All Forum Posts by: Brian Coons

Hey everyone. I'm considering getting a HELOC as a tool to use for future deals while the rates are good right now. My question is whether this will have any downside to my credit if I decide not to use it on my first deal because I prefer not to put my primary residence at risk right away.

I'm currently at somewhere between 75 and 81% LTV, so I'd probably go 90, 100, or 100+% LTV for the HELOC. Credit is excellent.

I would assume this would not affect my ability to get a hard money loan, but would it affect my ability to get traditional financing on a 30 year fixed mortgage through fannie/freddie for a SFH or something up to a 4-plex?

Mark, thanks so much for the generous offer.  Much appreciated.  I may take you up on that at some point.

Thanks Marlon.  I also forgot to mention my other current interest is roasting coffee and making espresso.

Hey everyone.  I just posted my first intro post and here's a quick #2.

Last night I attended J Scott's excellent Negotiation webinar.  Thanks again for that J.

At some point he mentioned he had had lots of conversations with people who had done zero deals or many deals, but not so many with people who had done 1 deal.  The reason being that once you do a deal, it becomes easier and you're more motivated to do the next one.  One just needs to get over that initial hump.  I'm totally paraphrasing and forgive me if it's not the best representation.  I think it was a great point by the way.

I read somewhere recently though, that "most people" don't make it as real estate investors. I have no idea how accurate that is and I'm genuinely curious what the you all have to say about it, but my thought was, if people fail, they most likely fail on the first deal when they're most likely to make mistakes and least likely to be able to recover easily. These people would not be hanging around real estate investment communities after a failure that turned them off of REI for good, which could be another reason that there are few people around who have done just one deal.

I look forward to hearing your thoughts.

Hey everyone, this is Brian from Carol Stream, IL.

I'm a software developer with no background in RE besides my primary residence.  I'd like to buy and hold locally, single family or small 2-4 unit properties, but if the numbers aren't good locally, maybe somewhere else with good ratios.  That'll be a different post.

I like my day job so I'm looking for passive-ish opportunities and I'd like to start pretty small so I can make my mistakes small.

My profile pic is a disc golf basket because I love disc golf and my home course is Sunrise Park in Bartlett, so if anyone is around and wants to play when the weather is better, let me know.

I saw there was a meeting in Algonquin this week, and was almost going to go, but then realized last minute there was an RSVP and it listed 0 spots left so I figured I should wait until next time.

Glad to be here with you all.

Brian