All Forum Posts by: Robert Sorrels

@Scott Kunz

I use the Burner app, you can text and call... $4.99/mo

So I scrimped and saved and took a Heloc out on my condo in SoCal and purchased a property all cash in my home state of Oregon from Auction. (171k) It needed a lot of major work..( Foundation, Roof, Retaining Walls, Electrical, Windows, Floors, Pool, un Permitted garage conversion, etc... about 130k) property now is worth about 420-480k, and I owe about 140 on my Heloc.

I've been running this as a STR with a local host. All said and done it makes me about 8%, and I just keep throwing whatever I can towards my Heloc. I would like to cash out refi whatever I can, but no one will touch me because they won't count my BNB income at all, and my DTI looks like crap without it, especially having had to go on Unemployment due to COVID-19.

I own this property free and clear and It grossed over 60k last year and should continue to. I’d like to keep it if I can but I really want to cash out and be ready to purchase if the market shifts again....

@Stephan Mckracken, so it took me actively looking about 7 months, but I was looking in about 6 different counties in two states, so I think if you are focused on specific neighborhoods and criteria you would probably be looking at 2-3 months, and 150 different leads. Just be ready to act once everything looks like what you want...

Yeah, sounds like you have a strategy for at least making contact with some folks about acquiring their property and making it a win win for everyone. I guess I started more motivated as I began listening to bigger pockets and audiobooks this last spring. I started looking at tax Lein deeds through the counties of CA. I even flew up North to scout several potential prospects in Northern CA. I had went by the properties and taken photos and registered for the auctions and had my funds in place to close in 48 hours. And of course these are without inspections or even entry... I got home and every property in the auction had been taken off/ cancelled and paid... ha it was a learning experience to say the least but very discouraging. Then I just started looking up properties on auction websites that were in my hometown after I saw my old neighbors house had been sold for about 1/2 of the value of the land... This is when I realized that there were potential deals that I would have a better insight on because I was familiar with most of my hometown and where people want to live and do not want to live. And the price in the market was lower so therefore easier to obtain in an all cash auction. I actually bid up the price between myself and the auto bid software to what I felt was the rock bottom lowest they would accept, and they did! This does require a lot of cash so a Heloc was very helpful. I have been relentlessly persistent on my search so it just happened to have worked out (so far) And I was the high bidder at the right time. I also went through Zillow and found foreclosed homes that were for sale and called these foreclosure brokers. I introduced myself as an investor that would be in the area soon and would like to look at the homes that they are selling for the bank. I flew up for a few days and met a couple of agents, and actually walked the property I'm in escrow on although I didn't get to go in, because it was pending at the time. This helped to find properties that were distressed and in need of some updating/ or complete rehabs. I have found several more contacts now using bigger pockets pro membership... and am hoping to grow those relationships as well. A lot of throwing myself out there for now but I'm learning a lot along the way....

Hi Stephan, This seems to be a very popular and effective way to fund rehab deals. I am currently in escrow on my first. I think it's the same as the rest you make the money when you buy, and as long as the deal is good with as many exits as you can have, you will do fine. I've got too many exits at the moment ranging from flipping to a flipper, to holding and renting as is... still not sure and I should close this week... 😳 but Anyway it goes, seeking knowledge and taking action are crucial if we want to move forward with our REI careers..!

Large SFR ready Oct 1 for Cash buyer/ Rehab purchaser. This property is in the prestigious subdivision of Bel-Air Heights in East Medford. It is a golf cart ride to the Rogue Valley Country Club, newly renovated park is a short walk down the sidewalk. Pool in back. Will need $100+ in renovation/ rehab. big project/ big reward. houses in this neighborhood with comps in the mid 4's and low 5's

Christian, thank you!! Sounds like getting with a tax expert and setting up a plan for accounting for all of our expenses is key. I will also add a little bit to our contract, perhaps putting in a plan B if this market shifts...

Haha I realize now in my post it looks like I have no idea what I'm doing... just need some missing pieces. Mostly taxes, 1099...

Thanks..?

Thanks for the response Ken, Of course I realize there are many more things to look out for, I'm pretty good at figuring things out. but would love to get some more information if anyone out there can lend a few ideas,

thank you, j

Rob