All Forum Posts by: Dennis Standers

Hello Friends, Which is better to do? I got a quick $1,200 from the sale of a scooter. Do I pay off a credit card or save the money for a down payment on a duplex. Sparing you all of the details...We are still short on the down, we need another $2,500 to make it. Are we in a better place with the bank if we pay off the credit card? Or continue to save for the down payment and make a little over minimum on the credit card ?

Hey thanks all, good advise. Probably not ready to play ball with HML's at this time anyway...Still too green. Switching gears and thinking a low cost SFH may get a no money down deal?? And live in it a year then rent it out. Hopefully be in better shape in 1 year to get up the down for a multi. Thanks again Dennis

Thanks Brent, And Rob, No not living in the rental, we are renting a 1 bd apt. The house has a tenant. The equity would be about 10,000 by the time we are ready, but that depends on the actual appraisal.  So ? about being able to do anything?

Hi all, How can I use my current rental SFH as a down in my next deal? Can I put up my house for collateral to fund a duplex deal? How does this strategy work? Is it even possible? The equity is slim does that matter? Thanks Dennis

Why can't it be a personal loan? Can you answer the hard money questions? 

Hello Fellow Bigger Pocket amigos, 

Can you all help me with a project I am working on? I have a SFH already that I am renting out. Currently living in a rental apartment. My next move is to buy a duplex and live on one side and rent out the other side. A tenant is already in place that would cover a conventional loan. So at FHA I would need the 3.5 down and I don't got it... At what capacity could I us a hard money lender (If I could even find one??). Would I look to finance the $5,000 down? Or ask the hard money lender to finance the whole deal then refi later to pay them off? I believe that if I could just get past this little $5,000 problem I would be on my way to (real) real estate investing. I would love to hear from lenders as well in the Indianapolis and outlining areas to connect with. I am working with properties in the Lebanon, Indiana area. Thanks for any and all advice and comments. Dennis

Hello Everyone, I am re-posting this question to change the subject from HELC to HELOC so it will hit user key words. Thank you. My wife and I are trying to buy a duplex in our town. We already have a nice SFH that we are renting out and we are now renting an apartment to live in. We have had the rental home for about 2 years and we are looking into a home equity line of credit to use as a down payment for the duplex and get FHA at 3.5% down. We will live in 1 side and rent out the other. Has anyone used this model for getting started? What obstacles or pitfalls may I encounter? Will this model work? Thanks to any input. Dennis

Hello Everyone, My wife and I are trying to buy a duplex in our town. We already have a nice SFH that we are renting out and we are now renting an apartment to live in. We have had the rental home for about 2 years and we are looking into a home equity line of credit to use as a down payment for the duplex and get FHA at 3.5% down. We will live in 1 side and rent out the other. Has anyone used this model for getting started? What obstacles or pitfalls may I encounter? Will this model work? Thanks to any input. Dennis

Thank you Joel and Mark. I can't seem to get the skin for the game. Know any way to get over the start up capital to be a REI? I will just keep saving money and see what happens. Thank you anyway, much appreciated.

Hi All, I am trying to structure a deal in my town to get started in REI. My question is would the banker go for a seller financing the 3.5 % down and going FHA for the rest. I am wanting to buy a duplex one side is already rented. This should cover the FHA loan. Owner is asking $120,000 for the property. We are prepared to offer the seller 8% on $4,200 paying off in 9 months. My question is...Is this a doable proposition? Will the Mortgage co go for it? Is it legal? What are the issues with my thinking? Thanks for the help. Dennis