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All Forum Posts by: George P George III

George P George III has started 9 posts and replied 14 times.

Post: Sell primary or Heloc it??? Other options?? need cash to invest.

George P George III
Pro Member
Posted
  • Rental Property Investor
  • St. Louis, MO
  • Posts 14
  • Votes 3

Here are the details. 

bought my primary home in 2016 for $150K off market from a family friend, the neighborhood I live in has exploded and prices like many markets around the country have shot straight up. 

my agent said running the comps through the MLS hits a low of $267K and a high of $298K I owe $90K still on my home with a rate of 3.75% piti is 1000 a month.

option 1 sell and take the money?

option 2 heloc at 90% of equity 140-160K depending on final home vale numbers from the lender.

option 3 heloc at 90% buy a 4 family and make that my primary and rent out my house to cover the rate increase and still get to keep my house and grow my rental.

thoughts and or suggestions would be greatly appreciated.

oh and my wife is on board with moving :) I'm blessed. 

GG3

Post: Fix and flip opinions

George P George III
Pro Member
Posted
  • Rental Property Investor
  • St. Louis, MO
  • Posts 14
  • Votes 3

Good day bigger pockets!!

I’m needing some insight.

My business partner and I have found a single family off market property from a Gentleman who wants to sell for $230k. The home is a 5/4 2250sqft with finished LL in a really stable neighborhood with excellent schools and shopping near by.

Arv is $360-375k and rehab costs 40-50k

So I’m thinking we are going to be all in for $280-$290k including all fees and holding costs.

Figure we are going to take 2 months the rehab and 45 days to sell based on comps in the area.

That would put us somewhere around October listing and possible sale in November.

I know fall/winter isn’t a great time to list a home.

Would love some insight on your thoughts and or suggestions.

Thank you.

GG

Post: No money down deals

George P George III
Pro Member
Posted
  • Rental Property Investor
  • St. Louis, MO
  • Posts 14
  • Votes 3

I hear a lot about buying Realestate with little to no money down.

Can anyone here shed some light on how that is possible?

Thank you.

GG

Post: Best way to finance a larger 10+ multi family building??

George P George III
Pro Member
Posted
  • Rental Property Investor
  • St. Louis, MO
  • Posts 14
  • Votes 3

 I have been kicking the idea around in my head on buying a larger 10+ unit building and most of the banks have either said they don't finance on larger than 4 family or it would be a 5 to 7-year balloon note that is then amortized over 20 years for payment and than renegotiated after the term. I just would like some insight on what you all have done that works and what options are out there. 

Thank you.

GG