All Forum Posts by: Tristan Gardner

I'm not sure how much luck you'll have with the seller on this one. The issue seems to be more on the inspector rather than the seller themselves.

You may be able to go after the seller on the items they failed to disclose on the contract, but that''ll be it

I'd highly recommend reading The Book on Tax Strategies for the Savvy Real Estate Investor. Your CPA can take care of all the tax stuff for you, but I feel it's important to understand what's going on at a high level

https://store.biggerpockets.co...

I had an excellent experience with TD Bank.

They didn't give me that "small town bank" feel, but I don't really care about that when it comes to something simple like a HELOC

Here's a script published by Brandon Turner from this Bigger Pockets company

https://www.biggerpockets.com/...

Jason,

I'll echo @Kristen L Garner response above as to your options being a cash-out refi or HELOC.

I'd personally use a HELOC and focus on paying that off so you have that capital to use for another deal in the future

I'd air on the side of caution when using wholesaler's ARV values. You should always run your own numbers, be I'd be even more diligent when it comes to using the numbers provided by someone whose incentive is to sell the property quickly.

The wholesaler has the property under contract so you'll have to work with them to purchase. 

Hey @Danielle Ramkissoon, it may be a good idea to read The Book on Tax Strategies for the Savvy Real Estate Investor and then The Book on Advanced Tax Strategies to understand what conversations you can have with your CPA and get a solid foundation on taxes yourself. Both were published by BP and are excellent reads!

I really like the idea of using my HELOC to finance the original purchase and pay for renovations, then refinance into a traditional 30-year note in my deals.

Hey @Dessa Patton welcome to the party!

I believe multifamily is the way to go from a scale standpoint. What you outlined above sounds like a great plan. I'd recommend setting 6 or so months of reserves back as it can "pour when it rains" in multifamily.

I'd also say, jump on in! Prices aren't the lowest right now, but interest rates sure are. From a monthly payment standpoint (and ultimately cash flow, usually you're better off with a lower interest rate rather than a lower purchase price. Keep in mind there's a limit of course to this logic.

@Jack Dephillipo highly recommend checking out The Book on Tax Strategies for the Savvy Real Estate Investor. Here's a link in the BP store, but it made a great audiobook.

It may also be helpful if you read Start Your Own Corporation by Garrett Sutton to understand the basics of all cooperation structures (LLCs, S-corps, C-corps, LPs, Ps). Each could change the tax advantage, or disadvantage if you deploy the wrong type.