All Forum Posts by: Daniel Mendez

Hey BP,

I am embarrassed to say this but I still can't grasp how the whole refinance step works within the BRRRR method.

So from my understanding is say I purchase a single family home for $100,000. My mortgage will be $1,000 after down payment and stuff. After rehabbing, hypothetically speaking, it's ARV is $200,000.

So when I refinance the house at the new amount of say $200,000 my mortgage will go up but I will still get the $100,000 difference right?

I am very confused. Any help would be greatly appreciated

Good afternoon BP,

How do I go about classifying a neighborhood? Is there a website that might tell me what type of class the neighborhood the duplex I am trying to buy is in?

Any assistance would be greatly appreciated!

Good afternoon BP,

So I am trying to purchase my first investment property this year!

Unfortunately, I don’t have the cash needed to put down for an investment property.

However, I have acquired massive equity in my current primary home.

People talk about using a HELOC to invest in your second property.

My questions to you are the following:

1) How does a HELOC work?

2) Once I take the money when do I have to pay it back?

3) Does the HELOC get added to my current loan? Or does it become a new loan?

4) what are some way to pay off that HELOC loan right away?

I apologize if this is a dumb question but I can't seem to grasp how I can take advantage of the HELOC for my home.

@Ned Carey honestly I am just curious how much my home has appreciated since purchasing it almost 3 years ago. I am thinking of getting a HELOC out to use it for investment on another property

Hey BP!

How do I go about finding out how much my current house appraises for?

I know I can look at Zillow or Realtor.com but I hear they don’t really provide accurate results.

Any guidance would be greatly appreciated.

Good morning BP!

I am looking to buy my second property this year. I would use it as a primary and rent the house I live in right now. My landscape needs a bit of work. Does anyone know how I can determine how much the value of my house will go up if I give it the curb appeal that it needs?