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All Forum Posts by: Kurt Newton

Kurt Newton has started 2 posts and replied 4 times.

Post: HELOC on secondary home?

Kurt NewtonPosted
  • Posts 4
  • Votes 0

@Jeff Cliff I believe you should be able to, that's what the BRRRR method thrives on is doingbit on each property you buy!

I haven't done anything yet, but what I've been informed is that a cash out refi is usually cheaper than a HELOC if you can get that done!

@Kurt Newton this is for buy and hold by the way!

Hey guys, probably closing on my first deal within the next month! Super excited!

Anyway my question is this. And I’m sure everyone does this differently but I’m need some better focus than just winging it lol.

How do you structure your bank accounts for the properties?

Do you have one checking for all of them and then move everything such as capex and vacancies into a single savings?

Or do you have a separate checking for each house? I hear Graham Stephan mention using ally bank due to the unlimited checking accounts, which is what made me start thinking of this.

And do you have a separate savings from each expense?

Sorry I know I said a questing not multiple questions lol. Just making sure I’m clear on what I don’t understand.

Thanks guys!

Hey guys so this is my first post!

I’m going to be purchasing my first property within the next year and am super excited to get started, it’s been a long dream that I just never took action on.

I love the idea of creative financing and especially seller financing!

So I have a friend that I did some work for last year and he has some properties and he’s looking at getting rid of some of them so that he can take the money and just go travel or do something else with it.

The tenant that is in the one we discussed is a long term tenant with no plans to leave.

He’s wanting around 60k for it and gets about 750 a month in rent from tenant. I didn’t mention anything to him about seller finance, because I would like to research the property a bit more and get my own idea for numbers. So he is sending me the address later tonight.

Anyway, a concern I have currently is it doesn’t meet the 2% rule, market depending I might be able to start raising rent but that’s for when I have more info.

The question I have, is how do I bring up seller financing without sounding needy? Tips on highlighting the wins for him such as no capital gains and such?