All Forum Posts by: John Philip Eugenio

Quote from @Bob Stevens:

Quote from @Bob Stevens:

Quote from @John Philip Eugenio:

Good morning BP,

My and I are planning to visit to Cleveland, OH next month. We would like the check out to possibly purchase Multi-family/SFH in the future due to affordability which makes it easier scale my portfolio. We are only staying in the Cleveland for few days. Asking for recommendations of what areas should I visit (at least C+ neighbor). In addition, what are the things do you look for when you check out location (market) ?

-John

 absolutely no reason for you to go. You being there for a day or two is not going to help. I know people that have purchased 100s there and never even been to Cleveland, save your money and simply connect with those that have been doing deals there,,,,,

BTW, if you are not cash, again stay home, finding good deals will be extremely difficult if you are not cash,

I need to clarify, yes it will help seeing how great Cleveland is. Every time a client goes, they all say the same thing, WOW what a beautiful city (during the warm months) The Flats are great, again when its warm. Seeing all the Contruction at University Circle area is amazing. Only about 7- 10 years ago it was a 100% war zone. Now try finding deal, not going to happen. Oh go to Little Italy.  Trattoria Gardens one of if not the best Italian I have had and I am from NY.   The 100s of millions they are spending on infrastructure, new hotels (highly recommend having a drink on the roof top of the Hilton.)  BTW you should be staying at the Marriott Key Tower, best location. Have fun, 
Again, just connect with those doing deals there, they know exactly where to buy and what to pay, 
Good Luck 

Thanks a lot for the advice. I like to visit the Cleveland before I invest on that market. Also, I enjoy traveling so I don't spending money to go there. 

Thanks everyone for the input. Definitely going to visit and research more about these places. 

Good morning BP,

My and I are planning to visit to Cleveland, OH next month. We would like the check out to possibly purchase Multi-family/SFH in the future due to affordability which makes it easier scale my portfolio. We are only staying in the Cleveland for few days. Asking for recommendations of what areas should I visit (at least C+ neighbor). In addition, what are the things do you look for when you check out location (market) ?

-John

Good morning BP,

Last month, i just closed my 2nd property a single home and currently live in it. I plan to move out and turn this property to STR property.

Today's market, there are so many uncertainties, and should I:

House hack and buy a duplex in San Diego county next year, and turn my current resident as STR or LTR? Both my properties are in CA and appreciation houses here are great which makes it very attractive. I have W2/good paying job so I am not worried about cash flowing right now. Negative side is that I have to wait little over 10 months before I can invest again. I plan to use FHA or low downpayment conventional loan to House hack.

Or

Invest out of state multi-family such as  in Cleveland, OH. The houses there are very affordable and approximately 60% of the population are renters. Looking for other recommendations as well. I plan to visit these markets to scout the areas before I start investing into these markets.

Note, I am not worry about scaling right now, and I am investing for long term.

-John

@Ben Capone definitely I'll keep you updated. As of now, I am leaning towards PenFed as a HELOC lender and use this money to purchase Multi-family. But I'll keep you updated

@Justin Phillips thats good to know. Do you know another lender that I can use?

Does any use PENFED for their HELOC?

@Pamela Gordon thanks for sharing your story. It is so hard to find a HELOC under my rental property.

@Cody Bacon did you ever use it?

Good evening BP,

I currently own a rental property in Oxnard, CA, and I have over $200K equity. I would like to get more properties using this equity. I was thinking about doing HELOC and not cash-out-refinance because the current APR of this property is 2.5% and if I refinance, it would drastically increase my APR.  Therefore, I am looking to apply for HELOC to use it as a down payment for multi-family property that provides a good cash flow (out of California).

Background, I am also in the process of purchasing a primary home in San Diego using VA Loan and live in it for a year (rent it out) and then, use FHA Loan for the next property. Both my wife and I recently got promoted which allowed us to save good amount of money per paycheck.

Do you think this is a good strategy to use HELOC now or wait and save enough money for down payment for the multi-family? any recommendations when it comes to using HELOC? What Bank do you use for investment property HELOC? and which lenders should I use that approves HELOC as a down payment?

-John