All Forum Posts by: Account Closed

@David Jaffe what is the amount you are looking for with the HELOC, if it is over $1M, I may be able to help you.

@Jesse Smith Good question. Your insurance credit report or "Clue Report" may be showing information twice or information that is not true. The best way to do this is to request a copy of your Lexis Nexis Clue report and then Dispute any untrue information from your report.

@Lawrence L. I am not an accountant and do not want to give tax advice, but I have an idea for you that could address your issue. What if you create an LLC and that LLC is a property management or rental company. Your tenant would pay the LLC, which would be a separate business from you the person and your house. This may be able to isolate the income so it is just LLC business income instead of rental income and you can still keep the tax free allowance. Just a thought.

@Erik Sherburne cool to see someone in the Twin City area on BP. I am in Philly, but I have visited the St. Paul area a couple times. 

Here is my recommendation, try to negotiate but go with the best-priced lender. Although loyalty is important and is a valuable standard to uphold, you will have other opportunities to work with the lender you did not pick. The biggest risk is if you are stuck with only one option when you are refinancing. When rates change every bank has a different policy about how to incorporate new rates and how quickly to change them or how to change underwriting standards. If you can have multiple options you will be better off, especially if you get to the point where you are on the cusp of an underwriting criteria, you don't want to get rejected and have no place to turn.

@Shiloh Lewis You may want to give name generators a try. There are a number of generators online:

Shopify's Name Generator: https://www.shopify.com/tools/business-name-genera...

AI Based Tool: https://namelix.com/

You can also just search on Google for Name Generators.

They state the address, but most of the time they do not let you go in. It just depends on the property. Sometimes they do not even have a local realtor you can contact to ask questions, just a title company to handle the transaction.

@Steffi Wood Yes it is a legitimate website. If I can recall correctly I have purchased one property from the website and one from its competitor Hubzu. You have to be careful because most of the time the deposit will not be refundable and most if not all of the properties you have to bid on site unseen. It is definitely not a starting point for a beginner.

@Lisa Li You are starting the game in a wonderful position. To get the money you need for the next property all comes down to what type of property you are looking to buy next and how you are looking to buy it. As others have suggested you could get a home equity line of credit (HELOC) against an existing property and use that. Alternatively, you could take a regular mortgage against one of your existing properties and use the money, this is called a cash-out mortgage. Last, you could get a loan or line of credit against your portfolio of properties, this could be called a portfolio line of credit or simply a business line of credit.

In terms of mentors in Philadelphia, I have mentored a few people in the area and would be happy to help. Please send me a direct message and we can talk further.

@Jim K. Sounds like life is easier on your side of the state. My experience is actually much easier than what I have heard from people in the City of Philadelphia

@James Wise My assumption was this was just a side hustle. I agree it would be difficult for this to be a stand-alone business unless you were able to do it in multiple geographies.

As for your question about an agent. It probably depends on his specific market. In some markets, Realtors are not willing to drive tire kickers around (which some people who would get involved in this program would be) if they are not sure they are going to buy something. This business model allows Alex to capitalize on people who are not ready to buy yet.