All Forum Posts by: Joe Maurer

So I should change my terminology with the bank? I’m trying to go through an FCU. How should I ask?

I can go ahead and use my home I live in, but I just refinanced it. Does that matter?

I know there’s a lot going on here but I do have some equity and I want to leverage is much as I can. 

Thanks for getting back to me. 

Does anybody have any information on home-equity line of credit for investment property? My credit union says they don’t do those and never have done them.

Additionally, is it possible to get a home-equity line of credit on your primary residence and then put it up for sale during that term?

i’m just trying to get creative with things while I start to build my empire!

Hello all. I’ve heard and read a lot about REITs but I haven’t come across anybody who has experience in them. Actually, people have no idea what they are.

I’m trying to get into the game and I was wondering if there’s anyone who could provide advice and a good place to start. 

Thanks. 
J

Thanks Joe. So how would I “sell” the idea to my friend? Sometimes people who are in the know will go against this because they want the guarantee that the note or title would be out of their name.

Hello all:

I have seen some material on this topic but it was listed several years ago. I’m starting a new thread because I’m not sure if rules have changed and I want to stay current.

A friend of mine is looking to sell her home and move into an apartment. I am interested in purchasing it for a buy and hold rental. Since this just came up and I don’t have a lot of cash for a down payment, I thought about doing the seller finance option. I have heard podcasts in which this would work if the owner had paid off their mortgage and owns the home. What about if the owner still pays her mortgage? Would there still be a way to do this?

Obviously this would be a win-win for both of us if it’s done right and on the up and up. I would want to make sure that she completely understands where I’m going with this so it is a win for her.

Also, are there any rules that I need to know about doing a seller finance in the state of Maryland? If so, where could I find this information?

I currently have a buy and hold that I‘ll need to raise the rent on for the next lease. Before I found BiggerPockets, I was mainly concerned (scared?) with vacancy versus earning a greater profit per month. Now that I have a little information on my side, I should be able to adjust it so it works for me. Adding another home like the one above would be great for my portfolio and it would make me feel better about taking the big leap in this game!

Thanks in advance,

Joe

Thanks Matt!

Investment Info:

Single-family residence buy & hold investment in Glen Burnie.

Purchase price: $204,000
Cash invested: $6,000

2 BR, 1.5 BA Townhouse with finished basement and 2 car garage. Large walk-in closet. Full kitchen with breakfast nook, spacious deck, and off-street parking. Built in 2000, 1,280 square feet.

What made you interested in investing in this type of deal?

I lived in this townhouse from 2014 to 2018

How did you find this deal and how did you negotiate it?

Via MLS...used as a primary residence prior to renting

How did you finance this deal?

Bank/mortgage

How did you add value to the deal?

Made minor cosmetic repairs: new garage door opener, upgrade to furnace, replaced outdoor plumbing system

Lessons learned? Challenges?

First time owning a home--advantage was living in it for four years prior to renting it

Hai:

I feel the same about sleeping at night!  Thanks for the input.  I am still new so these are some of the thoughts I am having.

Cheers!

JM

All:

This is good advice for young or old!  Who wrote Your Money or your Life?  I am looking on Amazon and I see Matthew Moore and Vicki Robin...

Thanks for responding...

So I guess the question is that I have a rental property right now that is covered by insurance.  If I purchase another property, do I add that to my coverage?  For each property I purchase, I am guessing I should contact my insurance company for additional coverage?  I suppose that these expenses are considered with each property and should be entered in the rental property calculator...

Is that correct?