All Forum Posts by: Preston Dean

New to being a member here but long time listener. I am wanting to get into flipping or renting houses in the next year or so. I am currently 21 and have 50k saved up. 

Looking for any advice on a good place to start or common mistakes to avoid. Any tips are appreciated. 

Thanks!

I started in this investing game last year with my husband. We purchased a house and flipped it to get that cash in the beginning.  We then purchased a house for $30k cash and rehabbed it and rented it.  It is now worth $65k. We are looking to expand our portfolio and buy more rentals.  Would you suggest to do a brrr method to get the cash out and buy another house or would you go conventional and put 20% down!?  We have been approved for a conventional loan, but trying to figure out which is the best way to go!   Thank you 

My parents are selling a second home they own and seeing what I am doing in Real Estate they want to loan me some money to buy a rental property so that they can eventually leave it to me and my 2 siblings. They trust me to do the right thing and have suggested they just loan me the money at 0% interest but I cannot figure out the best way for me to acquire the property, manage it and eventually transfer ownership to my 2 siblings once my parents pass. I have told my parents that I would manage the property and take a 5% cut of the rent to do so. The property would be bought and owned by an LLC that I would be the sole member of for now. Maybe I am over thinking this but I cannot seem to grasp how best to accomplish the goal my parents have while also making sure that I am compensated for my time. Any thoughts on how best to set this deal up from the get go?

Hi BP community, 

I bought my first fixer-upper and took a year to fix it up. I just rented it as Midterm rental and cash flowing well since there is no mortgage. Home is appraised about 450k. 

I am debating two options; 

1. keep it as MTR and save money to invest next deal. 

2. cash-out refi to invest next deal. Rate would be 7.5% for 30 year fixed. To be conservative, I am thinking of doing cashout refi about 200k. PITI would be about 2000 per month.

I am in my 40s and I have my W2 job and plan to keep working for a while. To grow my rental portfolio, I would like to take out some cash but I dont like the fact that I need to pay high interest rate. Would appreciate any advice. 

I have a home built in 1947 on a dirt crawl space with very little clearance. Original part of house was a cottage with two additions built on each side but clearly has settled and original floors are not level. I was under contract but home inspection killed the deal with foundation concerns on the additions. Cracks in joints at blocks and moisture in crawl. This home has been this way for nearly 80 years and is completely renovated inside with all new mechanicals with 1.5 acres and a large detached garage.

What are options for trying to sell this place without running into home inspection issues every time. (This inspector could not identify the main water and gas shut offs which are clear so I wasn’t impressed) 

 If I only sell #3 and then sell 4 and 5 I will basically break even and have no money left over for a downpayment. I could rent when I move, but without selling the others I wouldn't have a downpayment, even at 5%, to buy another property. I definitely want to keep them. I have a 2.65% on property 1 and 4.65% on property 2, but all my networth is tied up in those.

Hello, what advice do you have for someone wanting to invest in a small multifamily home in Dallas, TX with no prior real estate experience?