All Forum Posts by: James Bertrand

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@John Leavelle That is a good tip, to have the refinance lender set up before hand. I do all of my banking with a local bank, who is also a portfolio lender. I'm hoping to actually get the original loan and refinance through them. Do you have any input as to whether that is a good strategy? Or should I take the refinance elsewhere? I like the ease of the process since they will have access to all of my accounts other than the HELOC anyways, and I'm hoping that it will expedite the process.

Hi BP!

My wife and I are looking into the Jackson market, but being from another state I would like to have a team in place beforehand. 

If any of you fine people can make some recommendations for a few things it would be much appreciated.

We are looking for: 

1.agents that regularly work with investors

2. Dependable contractors

3. Reliable property management

Any help at all would be appreciated. Being a new investor, I do not have much to barter with but I am willing to help you in anyway I can in return.

Thanks in advance!

@Darren Budahn and @Kyle McCorkel thank you for your input! I figured this would probably be the case, and I'm glad that I could find this out before putting out offers. It sounds like this may not be the best option, unless it's a cash flow monster and using my own cash as the down payment. 

I've scoured the forums looking for an answer to this, and it might be a "duh" moment but I figured I would ask anyways.

A short backstory: My wife and I have just received a HELOC on our primary residence and are on our way to purchasing our first multi-family property (using the HELOC for our down payment). We got 90% LTV, totaling almost $140k in available funds.

My question is this: If I purchase a property that has already been rehabbed and is 100% occupied with long-term tenants, what will this look like in a year when I decide to refinance it? Should I expect to get enough to pay back the HELOC? What would the typical refinance for this look like? I don't think I will pay interest only on the HELOC, I would prefer to pay principle and interest if that makes a difference.

Thanks in advance!