All Forum Posts by: Sandy Sawyer

@Jay Hinrichs I know, but when you consider that you are either paying Uncle Sam from your profit, or paying a hard money lender to do the deal in the first place, or the opportunity lost because you are spending all your time and sweat burning the daylight on your own jobs, it's like whack-a-mole! You can bypass Uncle Sam by doing deals within your IRA, but prohibited from swinging your own hammer. :-/

@Jay Hinrichs @Van Blackman

If DIY means "delegate it yourself" then I'm one of those contractors! (ha ha)

Please add me to your buyers list if you have anything in SW Houston.

Hi @Nikolas Ferreira, it's called Property Wholesalers Club. IM me for details. I'll get you tickets. :-)

Thanks for sharing, @Brian Foster! I've lived in Southern California and Brooklyn and never saw such diversity as I do where I am in China Town now (Bellaire and Beltway 8). People here know me because it's easy to spot the white lady with the yellow hair. You learn to communicate with a lot of charades. :-)

I agree with @Manolo D. In a region where you're working with much larger numbers, you can afford to fudge on the margins a little. But even then you have to be careful because being off on your calculations by 2% can cost you a lot more money. Keep in mind too that investors looking to rehab and hold have the luxury of time to let the value catch up with overpaying for the property. So you'll want to collect contacts with these kind of investors. They are buying with their own money so not as worried about hard money. Hope this helps.

Good morning @Veena R.

I'm a realtor in your area as well. To be honest with you, there are a gazillion people in our same area looking for the next good deal. They generally are not found on the MLS. You'll want a realtor on your team when it comes to getting your flip sold. You want to get connected with wholesalers in the area who are marketing to potentially distressed property owners. These can be found by joining the local real estate investment clubs. I'm going tonight to a wholesalers meet up on Park Row. Would you like to join me? IM me for details.

@Andrew Postell

OK Andrew, I'll call around. I know my little credit union I recently joined doesn't even do a HELOC. I'll use my ROTH IRA to do the deal but need to put the money back pronto. Thanks a lot for your input Andrew! :-)

Hey @Andrew Postell I just found this on a  website from Dallas...

"In Texas, the rules for HELOCs are a little different. Texans can establish lines of credit using up to 50 percent of the value of their homes as collateral (as opposed to the 80 percent allowed on standard loans)."

Here is a link to it..

https://www.dallasnews.com/business/money/2014/08/...

@Andrew Postell

Correction, my credit score is over 800.

@Andrew Postell

Thanks so much Andrew! It's been over 15 years since I had a HELOC. I'm really attracted to the flexibility but didn't want to leave so much investing money on the table. We have excellent credit (over 700), zero debt, own house free and clear; but own free and clear. I asked my local credit union and they said they don't do HELOC. Do you have a bank recommendation?