All Forum Posts by: Jean Santiago

Looking to OOS in Jacksonville, Florida (mainly because my dad actually lives out there). I've been there a few times, and the properties out there are definitely a lot less compared here in Socal, a lot of opportunity for cash-flow and for BRRRR.

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If you attend the Webinars, they usually give discount codes, just FYI though the discount code is only for when you do the ANNUAL Membership, not for the monthly billing one :]

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will be following this thread! Thanks!

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Hello! My name is Jean Santiago and from Chino Hills :)

I'm new here in Bigger Pockets, don't have any investment properties yet but i would love to learn how, especially Out-of-State Investing and BRRRR!

Would love to attend your next meet-up! :)

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Hello! My name is Jean Santiago and from Chino Hills :)

I'm new here in Bigger Pockets, don't have any investment properties yet but i would love to learn how, especially Out-of-State Investing and BRRRR!

Would love to attend your next meet-up! :)

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Originally posted by @Cameron Tope:

Originally posted by @Jean Santiago:

Originally posted by @Cameron Tope:

Originally posted by @Jean Santiago:

Originally posted by @Cameron Tope:

Think about a HELOC as a credit card - you only make payments when you buy stuff with it.

A cash out refinance will provide you all the funds at closing but you'll start paying on the entire loan immediately.

So if im understanding this correctly, when we use HELOC to take out money to use for a downpayment for another property, once we use it the HELOC money, we then need to start paying it back also?

Thanks for the response!

Correct, the bank will appraise the property then tell you you have $X line of credit. Only when you use that money will you start paying interest.

I see, but only interest? Not the total amount you used for the HELOC?

What normally are the interest rates for HELOCS?

Thank you!

Sorry I may not have been clear. You pay nothing, zero, until you buy something with your HELOC money. Only then will you start making a monthly payment based on the average daily balance.

Interest rates will vary but usually they will be more than a primary residence loan but less than an investment property loan.

Did I explain that better?

Yes it does! Thank you!!

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Originally posted by @Craig Curelop:

Hi Jean. Welcome to our BiggerPockets community!

We are excited to help you learn more of RE investment. In addition to what you have started reading and listening, here are some recommendations I can give you:

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in Your Area

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer Questions!

Just be consistent and get help from the experts in the industry. Learning this over the next 4-6 months, you’ll get more extra $ earning in NO TIME!

Best regards,

Craig Curelop

Hello Craig! Thanks for the welcome!

Already listerning to the OG Podcast and the Newbie podcast, learning a ton!

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Originally posted by @Carlos Villalobos:

Yes I am. I plan on using the BRRRR strategy (almost done reading BRRRR by David Greene). I am analyzing deals daily to find the right property. Looking for properties in the IE.
If I am find a property in the SGV that is renovated and a great deal I will HH it.
I personally will wait before I work with a wholesaler so I can gain more experience. I am considering out of state as well.

We should start a Meet-up for us here in our area! I'm in Chino Hills! So we can compare and share notes on what we find in our area, maybe we can attract wholesalers to our meet-up too and work together!

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Okay, i can see now how HELOC is good way to use for another investment property. Thank you for all the great information, i was taking notes while reading this, so thank you so much!

Also, looks like there's great perks with being a private client, i am forsure not at that level yet, hopefully i'll be in a couple of years, but really great to know what perks we can get from different banks and such. Good touch of CHASE's birthday call! Goes to show how much they want to take care of their clients!

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All Forum Posts by: Jean Santiago

Jean Santiago has started 14 posts and replied 94 times.

Post: Newbie looking to invest OOS

Post: [Calc Review] Help me analyze this turn-key property!

Post: PRO MEMBERSHIP DISCOUNT CODE

Post: COVID-19’s Impact on SFR Prices in Jacksonville, FL

Post: Out of State Networking Group

Post: Out of State Networking Group

Post: How does Heloc vs Refinancing Work?

Post: New here in Bigger Pockets! Looking for my 1st ever property!

Post: New here in Bigger Pockets! Looking for my 1st ever property!

Post: How does Heloc vs Refinancing Work?