All Forum Posts by: Elenis Camargo

@Ryan Keenan Okay I didn't realize you had already gone to court. 3 months...that's terrible! I hope she still has to pay for those 3 months...? Have you tried finding another evictions attorney or is it too late now? The one I used in Florida was super responsive by phone and email. 

PenFed will do the HELOC on it. I spoke with them on the phone a few weeks ago and they were allowing this on rental properties.

@Ryan Keenan Wow!! That is the tenant from hell. Why did you decide to give her a month? Did she pay the September rent? As soon as she fails to pay you can put a 3-Day Pay or Vacate notice and if she doesn’t pay by the 3rd day then you file the eviction. You have to be strict with a tenant like that or they will continue to do these things to you. It also heavily depends on your state laws. I’m sure your evictions attorney can help set expectations on what will happen. Good luck!!

@Stevie Delacruz Yes I think house hacking would be great for you. For anyone actually. I'm dying to do it but I live in Brooklyn and it's extremely overpriced so I'm just investing out of state in Florida.

@Stevie Delacruz Amazing that you're already thinking about this at age 19!! It's never too young, I think. I'm 30 and wish I had thought of this sooner. Take a look at this article: https://www.biggerpockets.com/renewsblog/house-hacking-la-full-time-student/

@Daniel Tisdale I definitely would not do this. Funny this topic came up though. I started reading Brandon Turner's book today "The Book on Rental Property Investing" and he starts off the book talking about how appreciation or the long-term vision of selling for a much higher profit should be seen as the icing on top, not as the main reason for investing in a rental property. $400 per month is a significant loss on a rental. That's what I make now on my single family property and what many investors would love to make on each of their doors. Also, many investors are talking about the real estate market being at another peak right now, and the data says so as well. So imagine you buy this now then years down the road you can't even get your month back and have to sell at a loss or hold onto it even longer. This happened to many investors during the housing crisis and it can easily happen again. Either bring the price significantly down or walk away. Good luck!

@Omari Heflin Are you looking for a HELOC on the home you live in or for an investment property or another type of line of credit?

@David Simon I haven't tried using those sites for comps but I use Zillow and put "Recently sold" then play with the filters to get something close to the house I'm looking for. It always works for me. Maybe you won't find something in a few blocks radius but there should be at least a few that sold in the past few months in the area. If not, then I would try getting an average price per sqft and trying to come up with a number for the property you want to brrrr.

Hi @Johanna Castel. I had a hard time understanding this at first also. It means they will give you 90% of the value of the property, so you'll have to put in 10% or you'll have to get the property at 10% less than it's current value. Also the points, you'll have to put money for that. 2% of the purchase price I assume. The 8% rate sounds pretty standard from what I've seen. I started off looking for a no-money down solution as well but all hard money lenders seem to want something, which is understandable especially when it's our first time flipping. Hope this clears it up a bit and that it works out for you!

I intent to pay off each property I acquire. The rationale behind this is that I will have almost 100% of the rent as cashflow and the property should appreciate a good amount by that time. I can take out HELOCs or a portfolio loan once I have more equity in it. Or I can simply sell it and buy more properties.