All Forum Posts by: Tiamo Wright

@Caio Gansauskas Pavanelli thanks so much! Just sent you a message.

Hi there,

I am on the product team and I would love to learn more about the property management side of the house both as an investor and as a way in which BiggerPockets can support your goals. Looking for five property managers that would be willing to spend 30 minutes chatting. Feel free to comment here or send me a message. Thanks in advance and look forward to connecting!

I have also found it helpful to analyze a market that I do know to start. I do research and make sure I have the information and tools at my disposal. This way I can see if I am getting the right data and numbers to compare to what I qualitatively know from living in the market. It helps me to feel confident about my abilities when looking in a new market and just having data vs. personal experience. 

The Agent Finder tool is a great start https://www.biggerpockets.com/...

This post made my heart burst with happiness. Thank you for sharing!!

The answer depends on how much you currently make and how much you spend. I would even say the higher focus being on the number you actually spend since lots of folks live outside their real salary. 

Let's say you are a teacher that makes $35k a year and your take-home pay is $28k and you are living fine off of that then you take that number divide it by 12 month and that would be the monthly net income you would need to live off of so in my made-up example $2,333/month. So at your estimate of $400/house cash flow after expenses, CapEx, etc then you would need 6 houses.

The variable changes on how much the market you invest cash flows, and how much you spend so would need to make up with that rental. But once you have those numbers the estimate on homes becomes a bit easier for a closer guestimate.

@Sean Starkey most of the larger banks just offer the option online where you can look at current rates to lock in if you have a balance. I know US Bank and Chase both offer locks. If you don't see it on your online portal it doesn't hurt to reach out and ask. There is also most likely a lot of info in that giant stack of papers they had you sign, I am one of the weirdos that like to read all those pages so maybe start there and then reach out to your lender.

I am not sure how private lenders would look at a HELOC vs. an active project. But I am sure someone on here might have some experience with a similar situation.

I am not sure if you are asking to restructure the HELOC itself or get cash in a creative way to pay it off? Assuming the first, have you thought of just locking your HELOC rate to remove the variability? While it might be a higher rate it would eliminate the rate increasing with current rates and then you would have a fixed rate.

I would change the word "experience" to "education". For your first deal, you are going to have no experience you bring to the table, but you can bring education and best practice. Scott Trench always says 500 hours of education, but I think the number depends on the person. I would say read books, listen to podcasts and dig into any forums or in-person communities or networks where you can talk to others that have done what you are looking to do. 

Thanks for sharing. Always love listening to folks thought process on their investing.