All Forum Posts by: Aaron Moore

My grandfather owns his house free and clear. I've run the idea by him about taking out a HELOC to help me purchase a property and he seems inclined to do it. My question is does the property have to be in my name to use the funds or is he able to simply lend it to me?

Hello everyone,

I'm hoping to buy my first property which would be a 5 unit townhouse style.

-Monthly rent income of $2,895

-No major repairs needed

-Tenant pays everything except water

-Garbage payment included in water payment

-All 5 units currently rented

-Seller asking for $119,900

I was looking to get a hard money loan but only 75% of price would be covered and I don't have a lot of money to put down for a conventional loan. If anyone has any suggestions of how I could finance this deal or advice on why I should look for a cheaper first deal would be greatly appreciated.

Hello Everyone. I live in Bloomington/Normal as well and I am looking to buy my first rental property soon. I would love to get advice/strategies from anyone who is willing to share some but any form of help would be much appreciated.