All Forum Posts by: Shane Wolf

@Yurika Soto, those are my thoughts as well. 

@Derek Dombeck, I like seller financing as well. Thought about listing it initially on the list. (BTW, I grew up in Marshfield so not very far from you)  

@George Blower, thanks for the details on 401k loans, will need to look into that more. Any articles you recommend? 

@Chris Teti, where do you typically get your unsecured credit lines through? 

@Avram Shabanyan I don't have either of those currently. 

@Cal Dunagan, I agree! Lots of good info, I appreciate all the responses. Looks like with SBA loans can only be used for owner occupied properties,  is that accurate? 

@Peter No agree it will continue to get hotter. Have a sister in law moving here next month and she lost out on 6 houses, putting in over asking on all, before she got an accepted offer 10% over asking.

I am exploring different ways to generate additional cash to use towards BBRRR and cash only home purchases. I have money in stocks and emergency funds but would like to avoid tapping into them if possible.

I know the most common is to use HELOC, short term private money or hard money. Expanding beyond that, some of the other ways I have come across are:

• - Delayed financing through limited lenders
  
• - Tapping into Whole Life insurance cash values
• - Home loans through credit card companies like Discover Home Loans
• - 401k loan
  
• - Margin loans on stock investments

Which of these would you leverage and are their ones you would strongly avoid? What other ways do you utilize? 

I listen to 15-20 hours per week of real estate podcasts. Personally I do not listen to them while at work as I cannot engage with both the podcast and work at the same time, the podcast becomes background noise. Instead I listen to them at 1.8x speed while doing other tasks that do not require much attention like going for a walk, making dinner, doing yard work, etc.

The ARV is just the new property value. The other things you listed would factor into how much money you make on the deal.

As ARV is after repair value, you would base it on what your finished product would be. For your case it would be when you add the bedroom making it a 3/2.

See you there. 

Count me in as well. 

Did they provide deals on what deals are left?  Wonder if it is a case of prior having great deals and now they are good deals so matter of perspective of what is good deal or not. 

Where I grew up, every basement had a sump pump. Sounds like they did it right with regular maintenance checks and backup generator. The things I would plan for are 1) ensure you have some type of flood and/or water backup insurance on the property and 2) plan that at some point it will fail and set aside reserves for the deductible and 3) plan for future replacement of the pump and generator. Would base the amount on the expected life span of the models in use.

One semi proactive thing you can do, if it already doesn't have it in place, is get a water sensor alarm. Is a relatively inexpensive device you can put in the sump pump hole. You place it at a water level higher then where the pump would normally kick in at. If water reaches that level, either would mean the pump has stopped working or cannot keep up and will send a audible should out alerting the tenant of a potential issue for them or your PM to quickly address.

Is the basement finished or just used for storage?