All Forum Posts by: Bill P.

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Hey BP community.  

We are currently on our 2nd buy and hold property (thx to @Brandon Turner, @Joshua Dorkin for the podcasts I listen to daily and the motivation to take action).

We currently own a duplex purchased using a HELOC for the 20% down,closing costs ($20,200) and a private money lender for the remaining 60k @ 12%. I"m currently in the process of the BRRR method and looking to refinance shortly. 2 questions:

1.  How long do you have to wait before you can refinance with a bank? 1 year?

2. I have an option to switch my variable 2.24% interest HELOC rate to a FIXED rate of 3.44% (10 year) or 3.74% (15 yr). I currently only pay 100$/month to this and save the rest of the cash flow for vacancy, cap ex, etc.

**   I'm hoping the refinance has the equity to do a cash out refi but I'm looking to settle the variable rate currently in the meantime.....

About 5 years old on the MH.    I found out that unless I get an inspection, I probably can't get the MH insured.  My alternative is a liability policy and then insuring the main property 2/1 house.

Getting ready to close on a deal but have a property insurance issue...... property is on .25 acres with a 2/1 rented at $700 and a mobile home (mother in law suite) rented at $400. Purchase price is $73k. I am purchasing with an LLC. The mobile home is causing an issue to insure. What are my options?

Happy to announce we just completed our first deal. Had been a student of Real estate investing for quite some time and finally pulled the trigger. We managed to use a heloc with 1.9% to purchase a 2/2 condo for 25k. We spent about $500 to make rent ready and the target rent is $850/ month. HOA is $242/ month so the cash flow will be decent. The question is to aggressively pay off the HELOC or use the heavy cash flow to build up reserves in case there are hidden costs that might come up? Also using a property manager since the property is 2 hrs away.