All Forum Posts by: Jerel Davis

I know that you can't deduct interest from a HELOC unless it's used to improve the same property, but I haven't heard of it with Cashout refi... the first CPA's advice seems really similar to the HELOC rule.

I'm looking into banks for a HELOC in and around houston and I live in Sealy. What small town bank were you using?

I just bought a large (soon to be) duplex conversion in Sealy, TX and learned there’s a huge amount of proposed housing developments in the coming years with at least 547 new single family homes ($160k+) and 300 apartment units from various builders, but only 6,500 people last I checked. One just broke grown maybe a month ago for 96 (900sqf) units.

What do you think will happen to housing prices with all the new construction in this small city?

@Yonah Weiss

Bachelors in Nursing with a specialty certification in Psych.

It hasn’t done much for me yet. Only advantage would maybe be de-escalation and knowing when someone’s being abused or using drugs during tenant screenings.

What do you think about only accepting essential workers as tenants?

@Alejandro Lisson Ramirez It’s a CYA. One thing that may be helpful in the future is to talk to the inspector over the phone immediately after they finish the walkthrough. I’ve walked with the inspector a few times and they’ll tell you (in their opinion) how major or minor things really are and how it could be fixed but that type of info won’t be in the report because of the liability.

@James Morrissey i had an argument with the seller close to closing about lowering the price for a repair they didn’t want to do. Thinking back it was pretty trivial but it was $1000. The realtor just credited me at closing with part of his commission so it would close.

@Ramon Ramos I'm under contract for a duplex with a conventional 5% down. I've heard lots of people do 3.5% down FHAs on OO multifamilies throughout the podcasts and forums. I've never heard of 15% down. Sounds like it's just your lender(s).

@Eric James okay. I can do large earnest money amounts, but not all cash.

I've been door-knocking for deals in rural areas and the feeling I get when speaking to owners is that I appear mischievous, suspicious, or young and adorable. I bought my first house (mls) a few months ago and I'm looking for the next one possibly off-market as a owner-occupied rehab with conventional financing (preferred) or Hard Money.  How can I convey to potential sellers that I'm serious and capable of closing a deal?