All Forum Posts by: Scott Winnie

Originally posted by @Gordon Cuffe:

When you have identified a house ,you can do a cash out refi with a private lender/portfolio lender. These types of lenders will not be as strict as conventional lenders when it comes to vesting of the house. You will not get the super low rates of conventional lenders but you will get the money.

You can then buy houses at a discount for cash, do some remodeling. get it appraised at the higher value then do a cash out refi with a conventional loan to get your cash back. You can then do it all over again.

 So Gordon - if I was wanting to buy turnkey homes that don't need a lot work - would this system still work or  would I have to focus on buying homes that need a little bit of a remodel? Thanks for the advice. I appreciate it! 

@curtdavis. Thanks so much for the advice! I truly appreciate it!  

Hello everyone,

I am a brand new investor and I have been in the real estate business for just about five months.  I am looking to buy my first few properties.  I have lived in southern California for the past six years, and before that I spent the last twenty years in Kansas City. I have been looking at turnkey properties for buy/hold in the KC area since I am very familiar with the areas and it is only what I can afford at this point.  I have a few issues. I need money for the down payments for the properties.  I have the money, but I wanted to ask for advice on what is the best way to attain it.  Here is my financial situation:

- I own my my house with no mortgage.  I paid cash for my $739,000 home and my dad helped me out by giving me $150,000 towards the home in an irrevocable trust for my 3 yr daughter.  The rest was my hard earned savings.  I have been trying to get a heloc, but know one will approve one with a irrevocable trust on the property.  Some banks say I can see if my dad will lift the trust and then I can get a heloc and then he can put the money back in the irrevocable trust.    

- I have about $100,000 in a etf fund in the stock market that yields about 9% and I get a dividend every month which I then use for our property tax payment every year.  I was thinking I could cash it out and just pay the property taxes in whole next year and just use the rest of the money for my investment property.  

- my wife and I both work and I am a new real estate agent and I work all day everyday and then I work at a restaurant five nights a week.  I am just trying to find the best way to make use of my finances so I can start investing.  Our income together - we do not produce a lot of savings yet - as my real estate career is new - and living in Cali is not cheap!

I would just like some advice.  I would ask my dad about lifting the trust but I was burned about 15 years ago when my grandmother gave me about $90,000 to buy a house which I did in Kansas City.  It was my very first house.  Well about 3 years later I had a "good" friend of mine talk me into buying some real estate in Miami, Fl.  It all sounded good, but long story short, he had no skin in the game, and I lost it all.  My dad has yet to look past that.  I have learned so much in five months just by reading, listening, talking, networking, that I am ready to take another leap of faith.  Any advice would be helpful.  

Thank you for your time.

Scott Winnie

I would like to be involved in a meet-up as well!

Thank you very much for the feedback! I appreciate you taking the time to respond! I will read the beginners guide!! Thanks a million!! Scott Winnie

Stuart - 

Thank you very much for the response. I appreciate it and will definitely reach out for any help I need!! 

Scott Winnie 

Hi Guys - I am new to the real estate world(5 mos) as an agent and I really want to learn how to invest in real estate and how to get started without any capital. I am looking for a mentor or just a little guidance to get started. I am willing to work my "***" off and do whatever it takes to make this dream a reality. If anyone in LA has some time - I would sincerely appreciate some guidance on how to move forward with real estate investing! Thank you for your time and have a great week! Scott Winnie estateinvesting. Thanks