All Forum Posts by: Jameson Gowin

Trying to get my head wrapped around the "line of credit" on a rental property. I found a bank that would do a LOC on a paid for rental property. My thought was to have a LOC just as "available" funds vs cash out refinancing the property. 1% org and $450 to close to obtain a LOC? Is this a strategy commonly used just to have some back up resources, if needed to fund rehabs/cash offers instead of using all or most of my personal cash reserves. The plan would be to pay that money back into the LOC before the draw ends, but depleting our resources is what is keeping us from moving forward on other properties. Any insight would be helpful..Thanks BP..

Hey Matt, just cruising through BP and saw your post and having lived in Waxahachie for many years, just thought I'd reach out to see how your REI was going..

Hey @J.J. Daigle, just reading up your post. Also from the Ellis co area. I see your post was from about a year ago, having any luck finding deals in the area? 

@John Fedro

Hey John, been trying to do as much studying/homework as possible the last few days on mobile home investing. I have 2 SFH rentals that are doing well and an opportunity has come my way on a mobile home build sold by a family friend on private land, in a developed stick built/mobile neighborhood lot sizes are about 1/2 to 1 acre, and great school district. My concern is I have zero experience w MH investing and was curious what are some of the parameters that you like to consider when evaluating mobile homes, the actual mobile home, the land, the area, acquisition cost, etc. This area is very well-established great family built neighborhood in my hometown so I am a bit partial too it. Could you provide some of the "deal breakers" that you consider or any reference learning resources that may be out there..

Thanks for any insight, take care..

@Steve Vaughan Same here, if I understood correctly. I just hate the thought of rates being low as they are having all that equity just sitting there when we could be making other investments other than stocks. Deals arhard to come by here in our area of Texas as well, not that we’re analyzing deals everyday though either. I just liked the thought of having good cash available to make a deal if needed, just curious what other folks were doing..

@Daniel Haberkost Tjanks for the reply and info, I don’t think we truly have established goals to be honest. I think our initial thought was to refinance to have the cash available to buy 1-2 more, and hopefully down the road have 5 paid for by retirement age long term.

Need some advice from an more experienced investor..We have 1 paid for rental valued around 115k, would it be wise to refinance and pull out some equity for future investments. We really like having this one paid for, the cash flow is nice and secure. Having another mortgage makes us a bit nervous. Just not sure what the best option would be.

@Grant Rothenburger Thanks for clarifying, been reading as much as I can on from this thread. I also just refinanced a rental, and was told that I should hope the appraisal came in lower vs higher..? I didn’t quite understand why anyone would want a lower appraisal? This was not a cash out refi, but a refi to capture lower interest rate..

@Andrew Postell hey, thanks for the reply. As much as I wish Tahiti was upcoming sadly it's not lol..we are needing to do a few minor repairs for both houses and potentially make an offer on a other property that we know is coming up for sale "family deal". But having one already paid off gives us a bit of anxiety borrowing against it, where as the other property w a mortgage at 5% rate and good ARV is an option, but we have been trying to learn if finding an available Heloc on investment properties would be a smart move or not. Honestly, trying to better understand the options and decide what's best for our future can be overwhelming.

@Guifre Mora..ahh, great bit of info. Thanks for breaking that down.