All Forum Posts by: Blake Spiller

Steve I'm in exactly the same boat that you are in right now! I also created a LLC and I'm hoping to use my new HELOC on my current home to buy my first property through my LLC. I have the same question about the financing part and tax write off as well. My plan is to transfer my money from my personal account into my LLC savings to make my housing purchase. I've heard and read it's difficult transferring a house from your name into your LLC versus buying it under your LLC in the beginning. My biggest struggle right now is determining whether to buy a house outright with my HELOC and then refinance it in hopefully 6-12 months or do I use a smaller part of my HELOC for a down payment and try to get a traditional loan for the rest of the payment? At this point in our market it seems like to me the better option would be using the HELOC for the entire purchase just because the interest on two different loans would eat up any possible cash flow. It's definitely a tough decision and it seems like the market is hard to find any deals right now. I've been driving for dollars in hoping to do some direct mail here soon to possibly find a deal that way where I can use my HELOC only for the purchase and still have some of it leftover for repairs. I'm glad you posted this because I was having the exact same thoughts. Good luck!

Thank you both for your responses and for helping me reset my focus on more attainable properties. I appreciate your help!

Hey BP community! I just wanted to reach out for some advice about possibly buying a foreclosure home. I saw in my local newspaper about a home going up for foreclosure and I think it has the possibility of being a good starter investment for me. I haven’t made my first initial purchase of a rental property but I definitely want to and have plans to do so. I have a home equity loan being processed and I’m currently active in finding new deals. So one of my questions is would it be wise for me to try to contact the current home owner to see if they would be interested in selling the home before it went to foreclosure or at least see if they would be willing to give me any additional details about the home such as what banks holds the mortgage or if they are multiple liens on the home. Or do I just wait for it to go to foreclosure before attempting to buy it? Also if the owner does give me the bank that holds the mortgage should I call the bank to see what they would be willing to take to sell the house? I’m new to all of this but motivated to take action and make calls to whom ever so any help would be much appreciated. Thank you all in advance for your input and time!

 Hey John, Thanks for the reply. I actually live more towards Cincinnati than I do SE Ohio. I'm only about 40 minutes east of Amelia. I live in Brown county. So an area of interest to me in my county is Mt Orab. It is a growing area that is right on Highway 32 so it is continuing to have new businesses and companies moving into the area. From the research that I've done so far with Mt Orab the houses continue to be going up in value and any homes that are for sale typically sell fairly quickly. The prices of homes in the Mt Orab area are selling at a high price in my opinion. So I would love to be able to find a cheaper home in that area that would be a good rental property. I know that the area has more plans for expanding so I think finding renters would be in my favor if I were able to find a rental home. I keep an eye on foreclosure sales in our county. I have looked a little in eastern clermont area, but I would like to stay closer to home just so I can keep an eye on the property and take of the property myself whether it's minor repairs or even something simple as maintaining the outside yardwork if no one would be living in the home. I hope this helps give you a little insight of my thought process with it all. Thanks again John!

Hi my name is Blake Spiller and I just became a member of BP. I’ve been listening to the podcasts from BP and it’s even sparked my interest that much more into real estate investing. I live about 1.5 hrs east of Cincinnati. My area is more rural and compromised more of farmland than towns. We do have a couple of areas that are growing in our area though. I’d like to invest in farm land but it’s extremely expensive and hard to come by as of right now. I think that my interests right now would be investing in farm land or buying a home to rent out for cash flow. Someday I would like to possibly have 4-5 homes that I would be renting out that could possibly help me retire a little early as well as provided continued cashflow in retirement. I just wanted to say hello and I’m excited to learn as much as possible from BP and all of the people. Thanks!