All Forum Posts by: Dave DeMarco

@Jesse Chambers IMO it's a great idea. A HELOC allowed me to scale up much more quickly and inexpensively than a refi on my properties. If I had done a refi instead of a HELOC on my 1st property I would have only been able to buy 2 properties last year instead of 5. I also would have been cash flowing LESS and paid thousands more in closing costs. Buy for cash, open a HELOC at 70-80% LTV, repeat as needed. It can also help you eliminate the need to keep going back for loans down the road, costing you several thousand dollars each. Currently I'm clearing my lines as fast as I can so I have available cash for the next great deal I see or a downturn.

BUT, be careful. Make sure you have cash reserves aside from the HELOC, buy smart, make sure your numbers fit your criteria for CASHFLOW, and make sure you clear your lines ASAP if you do the interest only option.

PenFed Credit Union has been awesome for me with their lines (no affiliation). Up to 80% NOO, minimal fees, desktop appraisals in some cases and quick to process the loans.

You should be very excited about your position and good luck!

Also super low fees with a HELOC...

If you've purchased for all cash why not a HELOC? 80% LTV on a NOO at PenFed CU. You can even do it interest only. As you pay the balance down you have more access to cash.

Need to renovate a townhouse in Warrensville Hts and need a GC. This is a full rehab - HVAC to floors to Cabinet, etc. Unfortunately I can't trust my PM to get it done for in a timely manner.

Can anyone help?

@Chan K.

PenFed Credit Union has what you are looking for NOO. Very easy to work with.

@Enyi Ajoku Exactly what any good business owner would do. Good luck!

@James Wise Damn! A witness, photographic evidence that literally millions upon millions of people can see, and a fire that's GOING to expose these guys, and that's to flimsy to evict in a court of law???

We're doomed... ;)

Dude, the person who LIVES THERE says they are selling drugs...

There are pictures of them smoking it up in the property (on Facebook? Seriously?).

I'll grudgingly give you the fire point, but we all know this most likely happened because of them. But hey, you go ahead and wait on our glorious legal system to get that handled for you before these geniuses do something even MORE serious and keep collecting that rent. 

You may need it. 

Just collect rent? Really? Did I miss something in this post? 

These people are selling drugs out of your property AND just burned down a shed on the property and the advise you get is just collect rent. And there is a 10 year old living there with them...Yeah, just keep collecting rent. What else could possibly go wrong? 

@David Sussman Are you sure you aren't missing some value here. What area is the land in? The land value in and around central NC just keeps going up. Even in rural areas. Would a mobile home work on the land to get some cash flow?