All Forum Posts by: Karam A Tascoe

@Jonathan Nixon I hadn’t followed it at all. I just jumped in and start bidding.

@Eric Gaines yes I am interested, please send the details. Thanks for commenting!

The HELOC option may be best, thanks for the advice

 I went out of state simply for the price. Its a 4hr drive from my house in SC so its manageable. I would have loved to find a deal in Charleston or Beaufort but the numbers just werent there. My renters found me on craigslist. I post on ZZillow, Trulia and Craigslist

 Thanks for the kind words Kyler. Im just trying to get a small piece of the pie and get out of the Matrix!

 With most of the auction websites you have to put a deposit or earnest money down on your credit card. With Auction dot com, the earnest money is $2500 to bid. If you dont win the auction they release the hold on your money. If you win the auction the earnest money goes to the purchase price. They will send you a contract to docusign and you will generally have a week to wire funds to the auction site from your bank. In about 30 days you close just like you would with a traditional purchase.

 Actually I live in Bluffton SC but I would still love to meet for coffee. Im in Miami for work about every other month

 I believe I would need a portfolio because the refi would probably be slightly under 50k. Banks and credit unions in my area will not lend on less than 50K. Again, Im just learning so I am open to learning from you if you have some other ideas

Thanks for the response Charles. I understand that to move quicker BRRRR might be the best method but I have to admit i like owning my properties outright without a mortgage. I have a pretty good income from my fulltime job and I won a home inspection business so I can generally put about 35-40K away a year. I think saving up and doing them one or two at a time may be a solid solution unless I can find someone to partner with. I just don't want to carry mortgages unless it really makes sense like a multifamily or small apt complex. Im open to suggestions if you have had some success.

The other caveat is when the market crashes this year or next year, will these houses appraise enough to be able to do a decent cash out refi?  I know people say we can't worry about the market but I know from the 2008-2009 debacle that a house that appraises at 85K today will struggle to appraise at 60K when the bottom falls out. Will banks even want to do cash-out refi's when the market crashes? So many if's it makes me super cautious and nervous.

 Thanks John!