All Forum Posts by: Coley Mitchell

for me, i could apply for home equity credit line because it has no application fee, no closing cost, plus i could take money out anytime i need to fix the house and pay it back as soon as i can sell the house, i may just need it for few months , i  only pay interest for these few months.  

for cash out refinance option, i will have to 

pay higher closing cost (couple thousands),

processing time is 30-45 days with a lot of paper work.  

interest rate may be a litter bid higher than the current interest, and it sticks for at least 15 years or 30 years or until the loan is paid off. 

@Coley Mitchell

Thanks for your reply on this

Did you happen to do the BRRRR process from your HELOC ?

@Ricky Schmidt

I spent most of my life in the SF Bay Area and Silicon Valley.

I starting invested in Austin back in 2011 and have done very well.

I moved to Greenville SC in 2014 and love it here.

Both Austin and Greenville are great places to live and invest. Greenville is less expensive.

But it seems to me, I would not make your decision on the basis of investing or a real estate career. You can do fine in either place.

The more important question is “where do you want to live? where would you be happiest?”. I would make the decision on that basis not a financial or investing one.

@Julie Sisnroy 

First I’m very, very bullish on both markets! Affordability, jobs, and population growth are all on a continued “up”.

Atlanta is much more nuanced and I’d need to get a lot more information on what you’re looking for to give guidance as to where and what but there’s huge upside in multiple areas.

Greenville and the bed communities surrounding aren’t talked about NEAR enough. I’m in the midst of buying a quadplex for $235k that will rent at $900 per door. It’s within a mile of top schools, retail/restaurant, development, and a major hospital. The appreciation projects and cash flow in Greenville... VERY compelling

@Coley Mitchell Yes. I've posted about the duplex. The triplex did not need any work, and was rented out before the keys changed hands.

The duplex was a good find since it wasn't listed as one. Actually had 2 seperate houses on same lot; the smaller house was listed as a workshop. Fixed that up, and renting out for $950. On the bigger house, getting finished with the attic conversion and hoping to refinance the end of this month. Do you happen to know of anyone doing refi's at this time?