All Forum Posts by: Ryan J. Shope

@Carlos Rovira

How did build your relationship with you Wholesaler?

Wow, very creative deal with fantastic numbers! Was it the existing tenant who wanted to owner finance? Also, how many hours of work (coordinating, visiting the site etc.) do you think you put into this deal in the first year? 

@Joe White

Thanks, Joe. I've done a little reading on HELOC and what you're saying makes sense. This just adds another dimension on why House Hacking seems like a nearly essential step towards getting started in active REI.

@Jonathan Taylor Smith

Awesome, thanks for the feedback on this! I haven't heard of Cozy.co

@Jeff Wittig

Wow, that's fantastic! Especially since you did the remodel yourself. Kudos. 

@Jeff Wittig

Nice! How long did it take you to flip and sell?

@Jim Goebel 

I bought the rental property with a conventional loan through a VA foreclosure in Summerville, SC. I'm originally from that area, so I have some connections and understand the market fairly well. I recently moved to the Seattle area from San Diego to be a transaction manager at a Real Estate Consulting firm that specializes in helping Public Housing Authorities re-syndicate their portfolios and finance new developments.

@Jim Goebel

Thanks for the clarification. Yeah, I would like to get a primary residence. The problem is that I'm in such an expensive area (Seattle), so it's tough for me to find a deal. Ideally, I'd like to do a house hack deal here, but who knows. I appreciate the help!

@Jeff Wittig

Looks fantastic. One question, you say you invested $13k into the deal, but financed it with cash. Do you mean you paid $97,500 cash then put $13,000 into the remodel? 

@Jim Goebel

Got it, thanks. So, to help me clarify, you're using the BRRRR method, with the cash from the refinances used as your primary source of acquisition/rehab funds, then have the HELOC as a secondary source if you need extra capital?

I've just finished remodeling/renting my first property. Would it be wise to open a HELOC on it instead? I don't own my primary residence.