All Forum Posts by: Douglas Middleton

Hey Flavio,ultimately I did not purchase the program.  I felt the cost was just too high for what it offered in the way of education, and as you noted, the list of banks offering 1st position HELOCs.  PM me for more information as I think I can help you if you are interested in locating viable lenders. Nicole Dunlap was super helpful and really cool too.  She went through the program and can give you some excellent insights as well.

Hello fellow investors!

I am starting up operations in South Carolina over the next couple months and need a good lead to a local attorney preferably in the Richland County area.  I am also looking to partner with other investors or "field reps" and a real estate agent who would like to make some extra money doing some on the ground research and information gathering for me on target properties in the area.   I would really appreciate any recommendations and referrals from somebody with some experience here.  Thank you so much!

Thanks Chris.  I'm curious why you think a cash out refi makes more sense than a heloc?  obviously there are advantages for both products and I suppose it greatly depends on the type of investing you do.  From your perspective what are the risks vs rewards of each?  I have certainly found it sometimes difficult to see all the advantages and disadvantages of financing approach if you are not quite savvy yet - which I admit I am not!  Thanks for the help and your time.  By the way, I have primarily wholesaled properties and acquired some rentals for long term investments.  I am seeking to build my rental portfolio up in the next few years. 

Thank you all for your suggestions, references and insights. Josephine your situation sounds scary and frustrating at best and potential fraud activity at worst.  Be careful!  

So, has anyone heard of the "Replace your mortgage" program started up by Michael Lush? It is this program that really sparked my interest into this type of 1st lien HELOC program. I had never heard of a 1st lien HELOC until I stumbled across Mr. Lush's YouTube vid. It sounds amazing and could be a great way to rapidly pay down my mortgages while freeing up cash to use for more investments. Really compresses the wealth building time continuum from the look of it. The catch is this information comes with educational modules and wealth building investing techniques using the HELOC approach for 2k or 4k respectively, depending on which package you opt for ... of course. Along with the information and $$ investment you get a list of 200 mortgage lenders (which is really the only thing I want out of this at this stage) who will do these types of HELOCs. His program also comes with a 6 month money back guarantee if for some reason it does not work for you. Anybody have knowledge or experience with this?

Hi fellow BP Colleagues! I am searching for a lender that will provide a HELOC in the 1st lien position on 3 rental properties I own. I am finding lots of evidence of this elusive loan product around the BP forums, but have yet to locate a lender who will offers this loan type. I live in the Raleigh NC locale. I have three rentals with a pretty good amount of equity and I would like to tap that equity while I'm paying the loan down and increasing my equity as efficiently as possible. Looking forward to getting some guidance!

HI Brian, my apologies.  I missed your message until today.  Somehow I miss my BP messages very easily!  Do you have a number I can reach you at and I would be happy to call you so we can discuss the details.  Or, please feel free to call me at 951-505-9848.  Just leave a VM if I don't answer and I will call you back very shortly.

Regards,

Doug Middleton

Hi Josh, working on getting that info for you.  Might be a couple days as the owner is out of state right now.  In the meanwhile here are some photos (little unflattering as tenants had just moved  in when I snapped the photos)  that I can't get to flip right side up!  Do you have a personal e-mail I can send photos to\?  I can send you about 20 photos of inside and out.  Regards, Doug

Single Family Home 1788 sf; 3 Bedrooms and 2 Baths; Refrigerator, Dishwasher, Range and Microwave Included. Has Carport and Large Fenced Back Yard. Currently rented out for $900.00 per month with rents average rent about $1,000.00 in the area. Has an ARV of $120,000.

Needs some minor repairs and updating. Roof took some minor damage in hurricane Florence and will need repair or replaced. I have roughly estimated about $15,000 total updating and repairs including new roof. Below is a rental property calculation I did using the bigger pockets calculator.

$900.00 Monthly Income

$634.85 Monthly Expenses

$265.15 Monthly Cashflow

6.33% Pro Forma Cap

$7,600.00 NOI

$32,700.00 Total Cash Needed

9.73% Cash on Cash ROI

7.8% Cap Rate

7.78 gross rent multiplier

Thanks Chris and Dennis.  Dennis, sounds like you may be familiar with NC.  What are you referring to specifically when you say it’s “in the country”? Are you referring to overall values or ability to rent the property or what specifically?  Wake Forest doesn’t appear to have any problem with growth and homes have been appreciating by 9% annually for the past decade - until most recently anyway. It’s one of the fastest growing cities in the region.  If you were me where would you focus your resources to maximize your investments?  I am hunting in Raleigh and Durham in addition to Wake Forest but of course good deals are harder to come by in the Raleigh Durham cities. Thanks again gentlemen! I am definitely slowing my roll on the manufactured home at this point. I think I heard what I needed to pass on this one.