All Forum Posts by: Herve Alce

Makes perfect sense. Thank you for that clarity. I have a HML for $100K that I can tap into. Worst case, i should be able to at least refi and pay them back. I'd have to get this deal done in 3-4 months so that I dont hurt myself with that 15% interest only.

Greetings BP family.

I have a deal on the table from a wholesaler. 

Sale Price: $80K

Finders fee: $$10K

Repair Cost: $15K

Total expenses: $105K

ARV(based on comps): $160K - $215K

I would really like to do this deal. It's a cash-only deal. I'm not interested in renting it out or refinancing. Just a fix and Flip. 

My credit is fair and I don't have much cash on hand to finance this deal. 

Are there any suggestions from the community for creative investment strategies?

All I can think of are private lenders or Hard money lenders. If anyone has any ideas, I would really appreciate it.  

@Will Pardo Absolutely. Sounds good to me. 

I have a property in Hialeah which is being managed by a property manager. In the months of April and May, my property manager did not pay me for those months. Since then, I collect my payments from section 8 directly and my realtor collects the balance from my tenant. He has since become my de facto property manager.

Concerning my original property manager, what can I do? I have already fired him but he owes me $3,095.58. How should I proceed with this? 

I have reached out to him on multiple occasions and he hasn't really responded. Every now and then, he tells me he is going to pay me back but I still haven't gotten anything from him. I've never sued anyone before but I really think that I should sue him.

All of the bigger pockets wisdom is requested. Help me out, please!  

Penfed.org

i use pentagon federal credit union. It takes $20 to be a member. They have great rates. Pended.org

i would love to find that as well.

Hey, @Will Pardo, I live in Deerfield Beach as well and I have a similar situation as you. I took a HELOC on my primary home to purchase an investment property in Hialeah. I since have tenants in that investment property and additional equity in the investment property ready to purchase another investment property.

I would suggest doing the same; Using a HELOC to purchase an investment property and use that as leverage for other properties.

With a HELOC you would have it for 15 years at a pretty low-interest rate and pay it back interest only. The best thing to do is use the BRRR Strategy with a HELOC and find the right property that will have a solid ARV. I'm still looking for another investment property but the market is very tough at the moment.

Hopefully, my advice helped and led you to consider a strategy that works for you. All the best in your journey. If you are interested, we could do a deal together.

Hello guys. i finished rehabbing and renting out my first property. I bought the property in mid November so it has been a little over 2 months now. Every bank i speak to tells me I have to wait at least 6 months before I can cash out refinance. I know there is a bank somewhere that will cash out refinance me sooner than that. Does anyone know of a bank that would? If it makes a difference my property is in Miami Fl. Thank you

@David Chan Thank you for your response. Sorry for leaving out so much information. Here is a little break down on the property and financing.

I would have a conventional loan where I am putting 20% down and I will have $3200 in closing costs. My HELOC is an interest only loan at 3.5% whereas my conventional loan is a fixed 30 year 4.99% loan. All of my financing is basically credit. The seller notified me that the tenant is on their last month and they are not staying after this month. Worst case scenario, if I couldn't find a tenant or buyer, my monthly expenses to hold this property would be $1,000.00/month. That includes PITI and the LOC. If I cancel my gym membership I would be able to handle it for a few months. I have confidence that it wont come to that, though.

There is work to be done but my father is a general contractor and I used to work with him during weekends and the summers so I'm pretty handy. There isn't much that I havent seen and cant handle. 

Nonetheless, I'm looking at $600/month after expenses with a tenant in the property renting at $1,600/month. I would be in good shape tax wise.