All Forum Posts by: Ryan Jones

After a brief hiatus while my wife and I had our son, we are getting back on track for our investing goals. I have been listening to all of the podcasts I can and reading more books (I promise I'm not in education paralysis) and think we came up with a couple of good options for our situation.

At first, my thought was, "how do I start when we have no money two car payments and student debt? OPM of course!" And while yes, it is doable, we felt we needed to get some of our financial stuff together first. So, we paid off both cars and refinanced my student debt to save half of the monthly payment. Now we are looking at three options around July-September timeline.

Option 1: We sell our primary residence in the HOPE of finding something to move to in our extremely hot market. Take our $30k profit and invest that out of state in a rental.

Option 2: We hold on to our primary residence due to the inability to find another one and by then have $20-30k saved up and find a rental property out of state to buy.

Option 3: Go with either of those options but with the addition of finding a partner to buy a bigger (maybe quad?) property with.

Bottom line, for those experienced small MF investors: What would you do with $20-30k cash and just starting out?

Any and all advice is greatly appreciated!

@Ramona Huot I worked for Home Depot for some time as the plumbing and bath supervisor at my store. I sold more Kohler Highline Arc and Cimarron's than any other toilet. Most of my contractors I sold to bought those as well and no one ever had a negative word about them. I personally never installed one, but I sold A LOT of those. Hope that helps!

@Kelly Claiborne definitely the money/financing. I am pretty sure I know which market we will invest in and I am building my team as we speak, however, the uncertainty of being able to get all of the $$ for downpayment (and possibly rehab) is what's stopping me.

Just began reaching out to HML because we want to BRRRR and have been told our DTI is too high for conventional.

@Vijaianand Thirunageswaram

Thanks for the suggestion! I'll have to look into it that way. A lot of forum posts I have read about Out Of State investing use that acronym.

Hello Houston area investors! 

My wife and I are looking to invest in the Houston area. Any recommendations for investor agents or agents that you have worked with before?

Looking for any referrals in order to start opening the dialogue and build those important relationships we need to begin our investing journey.

We are OOS investors and if you know anyone who has worked with OOS investors before we would love to chat with them.

Thanks in advance!

Ryan

Hello Phoenix area investors! One of the biggest things my wife and I are working on is building our team. I lived in Tucson and have spent a little time in the Phoenix area.

However, we really don't have a lot of contacts there. Any recommendations for real estate agents that have an investor mindset?

Looking for any referrals in order to start opening the dialogue and build those important relationships we need to begin our investing journey.

We are OOS investors and if you know anyone who has worked with OOS investors before we would love to chat with them.

Thanks in advance!

Ryan

@Bill Horton thanks for the referral I'll be sure to check them out!

@Tyler Caglia that helps a lot! Thanks so much for your input and making a valuable discussion on your thread. Mind if I PM you and ask you some more specific questions?

@TJ Watson thanks for the advice! We are working on acquiring referrals for building our team. I'll start asking around for sure.

Now, when you are given a hard money loan, would conventional lenders have harder restrictions in completing a cash out refi?

@Tyler Caglia Awesome starting story! What avenues did you pursue to find your hard money lender? What did that process look like? We just hit a hiccup with a conventional lender and are looking at other alternatives to include hard money.

What kind of requirements did they have for you? What was the length of the loan? Where did you find them?

Thanks in advance!

Ryan