All Forum Posts by: Ellie T.

THANK YOU to the BP community for giving me the knowledge and courage to buy my first property out of state.

After 2 months on the site, and plenty of webinars (Thank you @Brandon Turner)- especially the one when I committed to myself to buy within 90 days- today it happened.

I took the plunge and bought my first property with the help of some amazing people on BP who provided great referrals.  I couldn't have done it without the platform, or the help of @Peter Comb @Ariel Goldenberg @Jared Townsend and countless others who have written blogs/posts/discussions and answers that have helped me.  It was interesting to go through the work that's required to mitigate the risks of investing far from home while working a full time job.

And yes.. I'm still slightly freaking out, checking and rechecking all the numbers over and over and they still look good.    

I'm off to look for another house to buy :)  

Thank you @Peter Comb and @Michael Bertsch.

@Peter Comb I would love to know which local bank helped you with the HELOC.

@Allende Hernandez 

1. Take a HELOC on my primary.

2.  Use my own cash to pay 25% down, any closing costs, rehabs etc

3.  Refinance property (take 75% of purchase price)

4.  Pay back heloc.  

@Allende Hernandez I am using my primay Heloc for a very short time.  It saves me money and time when I invest in a rental because I can make a cash offer with fast closing and sellers love that.  I had an offer accepted that was 5K less than another buyer because the seller didn't want to wait 30 days for the other guy to secure a mortgage.

The risk to me is low- I don't wait the 6 months because my rehabs are actually pretty low in cost (mostly cosmetic) so I'm good with refinancing 75% of the purchase price.  Therefore I have personal exposure on my primary for up to two months.  This of course gets more tricky/risky if you do not have the 25% cash/rehab/closing costs and you are exposed on your primary heloc for those.

@Brian Johnson thank you- the traditional process of financing after (or before) 6 months using a cash out Refi is clear to me and I have all the costs.  I'm good with that.

I'm still wondering if anyone is doing it with a fixed interest Heloc (to lock the rate) on the rental property and what the cons are to that.  That's the only dilemma I still have.  

Hey to the amazing BP community.  Need some help with $$$ questions.

I'm in the process of purchasing my first SFH (buy and hold) properties in Florida and curious about financing. To close fast and get better pricing I am paying cash for the properties, rehabbing them and then will rent them out (BRRR). I used my Heloc on my primary for this.

I am looking for tips regarding refinancing to buy additional properties.  Would you recommend a Cash out Refi (I'm getting quoted 4.5-5K in closing costs and 4.75%), vs. Fixed Interest Heloc (no crazy closing costs from my experience w my primary).

My questions:  

What route would you go with? Pros/cons

For Heloc, can you recommend a bank in FL that's favorable to investors?

I'll be there.  Already RSVP'd.  Thanks!

@Mike Hurney can we connect and see if you can change my mind? :)

Personally would love to invest in long term buy and hold locally! Would save me lots of flying.  

Ohio and Florida.  Looking at RI but haven't found anything I liked yet.