All Forum Posts by: Andrea Chester

@Cameron Feldhaus With proof of the death (aka death certificate), I would return funds after he has moved out and the unit has been rented again. He would be responsible for paying rent during this period, as well as any damages, cleaning fees, etc.

Our current investment property started as our primary residence. We have about $75k equity but didn't realize we couldn't take out a HELOC once it was rented. Does anyone know if a small banks or credit unions that will do this? The property is in Charlotte, NC. Refinancing doesn't make sense right now for this house. Looking for creative ways to get put money back out.

What is the book on goal setting called? I’ve looked on amazon and can’t find it.

Investment Info:

Single-family residence buy & hold investment in Charlotte.

Purchase price: $209,000
Cash invested: $2,000

3bed/2bath, SFR

How did you find this deal and how did you negotiate it?

We found it on the MLS. Our family was in town visiting and went to see it for us during an open house. There was a lot of interest but our bid won!

How did you finance this deal?

VA loan. We lived here for two years before renting it out.

How did you add value to the deal?

We did minor cosmetic updates like paint, small updates to bathrooms, etc.

Lessons learned? Challenges?

We live out of state so we are managing this property from afar. That has been a challenge of its own. Thankfully our tenants have been great so far.

@David Seroy I will definitely keep you in mind when we find our next deal. Someone swooped up my most recent deal before we could get an offer in.

@Andrew Postell thanks a lot, that's really helpful. Most of the $13k were VA funding fees because the home doesn't qualify to refi into a conventional.

I finally found a deal. I analyzed it over and over. Did the worst case scenario numbers and it still worked. Contacted a realtor to make an offer and someone beat me to it. I’m so bummed. I know this happens all the time but today I’m discouraged from starting the search over.

@Shayna Hatcher Hard pass. Run.

@Cameron Riley I had the same issue with our rental home. I sent this to one of the applicants when she inquired why she was not selected. Straight to the point yet still professional...

You did meet all the criteria, as did all the other applicants. It ultimately came down to the best credit report and income. The applicant we chose had the best of each and no pet. I’m very sorry to disappoint you both. Truly our best wishes to you in your house hunt.

@Tom S. Our current lender does not offer HELOC in North Carolina (where the property is located). Sorry, I forgot to mention that. That was initially our first preference.