All Forum Posts by: Ivory Hayes

You may try seeking out a portfolio lender and doing a blanket/commercial loan. It may or may not be what you're looking for but the information you might receive could serve as valuable.

Happy Investing...

I have. I actually purchased the property cash and the rent covered all overhead costs. It was a small amount but it worked out as planned.

From my experience using a heloc was much more beneficial than using a home equity loan. I actually switched my home equity loan over to a heloc because of all of the options and benefits of the heloc and different methods to paying the heloc off, compared to the home equity loan. Obviously one would have to assess their own personal direction and goals in order to know which is best for them as an investor. Just be sure to dive in to the specifics of both before making a decision because of how it may look on the surface. If you'd like to go more in depth about the two of these products I can share my overall experiences with both. Just pm me.

Happy Investing...

Try contacting portfolio lenders. See what they have to say. They may direct you to their commercial side but it's worth a go.

Happy Investing...

Try imortgage. I did not go through with it because I found better terms on a heloc with a different lender but we were all set to go on a cash out refi. Check them out...

Hey Vicki. Check imortgage. They might be of use. As a matter of fact I have a number to a rep for them and her name is Vicki as well. Let me know if you're interested.

Happy Investing...

@Cody Hensley you can also do small things to help increase your credit score and credit profile while you're in limbo on the purchasing aspect. Obviously a better credit score will put you in a better position if you make the decision to buy. One idea is to get a secured credit card, that way you can't hurt yourself with going over your limit. Also, this doesn't look as bad as going out and applying for unsecured credit when lenders pull your report while trying to apply for a mortgage, and as long as the financial institution that you go through for secured credit reports to the bureaus this does nothing but help your credit when you use it right.

Every little bit helps, right!

Happy Investing...

Another question you want to look in the mirror, so to speak and ask yourself is "What type of investing do you want to do..."

A long term investment with a possibility of appreciation and more stability or are you looking for a less costly option that will bring residual income but has more of a demand for an active landlord/manager. The good thing about the ladder is, if you do choose to finance it (provided you can find an institution that will finance 50k and below. You might want to also look into a personal unsecured loan or line of credit if you're credit is good) it'll be paid off sooner than a higher costing property and you can cash flow better, sooner. Example... Provided that your financial institutions offer such products, You could get an unsecured loan or line of credit for 25k @ about 9% for 1-4 or 5 years. You will have paid nothing out of pocket, kept your money for reserves and will have that borrowed money paid off in about a 4 year period. That way you cash flow better, sooner.

On the other hand you can purchase a more expensive property, have a more traditional 30 year obligation which may have decent returns and appreciation that could very well be apart of your future but true return will come in the sense of selling. Or paying off the loan about 20-30 years later, depending on if you pay the mortgage down quicker with the possible profits.

There are tons of directions to go and tons of vehicles for use to go down those directions. The main thing you want to ask yourself first is... What kind of investing are you looking to do?

Happy Investing...

So it's more of an instance where you'd purchase a multi-family and live in one side and rent the other(s) out.

I'm a buy and hold investor so I probably wasn't the best individual to explain it to you, lol. But again, you're in the right place because any piece of information that you're looking for answers on, you'll more than likely be able to find it here. Happy Investing...

House hacking simply put is buying a property, living in it for a certain period of time, putting tenants in place for rent, you move out and buy another to repeat the process. But even within that process there's a whole education of what type of property is best to buy, the location to buy it in, possibly having to fix it up and repair it and a boat load of other things that require an extreme amount of due diligence regarding the subject. You're in the right place being on BP, but dive in a little bit more by reading different posts and forums and gain as much knowledge as possible.

Happy Investing...