All Forum Posts by: Garrett Jefferies

Hey Andrew, I'm in a similar situation as you are. I'm 23 with 3 semesters left, studying accounting. I've thought in the same way you have feeling uneasy about the benefits of my education altogether..sometimes it seems to take more than it gives. Like Brett, I'm not trying to convince you one way or another. However there are some serious things to consider about your degree before dropping out. In many states for example, there are requirements to hold a bachelor's degree as well as licensed real estate training in order to be a Real estate agent. I'm not sure what the requirements are for California, but that could be something to consider. Also, it might surprise you how many jobs there are out there that you could land out of college just because you have a degree. I totally agree with Brett though about those introspective questions to ask yourself. It's my opinion that you'll be much more happy overall doing something you love. There all also several advantages to working while investing in the beginning (see Brandon Turner's blogpost on "How to quit your job through real estate") Hope this helps!

Thanks!

I'm just speaking generally. What I mean is that most investor-friendly lending institutions seem to have prepayment penalties for the first few years on the loan in order to compete with larger banks which can afford to leave out such penalties, but are also not as investor-friendly. When this is taken to account, does refinancing still hold the comparative advantage for cashing out for a second investment property compared to Home Equity Loans?

Refinancing sounds great, but I've read that there are penalties for refinancing in the first few years of your original financed purchase of a property. How can you refinance to avoid/minimize these?

Aloha,

My question is to investors who have property in Hawaii. Which local banks or other lenders have been the most investor-friendly in your experience? 

Hello all,

I'm brand new to BP but have gotten so much already out of the short time I've been a member. I am inspired by the so much support members give to one another. 

My investment partner and I are in process of purchasing our first rental property but need some help clarifying the leverage abilities of home equity loans and refinancing options as part of our strategy to acquire a second property. In the situation where we get a good deal for a property under market value, and get it appraised for more than the purchase price, is that added value considered owner's equity? If so, what are the comparative advantages/disadvantages of home equity loans vs. refinancing? 

Thank you,

Garrett