All Forum Posts by: Eric Armstrong

What would you do in this situation?

I have a HELOC on an investment property worth 140k with an outstanding balance of a little over 40k. The rate is prime +2. I'm not in a position right now to pay off the balance. Would you…….

1. Keep the HELOC and pay down while risking an increase in rates over the next year?

2. Do a cash out refi on the property to lock in a rate and hold or put that cash somewhere so I don’t have to worry about rates going up?

3. Something else I haven’t thought of?

Thanks for your insight.

@Shirin Nam go to local banks/credit unions

@Kristopher Kelly as a Wilmington landlord that is the rule. Thought it was statewide, but it isn’t.

@Kristopher Kelly if you live out of state Delaware requires you to have an in state PM.

Aside from that, if you have reliable trades people, it could work.

@Philip Marzen it will cost you more money to start and run a property management company than to pay a prop

Management fee.

@Mike Terranova definitely put it in writing and certified mail/proof of mailing. You could mention in text also in addition to the mailing. $25 should be fine.

@Kristopher Kelly I use WSFS for my security deposits. Probably won’t help you while being in FL though. National banks like Wells or Chase may have different policies.

@Aditya Panuganti welcome. Be sure to get up with @Vincent Garman he will help you get started on the right foot and has a great meeting space.

@Jacqui Whalley PM sent

So I’ve watched the first 4 or 5 episodes of Triple Digit Flip and here are my thoughts.

I was really looking forward to the show. After having heard Jamil on the podcast and Pace on and hosting the podcast, I thought highly of the show. I’ve been very impressed with the quality and style of renovations. I like how they crunch the numbers between 2 props and then decide what they are going to do.

2 things cause me pause. 1. I can’t believe how inexpensive they can renovations done. Maybe it’s steady work, maybe something else, but the prices are insanely low IMO and I’m not even in a top tier market. 2. I’m disappointed they don’t include a more true break down of cost. They take sale price and subtract their purchase price and Reno cost but don’t include closing or holding cost even though they talk about closing cost when things are delayed.

Overall, good show and I’ll keep watching. Very entertaining and I enjoy their renovation styles.