All Forum Posts by: Bob Mazza

Up late last night listing to one of the podcasts and began feel like I found a way to make my next deal work through a HELOC on my primary residence. I would be targeting access to $100K.

I am currently holding 2 properties. A single family home (primary residence) that I bought as a short sale, bought for $450 w/10% down a year ago, recently appraised at $750K. The house needs work, probably a good estimate that 2 bathrooms and the kitchen would run $50K. This would put us with a great exit strategy on the primary, waiting until the 2 year mark for capital gains purposes, as well as access to another $50K is a great deal comes up.

To give you some other context on where I could access funds I also own a 3 family purchased for $250K + a $30K 203K loan - house hacked it a few years ago. Not much equity in it, won't appraise for more than $350-$375 and I owe $260K. She is a money maker though, $3850 monthly rent role.

I just refinanced my two properties and will be saving $400 per month so I figure the HELOC payment will not change my budget and would be paid off when I sell my primary or refi the additional investment property I purchase.

Does anyone see any holes in my processing here? Can I buy a property with money accessed from a HELOC? Can the bank remove my access from unused funds without me knowing?

Open to any other strategies as well, tried cash out refi on primary but jumbo loan limits make it unnattractive. Cash out refi on my multi family has also not worked out.

Time to make the next deal happen! I am excited to get work done on the primary and get us closer to flipping but always want more rental units!

Thanks BP

Stamford Connecticut Fairfield County

Hello BP - I come to you all seeking any advice/referrals on a small bathroom I am looking to gut and renovate in my home. Looking for someone that can do things soup to nuts, light electrical, possibly some minor plumbing adjustments, then all the finish work including heavy tiling. I do not need anyone who is licensed.

Can anyone recommend someone good to go with in Stamford Connecticut. I have a few other bathrooms I need to do as well along with a kitchen, then its time to flip!

Special thanks to @Travis Lloyd for the assist and everyone else who commented here. I now have 100% occupancy in my 3 family in Fairfield, CT. Found the tenants through Zillow. Love having 100% occupancy, just wish I had more units!

Appreciate the help from all in better understanding how to vet out tenants, I screened thoroughly over the phone and found it made most in person meetings much more valuable, I rarely wasted my own time. It took a bit longer but feel we are in a good place and have a good ecosystem going.

 Thanks Oliver, New Haven has made me curious but I have heard that some areas are a bit rough while others may be worth a look. How has it been managing properties so far up the line? Any areas of New Haven or surrounding towns you would recommend me looking into?

This is my dilemma as well. I house hacked a 3 family that I plan to hold for income, generating about 1K in profit per month. Just bought a SFH that I am debating selling to access equity for the next purchase. Kills me to do that as I would rather hang on to it and just acquire more but do not see many other options. Cash out refi's have proved to be more difficult than I imagined.

I am based in lower Fairfield County, CT and real estate prices here are very high. Certainly rents are high as well but it makes it very hard to save up the necessary down payments to make a purchase. I am interested in expanding beyond county limits and was curious if anyone has had any luck in other Connecticut Markets.  Really want to keep to very safe neighborhoods in towns with good schools. 

I do worry about managing a property form afar but if the deal is right I am sure I could find a management company.

Your feedback is appreciated!

 Would love to hear more about this approach. Can you point me towards any areas on BP where I can find out more?

Very curious to hear the feedback here - also if you know anyone in Connecticut who can help with this sort of thing 

I will be at the next one, do you have a website to I can be sure not to miss it?

@Tony Velez thanks for the comment. I have trouble handing this over to realtors mainly due to the cost, typically 1 months rent from what I have heard. On a 3 unit place generating $3800 a month that is almost a 10% hit on annual income. 

Overall it might be worth looking into given the time it takes out of my day/week/month to show it. I tend to try to do most things myself with the property.

Has anyone had success locally? can you still screen the potential tenants?