All Forum Posts by: Robert T. Brown

 I’m current scheduled to close in October. 

 It’s a renovated turnkey rental property. 

In need of some guidance. I am currently under contract for obtaining my second rental property. I have my first rental property with roughly 50k of equity. I just found a second deal that I would like to get quick. So my question is 

1. How should I go about getting the equity out? HE loan or HELOC

2. Will obtaining this equity affect my current pending deal under contact?

3. Does obtaining the equity affect my credit score? (780+)?

Thanks. 

@Jeffrey Bresch for sure. Inbox me your contact info.

@Jeffrey Bresch thank you. Investing in Guam has definitely crossed my mind. At the moment, I am only interested in investing in stateside properties.

We should link up and connect soon...

@Holly Sarria at the moment, I am not. 

@Johnnie Bembry thank you. Yes I used a conventional loan via USAA with 20% down.

My mother always says “nothing can happen before the time.” Well...the time is now!!!

As I am a Navy nurse currently stationed in Guam, I chose to utilized my time wisely. After 17 years of active duty service at only 34 years old, my priorities in life are a lot different than my peers. After watching YouTube videos on finances and investing, I knew that I wanted to diversity my portfolio with more rental properties ( got my first rental in GA at 23).

I followed Bigger Pockets on YouTube and Twitter, read a couple of post and watched a few videos but wasn't quite hooked yet. I decided I wanted to read more books and have a well rounded grasp of money and REI.

I literally finished reading Rich Dad Poor Dad last week and I was ready to invest more of my money.

I was nervous about getting started again but the Bigger Pockets network is so great with a wealth of knowledge for beginners.

I started look at turnkey rental properties in Jacksonville, FL. Though I am living in Guam, I knew I wanted to invest in a property that required little to no work. So I started to look for properties on Sunday (8/25) and on Monday (8/26), I found a great home. I had often heard ppl say “you have the analysis the deal and make sure that it cash flows.” I didn’t know anything about analyzing a deal.

I ending up finding a video by Brandon Turner using the rental property calculator to analyze a deal. I thought to myself "that wasn't so bad, just plug the numbers in." So I plugged the numbers in and boy!!! The property would cash flow $300+/mon with a +20% ROI. I figured that has to be a good deal.

On Monday (8/26), I contacted the REA, submitted a offer for 90k (the property was listed for 99k). The REA told me that an offer was submitted for the full amount, but the buyer hadn’t been preapproved for financing and won’t be until 9/1. I got on the phone with a lender and got preapproved for 90k. The seller countered my offer with 95k. I reanalyzed the deal

again (wasn’t a Pro member yet) and the numbers still checked out. We agreed on 95k.

Today (8/29) in Guam time, the seller signed the contract and I’m flying to Jacksonville to see the property. While I’m there, I’ll visit my property in GA and also look at another deal in Jax, then fly back to Guam.

All of this has happened while I was listening to How To Invest in Real Estate (and I finished the book today).

Taking time to invest in myself, my knowledge, and my RE education has prepared me to get a property under contact in just 3 days. I just want to take time to share my story and thank you all for sharing your experiences. Thanks for reading.

@Clay O.@Kevin Reinell 

Thank you for the infomation. I will definetly look into this to fund my next deal.