All Forum Posts by: Remington Lyman

Hello! 

I am from California and have my real estate license but rentals here are unlikely to cash flow with the rates and prices even in my low cost of living area. I would love some guidance on out of state markets where rental income is strong and cash flow is a possibility. Budget would be under $500,000. Single family or multi family properties. 

If there are any agents that specialize in rental properties would love to connect as well. 

I plan to move to Florida in two years and will have a solid amount of capital saved—enough to buy a property outright and use the BRRRR strategy. I'm currently deciding between two options for how to start:

Option 1: Live on my boat full-time, pay for a boat slip and all related expenses, and use my capital to buy a single-family home, renovate it, rent it out, refinance, and repeat (BRRRR).

Option 2: Buy a duplex, fix it up, live in one unit while renting out the other (house hacking), then refinance it. From there, I'd continue using the BRRRR method for future properties.

I’m trying to figure out which option would be smarter to kick things off especially when it comes to building cash flow and long-term wealth.

My Tenant just texted me and said that their freezer on the back porch went out and they lost 160 pounds of meat because the electrical plug stopped working. My electrician will fix it tomorrow but am I responsible for the 160 pounds of meat they supposedly lost? 

Living in Connecticut but selling an investment property using a 1031 and looking at the Cleveland market. Would love to connect with someone with some answers. Thanks 

Ok Experts here's a question.

I'm a newbie investor and just purchased my 1st investment property 3 weeks ago and am looking at 2 additional properties.

I am looking at purchasing an investment property $190,000 offer. (Needs about $50,000 in rehab).  Comps (actually sold) are in the range of $260,000-$270,000. 

I have approx. $400,000 in equity in my primary home and am looking for what's the best way of financing this new fixer-upper. Do I get a HELOC on my primary home to use to pay for the investment property or do I get a traditional mortgage with 20% down?

What's the best route?

Thoughts/Opinions?

Update:

Motil pleaded guilty to multiple felonies last year.

Since then there have been several sentencing hearing extension. Looks like Matt Motil's prison sentencing will be happening any day now. HIs last sentencing extension is up.

@Matthew Albert Yeakey @Cecilia Arnulphi @Russell Brazil @Zachary Burkons @John Burtle @Ashley Corbett @Geoff DelGrosso @Mitch Deminski @Reggie Desir @Michael Gansberg @Will Gates @Robin Hines @Michael K Gallagher @Jim K. @Steve K. @John Koster @Rob K. @JD Martin @Remington Lyman @Bonnie Low @Joe Splitrock @Joe S.

Hello BP family!

This is my first post, so apologies if asking for advice off the bat is frowned upon on here, but here's my situation.

I want to start investing in short-term rentals and long-term rentals, but before I get to that, let me explain my situation. So last year, I moved my mother and brother out of a condo we grew up in our whole lives and bought a house for us to live in. My mother owns the condo we moved out of + it's paid off, so we want to lease it for around $1500. The mortgage I'm paying currently is $3166, but waiting for homestead to bring it down a couple hundred hopefully. I'm 28 and I'm making $60,000 a year.

Now back to the gist of it, the condo itself has a market vaule of $95,000, so I was thinking of potentially doing a cash-out refi to possibly get $70-75k out of it to invest in a STR/LTR. I have access to equity that most investors starting out don't have, so I want to make sure I go about this a solid way and not throw cash aimlessly. The BRRRR method could work in my favor by putting down over 20%, but maybe I could get 1-2 properties for an AirBNB?

Not sure if house hacking could work since I'm paying the mortgage for the house I bought my mother and I'm living here. Open to hearing you guys' input and I appreciate it!

@Engelo Rumora

@Engelo Rumora @Russell Brazil 

@Drew Sygit

@Remington Lyman

@Jay Hinrichs

Read this story, you'll get a kick out of these nerds.

Hello! 

We are interested in starting to get into flipping. We are out of country but do have the ability to travel frequently. We are looking for an area to start with low entry points and are thinking OH markets. Thoughts on this? Or are other areas that may be higher entry costs (which we'd have to use financing) a better idea? 

Thanks! 

Hi all , my strategy is basically finding areas that are dense in population in a good neighborhood and have a demand for rentals and have cash flow. However I am unable to correctly identify ‘ research this and I am having analysis paralysis.

would you say to just find high cashflowing areas or should I just find an agent and trust his word. Like how can I ensure I am not just buying in some crappy area vs a good area with demand. I will be investing out of state so if I were to want to choose any state what would my first steps be ? 
any help would be appreciated to hopefully get my first rental by September