All Forum Posts by: Cameron Lee Brown

Hi all,

I'm in the process of getting a HELOC on my investment property and want to use it as a down payment to purchase a small multifamily. Would I be able to transfer the funds directly to the lender from the HELOC as a down payment, or would I have to transfer the funds to my checking account and let them 'season' for 2 months? I know that it probably varies from lender to lender.

I'd any advice or tips. Thanks!

Cameron

Thanks for all of the advice!

I do have a follow up question. Is a mortgage wrap the same thing as a subject to deal with a seller carry back? 

Hi all,

I have a friend who is very motivated to sell his house as he has already moved out of state. I'm currently evaluating if I can make it work as a buy and hold property to expand my portfolio, but I don't have the cash for a down payment. Given that he has a mortgage on the property, is there anyway that we can work out some sort of seller financing or other type of creative financing option? He is willing to work with me on this deal any way he can. The property is a 4 bed, 3 bath single family home in Kingsport, TN. 

A little about me. I have one rental property in Durham, NC, as well as stable income from a W2 job. 

Hi Johnson,

I bought a townhome using an FHA loan during my first year of grad school. When I moved away from the Triangle for a "real job," I converted it into a rental investment property and am now looking to expand my portfolio in the area.

One thing I will say is that it was pretty difficult to get approved for a loan for a primary residence on a grad student stipend, so I'd imagine getting an investment loan would be almost impossible. I'd definitely second house hacking with either a 2-3 bedroom house or a small multifamily. This may not be an issue for you however since you have a partner to help with financing. 

As far as being a grad student goes, I firmly believe that you don't have to be in lab 70-90 hours per week to be a successful grad student. I treated grad school like a typical "job" (40-50 hours per week, rarely working nights or weekends) and still ended up getting my Ph.D. in 5.5 years (which is average for chemistry). 

Good luck and feel free to message me about work/life balance in grad school, real estate, or anything else!

Cameron

Hi all,

I'm new to real estate investing and just moved to Kingsport last fall, so I thought I would introduce myself. My wife and I have one investment rental property in Durham, NC  and are now actively trying to expand our portfolio with additional single family and small multi-family properties. Please reach out if you would like to connect and hopefully I will meet some of you guys at the next meetup or around town!

Cameron