All Forum Posts by: Giovanny Vizcarra

Has anyone here heard of REAL ESTATE MONEY LLC? I came accross it on an email that i was sent from "myhousedeals.com"

It talks about how one can buy real estate with only $10 dollars down. No credit check and no banks. It takes me to a page to request an "investor kit" for $2. Its all gimmicky forsure, Like one of those "knowledge gurus," where they give you the good'ol bait and switch. I dont like to turn down just any info based on instinct. But because they are in the real estate business Just wanted to know if anyone here has ever heard, dealt or had any experience with them? And how was that experience?

Thanks

@Gabriel Cardus

I just looked it up!

I actually saw his video a few days ago. So your talking about using a second position HELOC which can be little to no cost, and using the credit card?

@Gabriel Cardus

Ok, I will take a look ar Harj Gils strategy.

Ill let you know my thoughts....

Thanks,

@Gabriel Cardus

Yes thanks, i figured out the strategy. Just needed some feedback on a couple different paths to take. And reqlly i was trying to get info on what banks do Helocs and types of terms and costs. Ive gotten reqlly good infoation from others here on BP. It will be my first time doing a HELOC but i see it as a no brainer, and am really excited for it. If you see a few of my previous replies on here youll find what my strategy on using it will be. Let me know what you think.

Thanks!

@Ben Grubb

Hello Ben. Yes of course. I am currenrly cashflowing $2000 per month from my properties but will soon be cashflowing $3600 by paying one of the properties off and will be adding an additional $2000 per month from my own earned income thats left over after my expenses.

I will be getting a HELOC on the property that i am paying off with capital, but will not draw any money on it. I will have the HELOC on idle waiting in case i need it for any set back or if i find a deal on another property. Ive never done a HELOC and thats the reason for the Post. But after help from other on clarifying certain terms and costs etc. I will be moving forward with it.

Thanks

@Justin Phillips

Thanks! Id like to know what a ZBA and who you used for the loan? A few members here on BP have helped me out with finding good lenders and thats really what im after. im trying to find the best lenders that are most flexible with competitive rates to terms

Your key points is really how im trying to work it really. I want to increase my cashflow by paying off the first property with capital ($153k) but still having the Heloc in place on that property in case i need the funds for whatever reason. But my total monthly cashflow on all properties would be $3600 plus $2000 from earned income will put me at $5600per month that i can then send to the second property. Ill save all that interest on first property which would be right above 180kin savings if i were to take it to the end of the terms. Plus the savings on interest on the second property. In case an oppurtunity arises to purchase another property, My Heloc will be just waiting there with roughly 270k because that is my 80% LTV on first property. (I know this number could be lower) But also its there in case of a

set back. I owe 200k on my second property. Which running an ammortization calculator and total doing absolute best case scenario, I can have my second one paid off by oct 2023. Unless i get another deal anytime between now and then where i have to change my strategy and purchase another home, I lose my job, or start having tenant issues.

@Kevin Romines

Hello kevin! Thank you for the information. I have learned the concept on how the HELOC works, even tho it had taken me quite a while to understand that I would be using it as a savings/checking account. Would you happen to know if banks are pretty comparable or can be widely different when it comes to terms, rates? Are some banks better than others. For example using credit unions vs commercial banks? So far ive only called Bank of america

Any info helps!

Thanks

@Todd Rasmussen

Thank you for the reply! I highly appreicate it. What Im trying to achieve is the ability to pay down the properties as quick as possible with cashflow and extra income and still having the ability to have access to cash if a great deal on another property presents itself or having cash on hand imcase of a set back. Also think heloc is great vs having to do a cash out/refi later and pay crazy closing costs on anyone of the properties. I do believe at some point the higher interest on helocs will even out with saving money on refis, but i dont plan on using much of the helocs. As i will only want to use anywhere from 1k-5k at any given time before i pay it off.

I dont know, im just excited to get started and its difficult for me to explain it all thru txt!

@Eric Schultz

Thank you for the reply, I somehow did not get the notification for it. I did some more digging about HELOCS and feel like it would be a great tool for me to use this very moment... Do you happen to know of any good banks to work with for HELOCs? I have reached out to the Kwak Brothers, they gave me some really good information over a call, but no bank names, they want to sell me their lifetime service for $3400 to help guide me thru it, but im pretty sure i can find some bank info here on BP.

Thanks,

Would anyone be able to tell me what are some good banks to go thru for a HELOC?

Thanks