All Forum Posts by: Julie Bradley

I attended this event and it was an absolute dream come true! It was full of inspiration for the newbie that I am. Thanks to @Chris Gallo and the entire Summit team. I am grateful that there are true leaders in my farm area offering support in all areas of growing and operating a real estate investing business. I look forward to the next one!

Hello Joe,

What's the property worth?                                      

290k

Can you refinance a cash out and still cash flow? 

Yes..just paying the draw period payment of 135 would leave cash flow at 585 a month.   

If you did the HELOC, are you using a 4 year payoff because you have to, or because that's how long it would take to pay it off using all of your cash flow? 

No I don't have to but should the goal be to pay back the debt aggressively?

Can you take longer to pay off that HELOC, so you can keep the property cash flowing?

Yes if that is the best strategy..? What about debt to asset ratio for additional funding?

Hello,

Seeking guidance......I will do my best to give as much detail and keep it short. All wisdom will be greatly appreciated.

Current situation:

Househacking for 3yrs - 2 unit property with 80k equity and 720 in monthly cash flow potential if both units are rented. 

House is in need of the following capex items soon....Roof/Gutters/Insulation and Third Electrical curcuit box (Common area).

If I used a Heloc to fund the capex items it would take 4 yrs of investing all cash flow into paying of the Heloc. So the cash flow option would not become CASH FLOW for 4 years. 

What additional information do I need to consider in determining if I should sell or hold? 

I am very excited for your success with appreciation @Jordan Moorhead, however in your analysis of expenses there was no mention of vacancy rate or cap ex. Just wondering if that number is skewed a bit. ??

@Debbie Roberts

Hello Debbie,

Would love to grab coffee and chat with an investor friendly real estate agent that knows my area. In box me. 

@justindumas

This is also my local area as well and @JustinDumas we have a similar scenario. I purchased a 2 family that I currently live in and I know that I did not purchase it as an "investment deal" so I had asked similar questions on BP, seeking wisdom as well. Since I didn't get even one response it motivated me to get the answers on my own. I called the bank where my mortgage is and found out that even though the values are around 250k-260K they only offer LTV of 65% for a conventional and 85% for fha/va loans. So if you calculate your numbers they come to the same scenario as mine. 260K x .85=221k so that wouldn't even cover your mortgage balance of 224K. Therefore this option offers no access to capital. So this discovery has led me to think, the only way to access that equity is to sell and take the proceeds and invest it in a true "investment deal" where I can truly HH. This is a similar outcome you will see when trying to get a HELOC as well. Hey we reside in the same town, would love to grab coffee and discuss real estate.

I bought a mf last year and I purchased it as a retail consumer. As of today, I cannot access the equity by way of a heloc. Since my local market values have been rising there would be a significant gain if I sold the home. How do I determine if I should hold onto this 2 family for cash flow which would generate less than $200 per door or sell it to obtain the capital needed to start investing the right way?

Thanks for the welcome guys!!! Good Luck on your REI ventures.

@Jim Sestito

Hey James very good advise. This is exactly what I am working on for my first year of having to report rental income on my taxes. Thanks.

Hello to all,

My name is Julie Bradley and I am new to real estate investing. I have done my first transaction by purchasing a MFH where I am currently house hacking. Since that transaction I have been reading and learning from bp everyday. I believe I am projected to do my next deal in Oct of 2017 when I should be able to pull out a substantial amount of equity to put 20% down on my next deal. I'm trying to develop the skill of analyzing deals and putting together a team. Any professional advice on these topics would be greatly appreciated. My plan is to join at least 3 local REA meet ups come January. 

I am a bookkeeper by trade and have an innate knack for numbers but things like getting expenses from a seller when you are not interested just yet seems to be challenging. For practice Iv only used the MLS listing where there is almost always income but no expenses.

I look forward to learning and sharing in my new found passion.