Winning the Rat Race

Today we had the “asbuilt” done on our duplex. There aren’t any original building plans for the property because it was built in 1952 which is two years before there were any plans recorded with the city. The fee for the plans and everything that comes with it is $6,000. We’re still waiting on the…

I didn’t do much of anything in terms of real estate investing today. I contacted Jim talk about HELOC options. We are starting to gather documents for the application. We are going to apply with my wife on the loan this time. Her income will help out our DTI ratio. We have an appointment at…

I need to breathe. I think I’m rushing and my mind is going in a million different directions. I spoke with my friend, Ryan the attorney, again on his thoughts on using a construction loan versus a HELOC. I did not quite grasp everything he was saying when he first spoke of it because I…

Anton the loan officer called me today. He said it was a good thing I informed him of my plans to add units to our existing properties. It would be tough to get a construction loan with a HELOC on title. He mentioned that lenders finance based on loan-to-cost with a max of 70%. That…

Today I didn’t do much as I spent the day watching my truck being worked on. It didn’t cost a whole lot, but the day was shot. What I did do was email Anton the loan officer. I told him about our plans to add units and asked him for some guidance. I want to…

I didn’t do much today other than listen to BRRRR some more. I also gave some thought to my options if I can’t get approved for a construction loan for the ADU projects. 1. Sell the duplex while we still get the owner-occupied exemption and roll it over into something bigger. There is about 600k…

Remember when I said I was going to second-guess myself? I was stressing about how to find a market in which to invest, so I watched a Biggerpockets video and got some more insight. People live where the jobs are. Look for areas where there are numerous Fortune 1000 companies. Three hours later…I just found…

I continued listening to BRRRR and reading “Long-Distance…”. I’m really enjoying the listen and read. There is a lot of good information. I’m finding each section very interesting and enlightening. There is so much good information on creating a team with quality people, metrics to look for, the rehab process focusing on “forced apprecation”. I…

I continued listening to BRRRR. I need to get back to the “Long Distance…” investing book and finish that one. I also got a list of the top 300 US cities by population and culled it by removing anything with a population growth rate of 1%. I started looking at real estate values and rental…

I’m pretty excited; I signed some disclosures for a HELOC today. My credit score was 735 when it was pulled. I was a little worried it might be hit because I’ve been searching for a HELOC and have had my credit pulled a couple of times. I also listened to BRRRR some more and started…