All Forum Posts by: Reynaldo Ramirez

Quote from @Dan V.:

@Reynaldo Ramirez Welcome to the REI world! I am also from Hampton Roads area. I've been learning real estate investing for 2 years when I finally decided to jump in the water in 2020, right before COVID started. I started flipping houses and used the profit to build a rental portfolio. Happy to chat if you have any questions or want to talk REI in general.

That would be amazing! I’m wondering if using equity right now is the best thing, since rates are so high. Not sure if I should pause my debt paydown (and also my wife is about to switch w2 with a significant raise) and save the cash to use. 

Quote from @Jayson Mickle:

Hi Reynaldo,

I am actively investing (Buy & Hold) right now in the Hampton Roads market so I know your goals are very attainable. HELOCS are a great tool to use when purchasing because it allows you to offer a quick closing. However consider refinancing afterwards into a standalone 30 year loan on the investment property to free up your HELOC and lock in an interest rate. We all hope interest rates will go down soon but with the chance that they could go up you want to have your interest rate locked in on a long term hold. If interest rates do go down you can always refinance to increase your cashflow or pull out some cash to invest in your next rental.

I am in the process of becoming a licensed agent in the local Hampton Roads markets to help guide investors in our area to specific properties. In the mean time I will be posting and communicating with people in the forums. Let me know if you have any other specific questions about our market.

I would love to chat more about these thoughts! When you refinance, do you do that after a waiting period?

I wonder how you all feel about using my current primary (VA Loan) as a rental and then getting a new VA loan (I still have entitlement) for an upgraded primary residence.

I owe $180000 and the ARV $320000. I would pull out about $10,000 out of a HELOC for repair. So my monthly mortgage would be $1300 and I can rent for $1900 per month (conservatively). Assuming $600 income minus expenses I could hope to cash flow $250 because it is an older home, but has been remodeled over the 15 years we have lived in it (some refinances over the years)

We would get a new VA loan at around $400000 and pay that from the W2.

The area I am currently in has sought after schools and has appreciated slowly but steadily. 

It does have a big yard so I might have to charge for lawn maintenance if the renter doesn’t want to worry about that. 

Does this sound worth it or should I just sell the property and use the equity to purchase a rental somewhere else?

Thanks!

In your opinion, what strategy can get both? Buy and hold? Flip?

Hello! I have to say I am obsessed with the idea of building wealth through real estate. I am working on learning how to get my first BRRRR property, but looking for the area to invest in, where the numbers make sense.

I am going to start with a HELOC from my primary but that will yield about $60k for down payment and rehab, so it feels tight.

The goal is to have 35 properties in the next 30 years yielding an average of $300 cash flow. That way I have retirement income and equity, AND my wife and I want to have something to leave to our kids.

Still I’m the learning and research phase, but will be shopping HELOCS and lenders very soon.

I am loving reading all the post, blogs, and books.