All Forum Posts by: Luke Texidor

Alex A. Rachel N. Exactly what Rachel mentioned. You can use your Heloc for a down payment. You would transfer the funds into your account and at that point it becomes liquid. But your debt to income ratio will be effected like Rachel said.

I meant to say loan not Lonnie. Haha

Alex A. "Seasoning of the property" is the required holding period or the amount of time that you have to live or have the property before pulling another loan. "Stand alone" just means that the Lonnie completely separate from your first mortgage.

Kevin Lefeuvre I would try to use the same bank that you would be opening your business accounts with. This makes it a lot easier for money transfers between your heloc account and your business accounts. It also makes things much easier when doing taxes at the end of the year. This will save you time, which of course will save you money. Hope that helps! Good luck!

Great to see a meetup in Northridge. Unfortunately I will be out of town on the 21st. I will be at the next one. Good luck on the first meeting and have fun!

Amazing! I would love to know the details on the deal and how you secured the financing. Your credit score can't be much of anything at that age! This is very impressive! Congrats and keep it up!

Thanks @Vivek Khoche I will PM now

Hey BP,

We have a property in the Arlington area of Memphis that needs some work. We will need new HVAC, electrical, cosmetic upgrades and possibly a bathroom addition. 

I would greatly appreciate any recommendations for good GC's or Subs in the area. I will be coming out to the area next week, so I would like to meet with who ever I can while I am there. Looking forward to meeting good help in the area.

Thanks again BP,

Luke

Hey BP, We have a property in the Memphis area that needs some work. New HVAC, electrical, cosmetic upgrades and possibly a bathroom addition. Any recommendations for a good GC or subs would be greatly appreciated. I will be out in the area next week to finalize on some details. Thanks again BP Luke

If the price seems low, ask him for a more detailed bid and make sure he's not leaving anything out. It's typical that a contractor will have his mark up and management cost built into the bid by spreading it out in the line items.