All Forum Posts by: William Brock

@Joe Scaparra and @Aaron Hunt thank you for the PenFed recommendation, I'll be looking into them.

@Rhett Z Begley Thank you for the info!

@Account Closed Thanks!

@Andrew Syrios Thanks Andrew!

@Jason Hirko Hi Jason and thanks! I only have two properties so far, one in Texas and one in Louisiana, so I can't really compare to the rest of the country yet (I haven't looked into that), but my smaller property in North Louisiana is 1000 sq/ft, built in 1972, pretty much a complete rehab by previous owner, not in a flood zone, is appraised at 78k and the insurance is $612 a year.

@Account Closed Well, maybe i'm not using the definition of turn-key correctly - the property was "near" turn-key as a purchase, but I didn't go through a "turn-key service". I simply mean I didn't have to do any sizable efforts after buying the property. I found the property, financed it, and spent a half-day doing the below list of fixes which amount to pretty much nothing if you ask me: 

• installed new white trim/base boards under the kitchen counters
• Swept and mopped
• Cleaned counters, sinks, bathroom, bathtub, windows, and so forth
• New caulking here and there.
• Cleaned backyard a little. 
• Installed door stops. 
• New air filter.
• New door knobs throughout. 
• Light bulbs on back patio. 
• New gate latch

So pretty much a normal purchase with updates, but minimal updates. I had to take all the necessary steps to get the property and find property management and rely on them screening and placing tenants, etc.

@Account Closed Hi and thanks. I thought an easy turn-key rental was a safe first purchase, and Bossier City where I bought isn't an expensive market and has Barksdale Air Force Base, strong growth and new tech jobs moving in. It was a swift and successful purchase with tenants in 5 days after putting it on the market and I also wanted to test my metal with regards to buying sight unseen (I only visited the house after having keys in hand). Yes the areas around me are active but they are a little more expensive. I am working my way into the REI scene so I'm doing what research I can on finding and funding those fix and flips and brrrr's near me. I have no doubts I'll be taking on projects in the areas you listed soon and I'm looking forward to that!

@Billy Linn Hello Billy thanks for the welcome. I am definitely hoping my experience will help me on the upcoming projects I'll be tackling.

Hello! My name is Bill Brock. I'm a 33 yr old married Austinite Healthcare Software Developer by day, and an enthusiastic RE Investor by night. I starting in REI in February 2018 when I turned my previous primary residence into a rental and became a landlord and soon after bought a turn key rental in Bossier City, Louisiana. I hope to keep my momentum up and am aggressively looking for more deals in those and other markets.

I'm currently consuming all things REI - books, blogs, podcasts, etc. in hopes of gaining the knowledge to make an exciting and financially independent future for myself and my wife. I've got a decent plan in place to make that goal a reality, but know I'm very fresh to the world of REI, so I am leaving myself open to all avenues and opportunities of investing.

I am focusing on SFR and multi-family properties, and although the first two needed minimal work, I am looking more into Fix and Flip and BRRRRs for my next deals. I believe growing up in a family of woodworkers and handymen has prepared me for these challenges, as I've worked on many houses and projects before and helped build a rather gorgeous 3000 sq/ft log cabin starting from foundation up as a young teen. That and I just really love creating and being hands-on.

I've attended one REIA meeting here in Austin, where my wife and I picked up a few new tricks and local lender referrals, but I'm looking to make more connections here on BP. So please feel free to reach out if you're interested in what I've already done, where I'm heading (or at least where I THINK I'm currently headed), anything you might think I can help you with, anything you might think you can help me with, or just to talk shop!

All that being said, I'm really excited to be posting my New Member Intro and look forward to the possibility of meeting you all and seeing where this exciting journey may lead myself and everyone here!

Cheers and thanks!

Bill

Hi there! I'm new to REI as of early 2018, turning my previous home into a rental and acquiring a long-distance turn key rental shortly thereafter. I'd really like to keep my momentum moving, and am trying to determine the best way to utilize the current equity of my previous home turned rental in Austin, TX. It is currently appraised around $275k, and I have $161k left on the mortgage. The rate is fixed at 3.75%, so I'd rather not do a cash-out-refi and lose the cashflow I currently make off the property. I'd also like to know if a HELOC can be attached to an investment property, as I've heard different answers to that question. I'm going to be moving my focus to Fix and Flip or BRRRR deals and access to those funds would be nice. I'm sure others have had similar situations, so I'm looking for advice. Thanks.

Thanks everyone. 

I absolutely agree that moving forward with them is a bad idea, and I have already informed them I can't rent to them based on minimal qualifications (their combined income is insufficient - among the other glaring red flags) within the hour after the initial phone screen. I was more interested in the what I guess you would call the case-study of the situation, being when you have someone under 18 trying to rent with others as a group.