All Forum Posts by: Daniel Devin Jewell

Hey everyone I did a podcast interview talking about how I got started!

We talk about buying a house only making 27k a year in VA and how i got a HELOC on that house and how I used that to buy my first rental property.

If you could listen to the pod and give me some feedback? I'd like to know what you guys think

It was done with the home boys real estate podcast and ya...

Let me know

https://youtu.be/iYnSGj7HTAM

Hey everybody!! just an update.

I just closed a home equity line of credit with truest / BB&T. They ended up giving me 100k hahahaha

I closed on the HELOC today at 12 and I've been riding a pretty big high ever since. I've been working towards this for the past 3 years and it's just a little weird seeing myself get it done.

Basically three years ago I realized that if I wanted to do things faster in real estate id need to do financing.

so I started to pay attention and claiming everything I could when it comes to my taxes. I didn't deduct everything because it would lower my income and after doing this for 2 years and being self-employed I started to qualify.

after the 2 years of taxes I planned to refinance my primary residence at today's rates. I got 2.8% or something like that and then to get a HELOC on the remaining equity.

my plan is to basically use this line of credit to buy houses that are extremely undervalued probably in Virginia North Carolina South Carolina… basically Virginia's sister States. I find houses that are selling for under 60k regularly and in most cases will appraise for 120k. my plan is to buy them with my line of credit fix them and finance out after it's rented.

@Chris LumLee I'm sorry to hear that. maybe they picked up on certain phrases for sentence structure.

not that BiggerPockets is that big of a site but an algorithm can only do what you tell it to do specifically.

I worked in robotics and programming while frustrating was humbling because if it's not doing something right then it's 100% on you. If you did not tell it to move two degrees to the left instead of three it's, just.

@Justin Lavoie do I mind!!?? Lol isn't that the point of this platform?

I plan to do basically brrrrs, as my first choice.

There are a few investors that I work with that are obsessed with cash flow and they regularly find properties for under 40K that will rent for 1K maybe 1.5 in today's climate.

As a whole Iv found that a lot of lenders will not lend anything under 100k and they won't land on manufactured housing.

Some of them do require seasoning time But I don't feel like that's a big hurdle

so my plan is to find one of those properties for under 40K that will appraise for a minimum of 100K Plus.

I'm capable of doing all the work myself and do it for other investors regularly so in the worst case scenario my rehab will cost around 20K Maybe 30k.

in my eyes if I find a property for 50k and have to put in 30k worst case scenario, then I will still potentially make some kind of profit on my refinance, not to mention having a cash flowing asset afterwards.

I do not want to do this long-term but if I get a few of these rental properties it'll enable me to take a step back and really focus on the things I'd like to do, like development of manufactured housing instead of flips or other things.

If I can't find those properties then I can always lend out the money and start developing relationships with other investors or partner on a flip with somebody.

it just opens a lot of doors for me.

I've got savings but having 50 or 100k can make a difference, it puts me at a different table

Hopefully that makes sense

Thanks everybody for their input I'll keep you guys posted on how things progress

So basically what I'm hearing from you guys is go with the credit union, but try to negotiate the credit line up

Scott Myers
Bob B.
Edith Scott
Alex Talcott
Tom Fisher

Okay guys I need help!!

Basically I'm trying to decide the pros and cons of what bank to use for a home equity line of credit.

I'm going to lay it all out so bear with me

I work in real estate full-time as a boots-on-the-ground resource for other investors.

3 years ago I started to realize I needed to pay more taxes in order to qualify for loans.

2021 was the golden two-year mark where I had a increased self-employed income so more banks will start looking at me before this it was extremely hard being that I was self-employed.

I own a house near Charlottesville Virginia I refinanced it and the appraisal came back at 270k with a mortgage on it for 125k so about 140k inequity.

I approached several Banks UVA Credit Union and truest / bb&t are the two that responded favorably to me.

They both have approved me pending a appraisal and title search.

The bottom line is UVA Credit Union called me earlier today and I gave them to go ahead to proceed assuming that the other was just dragging their feet they offered me a 75 k line of credit with an interest rate of 2.8% for the first year and then 1% above Prime for 10 years and then it will convert to 20 years.

Truist / bbandt called me 10 minutes ago and offered me 100k with interest-only payments starting at 5%. they also offer a draw program where if I was to pull out X amount of money we can lock a rate in and amortize that over however many years, up to 30.

I've got big plans for this money!

my plans will work with 75 but 100 is 100. should I be concerned with one or the other closing or not closing?

should I make it just about the money?

or should I take relationships into account like the fact that my LLC has an account with the UVA Bank or the fact that bbnt is a national brand and I am much more likely to be treated like a number to them but it'll be easy for me to operate in other states which I do regularly.

I've never used a home equity line of credit any advice is appreciated.

@Brandon Spurlock hey I'm here where you guys at?

Hey @Brandon Spurlock I'm interested in meeting up as well, is that the winery you're talking about?

Hey everybody I'm trying to remove my brother from the deed on my house.

as far as I understand it I need a quick claims deed.

does anybody know if there is a template for this kind of thing? Something that a bank will acknowledge because I'm trying to do a HELOC after.

I feel like the information required is pretty basic the address of the house identifying the person a notary maybe a plot number.

does anybody know where I could find a template that works in Virginia or maybe a lawyer that would be willing to help me solve this issue.

Thanks

Daniel Jewell