All Forum Posts by: James Gardner

The property will probably appraise at about 200,000, and thanks for the advice.

I purchased a property for 20,000 cash and spent another 75,000 rehabbing the property. So, I have 95,000 in the property and now I am trying to get my money out, but I may run into my debt/income being to high for a traditional loan. What are my other options to pull my money out of this property?

Your insurance is too much, it is 30% or 900 dollars a month

I have a relative that has a lump sum of money but no proof of income. He has a friend in the construction industry, and with his friend’s assistance, he plans on building a 3br, 3 bath, house for around 100k. After building the house he wants to take out a Heloc on the property. Is it possible for him to do a Heloc on the property, although he does not have any proof of income.

Thanks for the feedback.

@Mike Roy

Which is more common for purchasing a second property?

@Cory K Bente

What is the benefit of doing a heloc, than pulling money out in refinance.

@Mike Roy

What would be the benefit of a heloc over refinancing and pulling the equity out.

@Michinori Kaneko

I live in port saint Lucie fl, the property is a 4/3, 3000 sq feet under air and built in 2005. I think it may rent between 1800-2000 a month. My concern is the market dropping again and not being able to retrieve the money.

Hello,

My goal is to purchase rental properties; my primary residence has about 200,000 dollars worth of equity and I love the house and its location. Should I sell my house, or take the equity out of the house to purchase rental properties?