All Forum Posts by: Justin Wotring

Hi @Lesley Resnick, single income household with stable income. As a newbie, I'm still working on getting all my #s together (DTI, etc). A rough estimate of my DTI is around 25%. Talking about the HELOC with my wife, she didn't seem on-board with the idea. We may potentially have a decent sum of money coming our way early 2019, and that combined with the sale of our primary residence should be enough to allow us to get a nice primary residence, with a good amount left over to invest. If that's the case, we'll probably end up taking a conventional loan. I like the idea of being aggressive and purchasing multiple props if we went the HELOC route, but my #1 priority is keeping the wife happy. Thanks for the advice!

@Josh Durham congrats on closing #1 and thanks again for all the solid info!

@Josh Durham thanks for the great info! I'll be putting together a nice checklist with these questions and compile all my findings into a spreadsheet. Good luck to you and keep me updated on your progress!

Hey everyone, 

2nd post here on BP and a newbie to RE investing. I've been soaking up info like a sponge through these forums, BP Podcast, and some audiobooks, as well as doing some research on Zillow, Trulia, etc. Here's my situation:

I'm looking through my options for capital on a single or multi-family rental property. I have some cash in savings, but I'd like to keep that on hand should any emergencies arise. Let's say my primary residence is valued at 650k and my mortgage is 350k. A quick HELOC calculator check from Chase.com tells me that at 80% LTV, I may qualify for up to 170k in credit. I most likely won't be taking that much, as I'd like to get my feet wet on my first investment with a down payment of 20k plus an extra 10-15k on rehab/reserves. My question is, if we were to move from our primary residence 1-2 years after the HELOC, how does the credit payback work, if at all? Can some of the profit from the sale be used to pay back the credit? Also, if anyone has had good/bad experiences with a HELOC please share.

I'm amazed at the wealth of information that can be found on these forums and the knowledge that all of you bring. I appreciate any and all of the feedback/advice that you give and I'm extremely grateful that I have found this community! Thanks again!

@Craig His Thanks for the advice! The wife's on-board and has even expressed interest in doing some research on properties. We've been married 9 years, so I've definitely learned the importance of listening to her :) Best of luck to you!

Thanks @George Blower, excited to be a part of this awesome community!

@Michael Swan Nice to meet you! That's an inspiring story you have! I'm going to add your guest appearance episode to my playlist right now and I'll listen to it on my commute this coming week. I'll keep in touch after that. Thanks again!

Justin

@James Wise Thanks for the advice! I've actually been looking in the midwest as the market's cheaper. I grew up in SE Michigan, about 20 min from Toledo, so the NW Ohio area's pretty familiar to me. It would also be easy to make a trip there as my parents still live there. If I find any potential deals can I run them by you? Thanks again for your time and sharing your knowledge.

@Bo Kim Nice to meet you! It's reassuring to read about your success while being in a similar situation. I'll definitely be doing my due diligence when it comes time to minimize as much risk as possible. Thanks for the advice and I hope to be sharing some success stories in the near future!