All Forum Posts by: Douglas Slingerland

Hello,

I am looking for mortgage loans under 30k and am having difficulty with nearly every bank I talk to .   I'm considering turning to personal investors, however, I don't know how to find these guys.   

Does anyone have advice where I can find some investors for this sort of thing or any alternatives to such?

I have no equity or secure-able assets but make a decent salary and can put several thousand down to secure said loans, I need to find someone who can see the value in investing in my investments and can will accept short-term sub 1 year loans on sub 30k.   

Where do you guys find investors / your first investor?

This is my primary residence.

I don't want to flip or rent it out, I simply want to use it's equity to purchase my first investment property.   

What you're saying here is to take out a loan, complete construction, then refinance the entire debt amount as one square loan and draw all future equity from that starting point?

Hello,

I am new to Bigger Pockets and registered to ask a particular question:

I recently am able to purchase a family home where the value is in the ~140, however, it is in a state of disrepair and will need about 40,000 worth of work, so probably worth about 80-100.   I can pick up this property for 35,000, which would immediately give me positive equity.

The question I have is:  Do I take out a line of equity credit to repair the home, or do I use that credit to purchase a second investment property and flip/rent and repair the home as it comes in. 

Would repairing the home give it a greater value that I can use to get a larger HELOC ?

I'm new to all of this - so any advice or pointers or "here's what I would do in that situation" would be greatly appreciated.