All Forum Posts by: Donnie M.

I tried searching BP and google for a direct answer but could not find an answer about unsecured lines of credit. I plan on buying on 26k property using my Private Line of Credit (PLOC) from my bank and it will appraise for 50 - 60,000 after repairs. The PLOC works exactly like a HELOC except that it is unsecured and has a higher rate.  In 6 months I will cash out refinance it into a conventional loan for exactly what I owe on my PLOC.

I do not know if this is common to do with a PLOC. I know with a mortgage or HELOC I would not have to pay capital gains tax on the refinanced amount because it is a secured loan. So my question is, will I have to pay capital gain taxes at the end of the year on the refinanced amount since the funds I bought the home with were unsecured?   Which will be about 26k.  

 Got some deals i'm negotiating in Smiths Station, AL (Lee county) and Montgomery, AL.

Looking for HML in Alabama as well. None one the BP.com/hardmoneylender list. Did you ever find any Imad? Thanks!

 As far as I know, there has not been any arrangements for a meet up.

I came across a thread (about two weeks ago) and it was a compilation of posts where people showed pictures and numbers that went with their 30,000 and under rental properties.  

I am struggling to find it using the search function (from now on I will subscribe to great threads...so much quicker than searching).  Please, if anyone can easily find that thread please link it here.  Thanks!

Welcome Ethan!

I live in the Smiths area about 30 minutes from you.  Helen's suggestion of living in one half of a duplex and renting out the other is a a great idea to get started.  Best of luck getting started and BP is a great source of knowledge and help for us new investors as well as veterans.

I would suggest checking out the podcasts http://www.biggerpockets.com/renewsblog/category/p...

So much great information in each one as well as motivation/inspiration.

War Eagle!

 Thank you for all the welcomes and encouragement.  I will do my best and never give up!  Listened to 3 podcasts already and the massive amount of valuable knowledge is so encouraging as well.

 Thanks Mark!  I'm excited and ready to become an active member in this wonderful community of investors.

 Thank you so much for the information about Montgomery.  I will be in contact.  Maybe we will see each other at the next meeting.  I always forget about realtor.com for some reason =].