All Forum Posts by: Josiah Cooper

Hi Jennifer S. ! I did not mention exit strategy. The HELOC will be used only for the down payment (15k). I'll have around 15 k saved up for renovations and anything left over will go straight to paying down HELOC. Plan is to rent out house for 1 -2 years and sell.

Thomas S. , I agree 100% on everything that you said. Thankfully we do have a backup plan in case we have to carry the mortgage. RE can be very risky - Biz partner and I own several properties and things have gotten a little hairy at times. It's nerve wrecking when using new financing and going at it alone for sure. Thanks again for your advice!!

Good information Ivory Hayes - I will definitely check out the video. If we go the HELOC direction, that'll be the plan is to reuse it over and over again for several properties. I'll be sure to swat away any up-selling attempts lol. Thanks again for your advice!

Ok cool - thanks Josh Rathbun I'll check it out!

Hey Bob Okenwa Thanks for your input man! The biggest con that you mentioned is her biggest worry. Like you said, as long as we do the research and the numbers work, shouldn't be a problem. I'm all about using leverage (without overextending) and I think putting equity to work is a good thing. Thanks again for the input and best of luck to you!

Happy 4th of July! I'll get right to it: my wife and I want to buy a foreclosure SFH towards the end of the year but only have money saved up for renovations , not enough for the down payment. We're looking to buy in the 60-80k range and I wanted to use a HELOC for down payment but wife is not too stoked about it. Talked with our banker about HELOC's and seem pretty straightforward. I wanted to get your opinion on HELOC's And go from there. If there are more pros than cons I'm pretty sure I'll get her blessing!! If not, we'll go a different route! Thank you so much BP fam for your help and have a safe 4th!!

Makes sense Bill, thank you sir for the info!!

We personally buy the property and then transfer it over to an LLC.. are there any benefits to purchasing with LLC from the start?

Welcome to BP! This site is pretty cool and there's a lot you can learn.. Check out the podcasts when you get a second too!

Also check out Quicken Property Manager. Easy to use.