All Forum Posts by: Joshua Sclafani

@Frank Boet Thanks so much for your insight. I am going to look into Suntrust this week. Did you get your HELOC on your primary residence or on an investment property? Thanks again for your timely reply!

@Frank Boet I'm wrestling between a HELPC or a cash-out refi for my rental while prices are still high so I can build my reserves for the next drop...not sure of the best path. Are you able to purchase real estate with the HELOC funds thru SunTrust or are you just going to use the funds for repair? I know some HELOCs have clauses preventing their use for real estate purchases. Thanks!

@Eric Delcol Another thing to factor into your strategy should be the particular location within those communities you listed. Make sure you research those neighborhoods and understand where you want to be so you find yourself in the path of progress...which I think is what @Michael Haynes was referring to as well. Best of luck

It's been proven over and over to be a scam. It's really no different than paying more towards your principal every month. Like others have noted, there are a ton of great threads on this where others present a lot of math backing this conclusion. I'm not going into it again!

Here's a link to one of the threads: https://www.biggerpockets.com/forums/49/topics/329076-use-heloc-to-paydown-mortgage-fast

BP, I'm looking for some advise. I purchased my first investment property this year and want to add more properties to my portfolio (ideally MFRs). To add to my liquidity I want to free up some of the equity in my SFR but am unsure if a LOC or cash-out refi is best. I'm leaning towards a cash out refi because my rate is currently 4.5% and I'm hoping I could get a lower rate on a 30yr and I'm not sure what restrictions may come with a LOC. See the link below for my BRRRR analysis. Any and all input is appreciated!

Actuals on Property and BRRRR Analysis on second tab

Following...I've recently started investigating tax lien strategy as well. 

Welcome to the Bay Area! I'm originally from Danvers, MA, you made the right move coming to FL. I'm in the Seminole Heights area of Tampa which is also where I invest, let me know if I can ever be of help.

Respectfully disagree with @Michael Haynes here. You don't need a permit to change a leaky faucet or running toilet. If your margins are that thin you can't outsource some basic maintenance you haven't bought right. A new roof, yes, that's another matter. Let's keep it positive Michael!

@Armando Payano  I'll pm you contact info for a very reasonably priced and competent handyman in Seminole Heights who I use.

Attorneys are common in the Northeast, in some states mandatory, as part of the real estate transaction process. Here in Florida, however, the real estate agent prepares the HUD and does all of the work that an attorney does up there. Honestly, I prefer having an attorney involved but they aren't commonly involved in RE here in FL. Make sure you are spending your money wisely if you involve an attorney from FL since they may not be doing much unless you specify what you want done. Congrats on the deal btw.

@Justin Caballero Welcome to BP. This has been the best resource I have found for gaining applicable knowledge for real estate investing, consider it your first good decision in REI! I relocated to Tampa 2yrs ago and began investing this year (working on property #2 right now). Feel free to reach out if I can ever be of assistance.