All Forum Posts by: David Wilson

Hmm ok I have never used them. I assumed they worked like a credit card. Thanks.

Im looking a buying a single family home for 60k. Paying cash with my HELOC. It needs about 12-15k in repairs and should sell quickly for at least 130-140k when all done. I  just opened up another HELOC on a duplex that I own. Has anyone ever used two lines to do the purchase and the rehab? I figure that I can just use one to pay the other off each month before any interest charges hit? It should only take me three months from purchase to sell if all goes as planned. Sounds too good to be true that I will be basically using free money. 

Im looking a buying a single family home for 60k. Paying cash with my HELOC. It needs about 12-15k in repairs and should sell quickly for at least 130-140k when all done. I  just opened up another HELOC on a duplex that I own. Has anyone ever used two lines to do the purchase and the rehab? I figure that I can just use one to pay the other off each month before any interest charges hit? It should only take me three months from purchase to sell if all goes as planned. Sounds too good to be true that I will be basically using free money. 

Im looking a buying a single family home for 60k. Paying cash with my HELOC. It needs about 12-15k in repairs and should sell quickly for at least 130-140k when all done. I just opened up another HELOC on a duplex that I own. Has anyone ever used two lines to do the purchase and the rehab? I figure that I can just use one to pay the other off each month before any interest charges hit? It should only take me three months from purchase to sell if all goes as planned. Sounds too good to be true that I will be basically using free money.

Kurt Gardner yes I would rather hold and have lots of equity over a quick 20 or 30k. I like the deal and the neighborhood but it's always nice to get input from others.

Jay Hinrichs thanks for the reply. I don't plan on buying anything that is not in a B or better area. I don't want to own anything that does not appreciate in value and rents. What is nnn commercial?

Wayne Brooks that was a counter from the seller. They want to close before the end of the month to avoid foreclosure. I don't think this will end up being a short sale.

Well the area is appreciating. I don't really need the flip cash. I have a good business that does well. I already own a duplex that cash flows and has a good bit of equity. My thought was to buy low in good areas and hold. Generate some passive cash flow while gaining equity over the next ten years or so. I want to own at least 10 properties with tons of equity by the time I'm 55. Then retire to the Caribbean. Is this not a sound strategy?

Even if it would cost me 20k I can sell it for $120k all day and still make a nice chunk. I really want to buy and hold but I guess sometimes it makes more sense to flip?

I'm pretty sure I can do it for 10k. I don't see it going much higher. It's a three bedroom brick ranch with solid bones. This might just end up being a better flip option rather than buy and hold.