All Forum Posts by: Everett Morris

Ryan Porter is a broker at NXT Home Realty. He owns a PMC as well. 

@Jason Wray

I do have decent credit. I felt like the line of credit would have been great since I didn't exactly have anything lined up as far. I will have to hammer my deal finding hard. I would just hate to hold a loan without a deal to roll it in. 

I recently went through the process of getting a HELOC to use for downpayments on seller financing deals. After everything was said and done, I was only given 11K for a 10-year draw period at 9.1 percent. I was disappointed to see such a low amount. I was debating on keeping it and using it for emergency capital or not taking it. Should I move forward with closing or hold off?

@Dustin Lunceford

It definitely has been so long! We should grab some coffee or get the meetings started again.

Hey everyone! 
I recently been looking at other lines of credit options to buy more real estate. I am having a hard time with securing a HELOC, because I don't have enough paid down on my current home. Is there other lines of credit I can explore? I have an LLC that I have my rental income going to. That was recently started last month. I currently rent rooms out in my primary. I am not cash positive, but it has brought my cost down to about 300 a month.

@Michael Noto It would have been hard to hide him since I rent out rooms in a single family residence. I am grateful that she can communicate so easily. 

@Nathan Gesner That doesn't seem like the likeable thing to do, but we are on this site to build wealth not be the best friends of our tenants. Thank you for the added input on the option to evict. That will give me more options to go about the situation in the future. 

I am currently house hacking my property to live for cheap. I have a tenant that pays well and hasn't given me any real problems. I came home one night this week, and she told me her son inherited a house from her ex-husbands mother. He is currently a college student, but I was told that he was taking the semester off. His uncle decided to sell his house to move into the inherited property. My tenant asked if her son could stay in the spare room she rents for storage for a couple of months until the uncle finds a house. After giving it some thought, I decided to possibly let that happen.

I came up with letting the son, who is over 21, stay in the spare room for 300 per month instead of 40 per month (the rent for storage) for 3 months. If the son has not moved out by then, I want to raise the rent to the full price of the room at 500 per month. Do you think that is a good strategy to go through with? I was reading the leasing agreement, and is say the amount for 40 per month for the spare room. It did not specify storage but that was what the used of the room was agreed upon when signing. Thank you in advance for your time. 

@Michelle Samuel-Foo I have seen places that have peaked my interests. I am current trying to track down the financing for the purchase and rehab. I definitely am looking for an equity partner at the moment. 

I will need to save more but, I will look for the deal first and bring the lenders to the deal. @Paul Meyer