All Forum Posts by: Cassandra Sifford

Hi @Alex Smith ... I'd say give them a week.  Monday was a holiday so they may still be playing catch up.  I was advised by an HR  recruiter to wait a week to do follow ups and call between the hours of 10am - 2pm.  I was also looking into becoming an assistant property manager, but didn't have the experience.  I wish you an abundance of success!  Keep plugging away and stay faithful!!!

I have been wanting to finance my 1st buy and hold investment property with funds from a HELoC on my primary residence.  

I recently met with one realtor (also an investor).  After discussing my finances and future plans and goals, he advised me that he didn't feel that I was financially ready.  I don't have a lot in savings (which needed to include 6 - 7 months of mortgage payments for my investment property), I've got debt (credit cards, a fairly recent car loan, and student loans), and am about to have a baby next month. 

I've got some access to funds (a few thousand from family) to put into my savings to show a lender that I've got enough to cover mortgage payments and some repairs along the way. I am very passionate about investing in real estate so the fund holder knows I'm no slouch on repayment and we have a great relationship! My main issue is that he advised that I not waste my money on getting my home appraised to receive the HELoC as mortgage lenders tend to look down upon giving a mortgage with a HELoC open as it increases my DTI ratio. I feel as though the HELoC is my only option in breaking into the field and I'm tired of just dreaming about being an AWESOME landlord ... I'm ready to go!!!

Please give me your input as it is greatly appreciated!  I believe in myself and my parents (fund holders) ALWAYS have!!!

Many thanks,

Cassandra

Good afternoon EVERYONE,

I'm looking for a general contractor / handyman in NCC for my primary residence to do renovations on the interior (plumbing included) and exterior .  In the VERY near future, I need to get an appraisal for a HELoC to fund the down payment on my 1st buy and hold.  If anyone knows of someone, please let me know.

Thank you in advance,

Cassandra :)

I've been reading your thread so congrats on proceeding as a right business move!  I know you probably didn't want to proceed with the eviction, but your hand was forced.  Keep us all posted!!!

Thank you for sharing your story!!!  I too am a newbie and have been researching, driving around New Castle County and staying in contact with my realtor and mortgage broker.  Not sure if I want to invest in a duplex or a flip for my 1st venture, but I can't get investing off my brain :)  Best of blessings to you in the years to come!!!!

@Peter Tverdov @David Crutcher Jr. @Matt Madalis @Lee S. Thank you for your insight as well!  I'm feeling a little more comfortable with venturing into funding the deal through HELoC.  This site and everyone on it is a great tool.  I'll just make sure that after the deal closes, I pay it all back or at least within the year.  I've got a design background and keep good people in my back pocket for renovation purposes!  I thank you so very much!

@Jeff Dulla Thank you so much for your insight!  I don't want to lose that rate as the original mortgage broker for my home even recommended me to not refinance last year.  I'm becoming more financially responsible and education has become key.  This site and valuable input from yourself and others have helped me get a grasp on where I want and need to be ... REAL ESTATE INVESTING!!!  Again, many thanks :)

I've been paying off some of my debt to make my DTI ratio better so I can get the highest % on my LTV on the HELoC. @Jeff Dulla I am leaning more towards the flip for my 1st investment so I can stack the capital and hopefully purchase a buy and hold duplex to do the BRRRR strategy. I was talking to my Mom and she's afraid of all refi's as her and my Dad didn't educate themselves enough to understand so she has me afraid of them. My current homes' interest rate is 3.75%. The gentleman I spoke with advised that the conventional cash out may be around 4.75% or higher. Wouldn't that make my mortgage payment increase? If that's the case I really don't want to do that :( I can pay off the HELoC as I have something good in savings. I pay back / down debt at a good rate so I'm disciplined.

Thank you all for your input as I greatly appreciate it!  I'm going to do further research with the cash out.  I have a good nest egg of my own personal money, but don't want to tie up my own funds right now.  I mainly wish to use the HELoC for my 20% or if need be use the entire amount and purchase the flip outright depending on what I find and use my personal funds to fix it up.  I've been looking at a duplex also to hold.  I'm still having analysis paralysis, but need to step out on faith!!!

SN: Other than Bigger Pockets, what sites offer good analysis calculators to crunch numbers??

Hello Bigger Pockets family!!!  I have been researching ways to fund my 1st deal (still deciding between a flip or a buy and hold) and had been most interested in HELoC.  The value of my home has increased a good bit in the past 5 years and it looks like I could get a substantial amount.  I spoke to a gentleman yesterday in regards to doing a conventional cash out of my mortgage.  I had not considered it and don't know much about it.  Could anyone shine some light on the advantages and disadvantages of going with a cash out vs. a HELoC?