All Forum Posts by: Eddie Espinal

Hi @Eduardo Calle, nice to meet you. Thanks for reaching out.

Following, I just asked the same question on another thread. I'm also looking to do a HELOC on one of my rental that is paid off.

I'm super excited that today I'm going to wire the last payment for one of my rental property to have it completely paid off in just three years. Now, I want to use that equity and put it to work and I was thinking to get a HELOC from a local credit union or bank. My question is, have anybody here done a HELOC on a rental property in Georgia? If so, where can I try first? Any inputs will be greatly appreciated.

Thanks in advance!

Welcome to Bigger Pockets @Jason Heard , I am so happy to see that you signed up after our talk last week. I love when I see people take actions right away, and that's a good sign that you will go far in this new journey.  Keep it up!, take advantage of the great content in this forum and the BP Podcast. You will learn a lot in a short period of time.

Again, welcome to BP!

Eddie Espinal

Congrats @Craig Barr.  I wish you the best and looking forward to seen more posts from you regarding your portfolio growth.  

I agree with @Lexi Teifke. I made the same mistake when I purchased my first property. What end up helping me was that I made large payments to my principal and then did a few Mortgage Recasting to lower my monthly payment.  Maybe that's something you can do in the future.

You can read more about how mortgage recasting works in the link below.

https://www.bankrate.com/finance/mortgages/what-is...

Congrats!

Eddie Espinal

Congrats @Tara Kinney!!!!.  Thanks for sharing the details with us.

Welcome to BP @Johnny Sung.  Keep us posted once you close on your first deal :-)

@Storm Grimwood The latest episode of the biggerpockets show #321 had some great tips on negotiation.  If you haven't listen to it yet, I highly recommend it.

https://www.biggerpockets.com/blog/biggerpockets

I'm looking at a duplex opportunity that says "Corporate tenant, PadSplit has a low-risk 2-year master lease that protects your investment and alleviates landlord headaches.", this is the first time I hear about PadSplit and saw that they are here in BP.

https://www.biggerpockets.com/co/padsplit

I'm curious to know how that works and if this is a deal breaker for me?

Thanks in advance for any feedback.

Sincerely,

Eddie Espinal