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All Forum Posts by: James Fain

James Fain has started 4 posts and replied 7 times.

Great. Thank you. 

How do I analyze a rental deal when using a home equity loan from my first home to do the deal? I know how to analyze the deal like normal but want to make sure i get all the right numbers for if I do the equity loan for the down payment. Thanks. 

Post: 401k early withdrawal

James FainPosted
  • Atlanta, GA
  • Posts 7
  • Votes 1

Thank you for all the replies. Theres a lot to think about for sure. I also have been thinking about doing a HELOC on my current house I'm trying to get fixed up and rented out. That might make more sense. Or the 401k loan and paying interest back to myself sounds like a pretty solid idea. Thanks again.

Post: Home equity line of credit

James FainPosted
  • Atlanta, GA
  • Posts 7
  • Votes 1

Well I think it would definitely be a conventional loan i would use. I'm just wanting to do the HELOC for $35000 just for the down payment and closing cost because I dont have enough money for that saved up. Thank you for your input.

Post: Home equity line of credit

James FainPosted
  • Atlanta, GA
  • Posts 7
  • Votes 1

HI. I'm looking at buying a second house to rent out. Im fixing my current house up right now to get it rented out. I owe 96000 on it and figure it is worth about 175000. I did the calculations for the house I want to buy and I need about 35000 for closing and down payment. Has anyone ever done a home equity line and is it a smart thing to do. Also what additional calculations should be done to make sure my cash flow and ROi is still where i want it. 

Post: 401k early withdrawal

James FainPosted
  • Atlanta, GA
  • Posts 7
  • Votes 1

Hi. My name is james and I'm trying to get started in my rental business. I have one house right now that I'm trying to get fixed up and rented out. And I Only have about $3000 saved up and was wondering what anyone thought about an early withdrawal from my 401k to get started. I have about $55000 in it. Thanks. 

Post: 401k early withdrawal

James FainPosted
  • Atlanta, GA
  • Posts 7
  • Votes 1

Hi. My name is james and I'm trying to get started in my rental business. I have one house right now that I'm trying to get fixed up and rented out. And I Only have about $3000 saved up and was wondering what anyone thought about an early withdrawal from my 401k to get started. I have about $55000 in it. Thanks.