All Forum Posts by: Jake S.

Looking for a Flat Fee listing Broker Recommendations

Thanks in advance!!

Welcom John!!!!

@Dan Barli In the north metro!

Hey all! I need some recommendations for the following types of attorneys:

- Divorce

- Bankruptcy

- Probate and Estate attorneys

These aren't for me personally, just looking to grow my network for investing!

Thank you!

@Amber Gonion and her husband Rick are great agents and managers.

@Wayne Bridenstine Thanks for the knowledgeable insight on this. I plan on using the HELOC/Refinance money to put down payments (or cash purchase) on a couple of more properties, so I was leaning more towards the Refinance because of the rate increase risk, but I definitely see the positives with the HELOC!!

@Michele B. Oh wow, didn't even consider the DTI. Would that be the same though if I just refinanced?

My home is fully paid for and I'm looking to use the equity to purchase more properties.

Should I get a HELOC or just cash out refinance and lock in a lower rate?

HELOC is more flexible, but is interest only and doesnt allow for equity to be rebuilt.

From my calculations, the cash out would be only slightly more per month anyway

Thanks for the help!!!

Hey @James Ma

Thanks for the reply, so the logic in my post sounds good?

Yeah, really hoping for him to use an LOC/HELOCs on the properties to then go and purchase a larger property.

On the larger property bought he could potentially (after the 5-10 yrs of interest only) refinance the property and pay off the LOCs of the other properties?

Thanks!!

My friend (seriously) owns 1 paid for primary residence, and 2 rental properties in which his uncle acted as the banker for him on those properties (off the books)

So in the banks eyes, all 3 of his properties are fully paid for.

Primary residence is around $400k
Rental 1 is around $170k and Rental 2 is around $600k

He was thinking of taking out a LOC for the properties and reinvesting it to purchase a larger property, a property that would still cash flow well after LOC interest payment, P&I and budgeted expenses.

So I thought I'd ask on here for some advice on what YOU would do in his situation or how would you go about investing the available equity?

Would love to hear opinions and thoughts!!

Should I set up a separate checking account (savings too?) per property I acquire? I was planning to hold a few properties per LLC, in 1 bank account

And then when I get a few more properties with a new LLC, put them in a separate checking account.

I have and will have property managed by a property manager who will provide monthly/annual statements

Just wondering if I should be getting an account per property