All Forum Posts by: Hank Austin

I was wondering about what your process was like. Did you go full conventional 20 percent down? Did you use the whole heloc or did you just use it for the down payment? Did you get renters in there and start chipping away at your heloc immediately? 

Hi everyone,

I have just recently obtained my brokers license in the state of Washington and I also have a decent amount of equity in my home that I have lived in for over 5 years and I was wondering if there were any webinars/videos/articles or anyone out there that has succeeded in buying property with a HELOC. I have about 100k in equity and I would love to make a move and utilize that equity for my benifit.

Thank you all! I have been looking for a while and this property is something very strange that I did foresee me even being interested in but I have a gut feeling and I am interested in at least looking at the property and evaluating my options for not only improving the property but also the next steps of this land after a few years of saving and community improvements. 

https://sar.paragonrels.com/publink/default.aspx?G...

this is the link to the property. I have talked with the owner and she is eager to answer questions but the answers are off her head and have not asked for any documentation or proof of anything yet.

the properties are being rented out for 750.00(2br 1bath), 850.00(3br 1 bath), 750.00 (2br 1bath) and 850.00 (2br, 1 bath)

the homes are in moderate condition but have def been lived in hard... Some windows are broken and the units are all owned by the property owner. I am just wondering if any of you have experience with trailer homes and what your input would be (even if you dont have experience) thank you all so much.

I should also say that each of these lots are zoned commercially and in this area a new north south highway is being constructed to link nothern communities to the larger metro area. Also this commercial property is main arterial access on one entire block.

I am about o go see a property that is going to potentially be my first rental property and I was going to use the approach of portraying myself as a property manager rather than the actual owner/buyer of the property and was wondering if when i am seeing the property if i come into contact with any tenants not only what questions i should ask them but also how i should introduce myself. I am thinking of just saying that I am a property manager and am seeing the property for the "investor" or something along those lines. but mainly what questions would you ask the tenants that could probe well for info. thanks in advance!

Thank you so much. If there is any other insight you feel that would help me (since im just getting into this) I would really appreciate it. 

thank you for the quick and straight forward reply!(as silly of a question this is i am asking it) When getting a heloc is it a good idea to shiop around for best interest rate just like a regular home loan?

Hi I am just getting into the investment/cash flow industry and I was wondering what everyones thoughts were on pulling equity from your primary home to purchase a property. Is a HELOC a good way to go? any advice would be great! thanks

Thanks for all these questions!!! 

@Karl B. in-house meaning lives in one of your units?

I am here to learn as much as I possibly can and I believe they way I would like my path to go that a license in WA is a good move for me to obtain. Just wondering what prelicense programs people suggest. Rockwell has been suggested to me and I was just wondering if people had other suggestions. Thanks!