All Forum Posts by: Wendy Gomez

Originally posted by @Ari Knepel:

Im a Turnkey Guy ;-) we mostly sale income producing rental properties SFH in Jacksonville FL for 60K investment with 12% cap rate , we evaluated a lot of areas and found costal cities with population growth and expected appreciation as the best place to invest . we own over 150 homes there and lately I see an increase in investors reaching out to us for them , its a great city to invest in (I will send reports and news items if needed) but take my word it will have a great up sale there once banks run out of Foreclosed homes to sell prices for real-estate is excepted to rise, not that it matters on a buy and hold properties while collecting rent and not dealing with the day to day , management company and tenant in place .

hope it was helpful

Ari Knepel

Hi, wondering if your a real estate agent. I'm interested in Jacksonville area I already own some property in Florida and I'd like to meet someone with experience in turnkey to assist me with my next purchase.

Steve Sprowls

 great post thank you very informative!!!! much success to you.

Allen Maris

 good morning your so knowledgeable thank you for your guidance. Do you know where I can find examples for running numbers on a buy and hold. I know there is a calculator but I need examples to better understand. Now that I've been on this forum I'm starting to think the investments I've made so far were a bit of a mistake. But that's okay because I know I'm in the learning stage, however going forward I want to make as few mistakes as possible.

I cant help you but I'm eager to learn more about this, is that possible?? Are you investing in Brooklyn??

Wendy

Calah Lopez

 WELCOME!!! I'm new here to just recently introduced myself. Great question and looks like your getting some awesome feedback. Eager to hear about which direction you'll move in. Keep us posted and much success to you.

Frank Jiang

 your awesome for responding in such detail. So the money I borrowed I was really lucky on because it was a loan from my mom who did not charge me any interest, I call it a hard money loan because she set up interest on it and all but when I paid it off so quickly she said she would waive her fee.  So between the money I made from the investments plus my salary from my full time and part time jobs I was able to pay her back in a year. The debt I accrued in that year was using credit cards for personal things like gas, paying electric bills, grocery shopping, paying the insurance and taxes on the investments as well as small expenses with my kids. Not the smartest of decisions but I wanted to own free and clear and then reap the rewards. Of course now I'm paying for it. which is why I joined this group I want to learn what my options are. I would like to live debt free, I stumbled into investing by accident but I think I've done ok. I will certainly start crunching the numbers and figuring out if I can get a HELOC, I am eager to make another investment my credit score is good now and I would like to take out a mortgage. I'm wondering if I can do both?

Gentlemen, Carlos Rovira, Jake Thomas, Michael Biggs, @Chance Housos. thank you for the amazing responses. They certainly will be very helpful. I think the best way to go will be to sell one of the properties in the hopes that it has appreciated in the past two years so that I can make money instead of losing money. I can probably use the remainder of the cash for a down payment. By paying off all my debt I'm sure my credit score will skyrocket allowing me to apply for a mortgage, right?

Thank you so much.

Hello everyone!

I've been listening to bigger pockets for almost two years now and should have enrolled a long time ago but I've been scared I don't even know why.

I've been on a reading overdose for the past two years from rich dad poor dad to the automatic millionaire. I've read and re read about 7 books in the past two years. My name is Wendy I've been very interested in real estate for a very long time but I was always too scared to do anything I come form a long line of "oh no what if it doesn't work and you lose your money" family. I'm sure someone here can relate to that. So my question for all of you Bigger pockets followers is as follows. I have about $50,000 in debt including my car payments which is probably the biggest debt. I would like to refinance one of my investment homes, pull out this amount and re-invest. However I'm not sure if reinvesting the money is the right choice. Maybe I should just get rid of all of my debt??

Two years ago I purchased three properties in Florida all totaling about $110,000 including rehab costs, it has taken me two years to pay off all of that debt I borrowed money to make these investments of course (using a hard money lender). I have been able to rent each house for $650 a month providing me with a cash flow for the past two years. Making back about $43,000 in the past two years. Long story short I would like to do this again obviously the goal would be to create a huge portfolio. The issue is I've spent so much money paying back what I owed to acquire these homes that I have racked up other personal expenses, now totaling $33,000 worth of debt if I don't count my car payment for $400 a month (total owed $17,000). What would you do???? I'm learning so much on bigger pockets but I'm also overwhelmed with information. all advice would greatly be appreciated.

Thank you all and have a great weekend.