All Forum Posts by: Anthony White

Being the first home owner in my family and growing up homeless myself at times.... I’m just glad I bought.... and providing better for my family! 

Thanks though!

Because of the condition and 6 of the 8 units were vacant over 6 months - it has been the most work...

But for the price- it was a solid investment

Who spent 1/2 a million? 

I’ve spent less than 1/2 that...

 I have a GREAT Agent in Memphis, Duane Kinnard 

The HELOC I received on my primary residence was over 25 years - 5 years fixed at 4% then variable after that capped at 7.9 I believe.

Interest Only payments for 10 years - 

We rent the Units for $400-$500 based on if they receive assistance or amount of adults. 

When units list for $400 we get about 10 calls a day. Literally, its a 2Bd1 ba where else can you rent that for $400. 

Takes seem to be about $3,750 for combined city and county taxes. 

Which is about 1 months rent from the property.

The taxes on duplexes are higher - but it seems in memphis with a $7.25 minimum wage and talk of that increasing soon - It may help with higher rents. 

I try to list right below the average when it comes to rents. $550-$650 for 2 bedrooms for my SFR and Duplexes.

Remember I live in CA, we bought at the downfall of 2008 and its is now 2018 at a peak.

I figure/hope my home will be paid off in 10 years as well, so god forbid, but if something happens, with the price we purchased at, we can sell, refi, or something else. 

With the HELOC, I factored that into the purchasing price and bought the properties cash.

The next step for me would be to see about how I can bundle some properties together, Cash them out - over 30 years, then repay the equity line of credit - and now with those 'portfolio' properties rented the mortgage should be good with the rents coming in. 

For the HELOC, I figured it was 10 years interest only, I bought a 8 unit property, and 2 SFR that rent out a total of $4,000/mo. My HELOC payment, interest only at 4% locked for 5 years is $555. So basically I feel like I have no reason to rush and refinance and cash out on those properties.

I also started an LLC but I am still researching and learning how to run everything through the LLC so I can remove my personal finances, credit liabilities and such from these.

I used a HELOC on my personal property - to get started, 10 months later I just got the other line of credit.

All properties have equity in them, Im figuring out the next part as I go.