All Forum Posts by: Chris Hewitt

So we picked up a duplex back in September and are pretty much on autopilot now. My manager is kicking butt, checks are rolling in and there really hasn’t been a lot to do. We’re on track for our next purchase in 14-18 months but the waiting is killing me. I love the chase. I keep analyzing deals (minimum one a day) but in the mean time how else do you occupy your time?

I have a list of books, podcasts, e-learning courses etc to keep me busy but I just wanna buy something! What do you all do to take up the time between planned buys?

I’m signing papers for two HELOCs with them this week. They gave me 10 years interest only and 5 years P&I at 6.25%. Their online portal is pretty poor. Once you get a human on the phone they can fix ya up. 

@Heshel Mangel, Yes I am an OOS investor.  I looked for 2-3 months and I finally bought a duplex in Monroe in October of this year.  It wasn't my first, second, or third pick for an area; but I was able to negotiate a very good deal and couldn't pass the opportunity up.

@Anthony Wick 6 month lease term at a bit of a discount. Get some money coming in and it better than letting it sit vacant for that long.

Regardless of the fact that it was bought significantly below (roughly 76%) of market value?

I picked up a duplex about two months ago with a cash sale, and am in the process of putting a HELOC on it right now to get my money back out of it. The sellers were distressed, and we were able to get the property about 30k under market value. In this case, when the HELOC appraiser goes out next week, are they forced to look at the sale price of the duplex, or can they take into account what the actual market value is?

How is the Macon area in general?  It seems like the city had some issues in the past and census data looks like the area is on the decline, however if you dig through the news stories, there seems to be a lot of growth coming to town in the next 1-2 years, and rents seem to be pretty uniform across the area.

I spent most of my time looking in College Park and Union City. Both are strong rental areas with prices that are reasonable. With that said I ended up buying a duplex in Monroe. From talking with my property manager and agent, as long as you have a good house that isn’t a hole and you aren’t to far out, you shouldn’t have a hard time finding a place that will flow 100-150/mo. 

@Mike Dorneman Where did/do you find this product? I have a duplex that I had intended to put a HELOC however a 20 year commercial sounds better to me.

@Daniel Long Currently I’m using it as a bridge for a couple months until I can refi into either a HELOC or a cash out refi. It was a item of last resort after I exhausted other forms of financing to put together my last deal. I’m using a Bank of America card that gives me promo checks that are 0% for 12 months and I have a 30k limit on the card. If you plan to go this route, I’d definitely have an exit strategy in place, and make damn sure it’s locked down before you put money on the card. For instance I ran all my DTI calculations with my cards maxed and with my new loans, and had letters from my lenders saying that they’d approve financing under those terms.