All Forum Posts by: Rick Birkenstock

Following this thread. I'm in a similar situation; close to $1m in equity I can't unlock on my primary residence because I run my own business and pay myself peanuts ... so the bank looked at me like a leper when I applied for a HELOC. Doesn't matter that I've never missed a payment, pay additional principal every month, 840 credit, been with the bank that holds my mortgage for 20 years, etc etc. They have their rules and you can't get them to bend. I've also tried the credit union route; no dice.

Hi Pedro,

Great story, enjoyed it very much. I'm local and would love to see the project sometime (if possible). 

Also, just came back from a 5 week trip to Brazil - found a great beach AirBnB property near Salvador, Bahia that we're looking to make an offer on. There were other properties which were beyond our budget but were outstanding value as a vacation rental. 

My wife is from Brazil and we've been to Floripa so many times that I've lost count, we love it but it seems to always be a bit over-priced unless you look on the southern reaches of the island. 

Let me know if you ever want to compare notes!

Thanks to all for the great input, advice, and stories shared.

I'm at a bit of a cross-roads. I have an opportunity to close on a vacation property in a popular beach location in Northeast Brazil. It'd soak up all of our available capital but throw off a nice rental income stream from vacationers (especially in high season). My family would also stay there for maybe a month or so in low season while we rent-out our place in SoCal. 

If we do this it'll mean postponing looking at a large apartment complex for at least a couple years. Then again, it could take a couple years to find the right >50 unit apartment complex. 

The bonus about Brazil is that it's winter now (so summer vacation houses are moving slow), the economy is in the tank, and the USD/BRL exchange rate is favorable. We can probably make a lowball offer and get a bargain. FYI, my wife is Brazilian - so it won't be complicated to actually close on a deal. 

Hi All -

Landed here from YouTube earlier today; brand new BP member.

I've bought/sold SFR property before - both primary residences and rentals. From my past experiences, I know I really don't enjoy being a landlord (in fact, swore it off after the last nightmare tenant). Hence, one reason why I'm interested in larger apartment complex deals (e.g., use the economies of scale to pay a property mgmt firm).

I could probably scrape enough capital together to get a loan for a solo deal but I'd make a lot of mistakes along the way. I'd rather partner on a deal the first time or two.

Seeking input from others who've been in my shoes. Did you go the silent partner route, active partner, or fly solo? What would you different if you could start over?

Looking forward to learning and networking here!