All Forum Posts by: Candace Ellison

I did a HELOC with a small bank in TN on another property 2 years ago and paid interest only for a year but I wasn't educated enough about what I was doing. I ended up selling the property earlier this year and used the money to pay off debt. Big mistake in selling.

I have been a landlord for 9 years now and I am looking to scale up faster because I am tired of cubicle land. My goal is to be full time investing in two years. I have a duplex that’s free and clear estimated  worth of 45k. I don’t have any money saved up for a dp and closing and planned on using the equity to fund the next property. How are some of you buying several deals within such a short time frame ? What advice would you give me given my current situation? I would’ve like to buy 3 -5 properties next year. Am I being too ambitious. I just feel that after 9 years I should be further along than what I am. Worried about being over leveraged. Waiting to save up the money for a dp would be at least a year and half. 

I love it. Thanks for sharing.

@Tim Greenfield

I asked myself the same thing. What's next. I am more conservation and have always hated debt and it bothers me greatly to have it hanging over my head. On the other hand, this is my 8th year landlording and I feel stuck and I want to grow at a faster rate and leveraging with equity seems to be the way to go. I see I can't have my cake and eat it too.

@Patsy Waldron

I love that analogy. There are so many variables to consider. Thanks for your input.

Great advice everyone. @Charlie Fritzgerald DR recommends selling to pay off debt and buy free and clear. I struggle with the time it takes to get to this point. 

@Samantha Klein & @Kevin Siedlecki

I am leaning heavily towards this. I was afraid of being over leveraged. I will explore those options in more detail. I have 7 doors now. All cash flowing nicely but for some reason I'm feeling less of a risk taker than I was 8 years ago starting out. 

I have two duplexes that have some decent equity in them. Total combined would be about $70k. I started the Dave Ramsey program earlier this year and I am debating on selling them and paying off some personal debt car and credit cards etc. But something about that just doesn't sit well with me. Option #2 Sell both and use profits as a nice DP to scale up to a better quality property. Option #3 Keep both properties, pull equity out and leverage. These are class C/D properties. More so D. Cash flow is great on both properties  $800 one and $670 other. I have switched gears now and going for properties in better neighborhoods and better schools. Appreciation is more important to me now than cash flow.

Chattanooga, TN is great city for rentals and flipping.

Congrats George

How soon are you having to wait after you purchase to property to do refinance out?

Thanks Everyone. Where are the meetings? I can come this week.

I have been on BP for about a year now but I recently moved to Murfreesboro from Chattanooga. I am looking forward to learning the market here and investing. I would love to get to know some BP members in my area.