not passive.  Thoughts?

Apparently I've done this (inadvertently). ~2 years ago I refinanced on my primary residence, and got a HELOC with TCF bank at that time (no balance on this account). Since then my primary has appreciated more, PenFed has a better HELOC, and I applied for one with PenFed. In the initial application, I asked what happened to my TCF HELOC, and was told I could transfer the balance over if there was one, and they would shut down the TCF HELOC in the process.

Today I closed on the PenFed HELOC and asked about the TCF one. I was told, "your credit was good enough, so now you have both. You'll have to contact TCF if you want to close". I'm going to call TCF after work to close the HELOC, but has anyone ever heard of two HELOCs on one house?

Thanks Tom W. Exact advice I’m looking for!

Before I go any further, I'm contacting a local HVAC guy to give me a quote and some ideas.  Thought I'd throw this up here to see what everyone else's experience is.

I looked at a 4 plex with an OLD furnace and asbestos duct work (pictured below).  I passed without getting a quote for some other reasons.  Now I'm looking at a duplex with the same thing, super dated furnaces and asbestos duct work.  I'd like to buy the duplex and rehab, including replacing the furnaces.  I have no idea how this asbestos duct work works though.

• Can you just hook up a new furnace?
• Does all the old duct work have to be removed?
• I imagine the remediation with asbestos is super expensive, right?

I'll post what the HVAC guy says, whoever wanted to see what others have seen.  This house is in Missouri.

You should get quotes from plumber(s) and electrician(s).

I haven't seen this angle with the BRRR method, so I thought I'd ask it.

Let's say I use 50k of a HELOC to purchase and rehab a duplex. I think the HELOC is great, low risk, low interest rate, interest only payments, I already have it in place, etc. I want to do the traditional cash out refinance after being on title 6 months. (Very much a normal BRRR).

Now let's say that in 3 months I've purchased the property, rehabbed it, and have placed tenants.  Great!  Expect I have to wait 3 months to get a conventional loan, get my money back, and do it all over again.  This got me to thinking, instead of using a hard money lender to finance all the risky stuff, does anyone or any entity offer short term, low risk loans?  Once the building is rehabbed and tenants placed, this shouldn't be nearly as risky as financing the whole process.

Basically, I'm curious once I'm just waiting, if I can finance 100% of the amount I have in, pay off my HELOC, and start another BRRR while waiting to be on title 6 months? I realize I'd likely have to pay for an appraisal; ideally after that I'd just pay interest and principal and avoid points.

I assume this IS a possibility, just curious if anyone has a recommendation on the best source for such a loan.

I must say I'm 98% inspired and 2% frustrated, but thought a mildly inflammatory title might get more views. :)

First off, if you haven't read Chris Voss' "Never Split the Difference" and listened to podcast "The Ultimate Guide to Negotiation", do so right now!  Really inspiring and informative.  Hands down my favorite podcast so far.

I'm an out of state investor (investing in Missouri), therefore I'm buying through the MLS, at least at the moment. I understand the premise from the majority of the lessons of the book require a negotiation to be in person. That said, that's just not an option for MLS listings.

I'm speaking through two people normally (my agent and the listing agent).  There's not much room for FBI style negotiations here.  At least I don't see many.

Lessons that I believe may be applied

1. Take your time (don't respond to counters quickly)
2. Don't use numbers ending in zero.  Make it seem like a lot of thought went into the amount ($41,071 vs $41,000).
3. Follow the 4 bid plan as outlined in the book (first offer is 65% of my desired price, and incrementally go up in smaller offers, finally end with adding something of little value to my final price).
4. Get as much information as possible on the seller.  This isn't that easy to do, but may at times yield some sort of dividend.

Does anyone have any other advice for negotiating off MLS listings?

Welcome @Matthew H Bullard

......and others do not? Look at Boise ID. Duplexes (and triplexes and quadplexes) are about as common as hens teeth. Look at Bangor ME. There are tons of small multis. There are a lot of examples like this throughout the country, it’s not just and east and west thing. Thoughts?