All Forum Posts by: Luis Alvarado

Looking for some advice on things to consider when structuring an REI partnership.

Outside of the obvious equity split and discussion of what eaches contribution will be.

Secondly, how do most resolve different types of disagreements when it comes to making business decisions?

Thanks in advance!

My house is worth ~$310k according to recent comps. I have a $52k HELOC on my house and $154k balance on my mortgage, therefore only at 66% LTV when you combine HELOC and balance on my mortgage. My property has gone up in value $40 since Oct-Nov, which I did not expect.

I just refinanced in april of 2021 and got my HELOC in November of 2021. Wondering what others think about all the locked untapped equity in my home and whether you'd refinance your HELOC (if thats possible). Assuming my house appraises at even $300k if i get to 80% LTV that'd get me an extra $34k in funds I can use for downpayments or repairs as needed.

Curious as to what others would do in my shoes. 

Thanks all for your insightful responses! It's great to get feedback on what others would do in my shoes.

My wife and I are looking to get our first investment property. We currently own a single family home in Bella Vista, AR which is our primary residence. We refinanced last year (Apr 2021) out of a USDA RD loan from 2017 at 4.25% to a conventional loan at 2.75%. We also have access to a HELOC of $52k on our primary residence.

We are open to moving into another fixer upper and turning our current home into a short term rental, long term rental, or selling if that's what makes most sense. Our current home could probably use $8-12k in work should we look to turn it into a long term rental or i'm thinking $12-16k to turn it into a short term rental or sell it. We've also considered staying in our current home, holding back on doing the improvements on it since we're living in it and could go without the improvements and just put that money into just buying an 2-3 bedroom SFR investment property.

The HELOC is there in case we need it for repairs or downpayment on a property. Looking for suggestions from more experienced individuals as this will my our first REI move. Thanks in advance!

Current Loan -Primary Residence

ARV: $325,000

Current Principal Balance: $154,130.19

Mortgage Payment (Monthly): $648

POA (Monthly): $37

Annual Taxes & Insurance (Annually): ~$3,000

Loan Type: Conventional

Remaining Term (Years): 28.5

Interest Rate: 2.75%

I'm new (have not done my first deal) and eager to learn! Is the only local REIA Meetup location in Fayetteville? I have not seen others nor have i been to the one based out of Fayetteville, although i'd like to if its still active.

Hello I am currently residing in Northwest Arkansas. Not necessarily limiting myself only invest in NWA. I have been in the education phase for the past 3 months research research research on almost all things Real Estate. I have always been intrigued by REI but never had the courage to jump into it. I am now ready to jump in only I'm thinking of maybe doing some volunteer work for local investors or even remotely to help expose me to the real deal. Is this possible? If so, how do I go about finding that opportunity?

I wonder to myself sometimes, "why don't I just try to take action and start looking for leads, making offers, finding ways to get the capital (don't exactly have any capital to put up right now)?" I guess I'm afraid to start something then end up at a roadblock due to something I didn't expect. Afraid that with the pressure of being in the moment I will do something I shouldn't have and set myself on a path that might be difficult to bounce back from.

Lots of books, articles, videos recommend finding a mentor, which I'm all for and eager to do as I know how helpful they can be. Hoping just with networking online, fb, IG, REIA Meetups (yet to make it to the one i have heard of nearby), etc, that i'll eventually connect with people that'll be great help as i'd like to return the favor to others in the future.

I guess you can say what I am experiencing is "analysis paralysis", but how do I go about getting past it ? (Posting in this forum was even hard for me to do) has anyone experienced this and how did you overcome it?!

Thanks in Advance! Excited to learn.