All Forum Posts by: Ross Y.

https://youtu.be/DTvsANh0v88

Looks doable but I don't know if I trust this!!!

HI Everyone, 

I close on a property with around 800 sqft of popcorn this week and I'm planning the rehab. Popcorn ceiling has to go.  I want to DIY it, but I also want to do it the easiest way :). I've seen some videos on YouTube and read about some people using a drywall sander and it looks like magic but almost seems too good to be true. Has anyone here used one or have any insight on this? I'd love to rent one from home Depot and go to work. 

Hand scraping and spraying water does not sound fun.

Why not do a HELOC while you're still there up to 95% LTV. Then leave that line of credit open (usually 10 year equity access on 30 year payment term) and use it, pay it back, etc. Have you looked into that?

Nice job Damon! I'm in Escondido and own condos as well, currently working with a good buddy that's a broker to help with deals and find new props for flipping. Maybe we can meet up and chat to talk shop. Are you in Escondido?

Pete, don't stop now!! As an engineer, I imagine you make at least 60-80k,Look into a fha203k loan, you can get in one with 640 fico and 3.5% down; with your job, you should be able to save up 10-15k to get into something. The 203k  it would be great for a flip because they'll lend you the money you need for rehab, you just need a good contractor willing to do the ppw, Google fha203k contractor and your county (riverside right). You're almost there, remember, persistence overcomes resistance. :) keep us posted and go get em!

Wow, I love this community. @dan I love the insight. @Mattr. Great info. I will definitely leverage the community on my travels and any out of state questions. What a Gem I've found in BP.

@Ali boone. Hi Ali. Thank you for the reply. My goal here is to own a property in the school district here at even cash flow and i assume over the next 12 years, it will appreciate, anything on top of that is a bonus. Im OK with this one not producing much for the other benefits, if it saves me 2k monthly on private school, it's a win IMO.

For out of state, I'm not sure exactly where, Chattanooga TN looks decent due to the expansion of Google fiber and tech hubs growing there, Kansas city looks decent and I've seen some turnkey B props for under 70k that look good. Relight loos nice as well. After this fiscal quarter I will get a nice commission check and will do some more research or those areas. Thoughts?

IMHO it depends on how old you are, how much you've been contributing, how much you make currently, and if the property will CF or provide a nice flip return. If the property will CF for the amount of your 401k loan that comes out of your check, then you get to double dip; you pay yourself guaranteed interest, and you get a property that if done properly will provide a good return when you sell it you may end up making well over 100% of what you borrowwd back on your money. Also, if you're a high income earner and maxing, it's a way to put in over the 18000 limit per year due to the interest. Make sure you use the calculators on here and be conservative, if the numbers work, they work. Good Luck

 Thank you for the perspective. It makes a ton of sense, I'll continue down my path!