All Forum Posts by: Sean Julian
Sean Julian has started 12 posts and replied 88 times.
Post: Anyone begin their real estate journey in their late 40s?
- Rental Property Investor
- Porter, TX
- Posts 93
- Votes 42
I’m trying it again at 44. I’d love to retire in 10 years but I’m not sure I’m cut out for the cut throat business of investing. So, for now, I’m going to take it one property at a time and see where 45 lands me.
And to those who say I need a very specific goal, I have one...stay married until one of us dies.
Post: Best way to finance a BRRRR
- Rental Property Investor
- Porter, TX
- Posts 93
- Votes 42
We used the house that my wife owned before I married her. We paid off the house and it wasn’t worth what she bought it for. The good thing was it appreciated over the 3 years and so she made a profit when we sold.
Post: Best way to finance a BRRRR
- Rental Property Investor
- Porter, TX
- Posts 93
- Votes 42
Originally posted by @Mary Baccellieri:
@Sean Julian
90% ?! That’s great ! How did you decide on Indiana and how much experience do you have investing out of state? I see you’re in Houston which is a hot market so I can see why you chose the out of state option.
I’m on my second round of trying to be a real estate investor. First time I tried made money year one, broke even, third year lost money. Never raised rent but taxes and insurance went up.
This time I’m going out of state to force myself to get help. I’m building my team. Facebook has been amazing for that.
So, to answer your question, my first try.
Post: Best way to finance a BRRRR
- Rental Property Investor
- Porter, TX
- Posts 93
- Votes 42
@Mary Baccellieri
I'm doing my first BRRRR in Indiana. The math says I should get about 90% of my money back. I have a great realtor. I think my contractor and PM are also top notch, but haven't gotten far enough in to know for sure. Lending is still a work in progress. If you're interested in Indiana DM me and I'll pass along the names.
Post: First purchase - ahhh
- Rental Property Investor
- Porter, TX
- Posts 93
- Votes 42
Originally posted by @Evan Polaski:
@Sean Julian I would call around more banks. I have a loan out with local bank that was for $37,000. Granted, I am in Cincinnati, OH, but I would imagine you can find some that will do smaller balances.
On your analysis, are you saying that putting an extra $15k in yields the same rents as "rent ready"?
Thank you for that information.
The difference from “rent ready” to essentially “Flip” is about $15K but the rents won’t move much. It was more to get the house value high enough to be able to refi. But, if there are loans for $37000 out there, then I don’t need to spend the money. Lowest I’ve seen is $50000 on the loan making the property need to appraise at $67,000. Rent ready I might get $60-65K according to my realtor. The extra work gets it to $70-$75K.
Thanks for any advice you care to pass along.
Post: Buying my first BRRRR in South Bend
- Rental Property Investor
- Porter, TX
- Posts 93
- Votes 42
@Zach Gring
Thanks!!!
Post: Buying my first BRRRR in South Bend
- Rental Property Investor
- Porter, TX
- Posts 93
- Votes 42
“I invest in Indiana and use PenFed.”
Thank you. I’ll call tomorrow.
Post: Buying my first BRRRR in South Bend
- Rental Property Investor
- Porter, TX
- Posts 93
- Votes 42
@Moises R Cosme
This is my first property. I'm a little shy to do a HELOC on our primary with our first property. I kind of want to make sure I don't mess up before putting our own home in financial jeopardy. 😀
Post: Buying my first BRRRR in South Bend
- Rental Property Investor
- Porter, TX
- Posts 93
- Votes 42
@Jonathan Hulen
I haven’t tried this credit union but the other I called said they needed me to live or work in Indiana. I’ll call here too.
Post: Buying my first BRRRR in South Bend
- Rental Property Investor
- Porter, TX
- Posts 93
- Votes 42
@Moises R Cosme
Thank you. I’ll call them.