All Forum Posts by: Eugene Ricks

Hello

I have a Rental Property with no mortgage or loans I acquired a HELOC before and purchased another rental property. Then I did a cash out refinance of the 2nd property. The HELOC paid Off.

Now I'm ready to acquire another property. What is the best way to do this ???? Should I get another HELOC or some other type of financing??

My credit score 691

Rental Property value $110,000

Thank You for any suggestions and help.

👍

Thanks for all the comments.

I will go to a different bank and reopen another HELOC. I have a family member who wants to sell there house. Hopefully I will have it completed soon. To purchase the house and do another BRRRR again, but this time I will choose a different bank to do a cash out refinance and make sure they won't close my HELOC and just pay it down not off.

Thanks

Eugene in Virginia

My intent was to pass on if using a HELOC, to check with your lender to see if you have to close your HELOC to have the loan approved.

This was my first time doing the BRRRR method and I have learned a lot. I'm just trying to make sure that another newbie don't have to go through what I did.

Thanks

Eugene

The reason I say I'm screwed is I was going to use the HELOC to purchase another property. Now it's closed and I have to apply for another HELOC.

Which is going to cost me $$$$ to get the house appraised again and go Through the bank process again.

I thought once you do a cash out refinance you could keep your HELOC open. But they closed my account.

Any suggestions what I should do next??

Thanks

Hello

Just completed my first BRRRR and got screwed.

I acquired a HELCO on my 1st Rental property for $72,000 @ 8.5% then purchased a triplex for $43,000, rehabbed using $24,000. Total invested $67,000.

I used the same mortgage company I purchased my first home with, and had a appraisal completed. The duplex appraised for $144,000. The mortgage company gave me a cash out refinance with an LTV of 70% which is $100,000 @ 5.5% for 30 years.

$67,000 to PAY OFF the HELOC, $27,000 cash deposited In my account, $6,000 for closing cost.

Ok when the HELCO was payed off my account was closed!!!! There for I can't use my HELOC to purchase anything.

This was my first BRRRR my lesson to pass on is make sure you know the difference between paying DOWN and paying OFF your HELOC.

To fix this so I can purchase another property I will need to refinance another one of my rental properties get another HELOC, correct the mistakes I made to BRRRR again.

Please comment and make suggestions

Hello

I need some suggestions

I used a HELOC to purchase a triplex for $43,000, I rehabbed it for $63,000. I had an appraisal completed which came back as $144,000.

my HELOC is 8.5%. I have a 692 credit score.

Now should I do a cash out refinance or open another HELOC ?????

I plan on buying another property and BRRRR again.

I’m stuck on which way to go.

Thanks

Eugene in Virginia

Hello

I live in Virginia Beach, Virginia.

I looking for the best way to purchase a single family home to make into a rental.  I have $10,000 cash in my savings and I own a single family home that is payed for.  I have it rented at $1000 a month.

I'm trying to get another one, but I want to make the best move.

Thanks for any help.