All Forum Posts by: Cassidy Burns

Hi BP,

Can someone please help clarify the difference between a HELOC and a Home Equity Loan?

Shamelessly my mother is going to be my first partner, as she wants to get into real estate investing as well. She owns her house free and clear (i'm guessing worth around $75,000), BUT had to take a home equity loan of $12,000 four years ago. She currently owes $6,500. How do we go about getting this LOC out? Can she even do this while the loan still has a balance?

Thanks in advance for any help!

Hi @John Hannula, great to have you.  I also am a real estate agent and investor in Washington DC/Bethesda area, looking forward to connecting.

Talk soon,

Hey BP, Quick Question: What is the best way to collect rent from tenants? Checks? ACH? Software? Thanks!

Hi BP,

I have been on bigger pockets for around 3 months now, and the knowledge I have gained has been priceless.  This website has not only increased my interest and drive to invest in more properties, but also has made me a better real estate agent.  I am able to comprehend and explain concepts to clients that many agents can not due to having access to the unlimited information on Bigger Pockets.  Thanks again Bigger Pockets.

To many deals in the future.

Cassidy Burns

Hey BP,

What is the rule of when you can move out of your primary residence if you have a FHA loan on the property and use it as a rental property?

Thanks!

Hey BP, Quick question: Any suggestions on how to manage rent and cash flow? I have started a new account where my rental mortgage payments are being made out of and where my rent checks are being deposited into. Should I create another account where I am taking my positive cash flow out of this account and then another separating 10% of all rental cash flow for cap expenditures? How are you guys doing this?

Hi BP,

As a new "real estate investor," you can get overwhelmed with the influx of information that is available.  I have read multiple real estate books, currently listening to every BP podcast (currently on #59), continuously searching for good deals, and check BP forums on a daily basis.  As many of you probably have experienced already, I have the itch.  I am more motivated than ever to make a change and develop a solid real estate buy and hold portfolio.  I am closing on my first condo tomorrow and I have already have found good, reliable tenants.  This is great.  But, now what?  No matter how much I read, listen, or watch I am stuck on the financing side.  I have been actively meeting with investors in my area, but finding a partner takes time, trust, and experience.  All of which I do not have at this point.  So what is next?  What is the best way to finance my next deal if I do not have this partner but I do have enough cash for another?  How do I get around my debt to income ratio now that I already have a brand new mortgage, car payment, paying rent, and college loan but a decently high salary?  Do I continue to meet with banks until one of them says yes?  Do I try for a portfolio lending bank?  

Any advice is greatly appreciated.

Hi Don Konipol,

Do these numbers and interest rates seem reasonable/smart to do for a buy and hold rental? 

Thanks!

Hey BP, I am talking to a portfolio lender to hep get my 2nd deal financed. Can you guys help me translate this info that he sent me??: 10% down Interest Rate: 3.925% Origination Fee: 0.25% 5/1 ARM 30 year amortization 2.50% margin over the LIBOR 1 Year rate 2/6 Caps

Hey @John Burtle I am living in one side and renting out the other.  @Mario Brown thanks!