All Forum Posts by: Luke Fernandez

I'm in the st. Louis area and to me it just makes more sense to go with the duplex. That's what I see around here and like mentioned before it is two units under one roof. Makes more sense to me. Best of luck!

@Jason DiClemente Thanks for the input.

@Jason DiClemente The end game is to pay off the Heloc quick and hold it long term.

Thank You @Jeremy England, The numbers are legit they are lower income section 8 properties some of which are beautifully recently remodeled. That was my main concern as well the variable rate. But I think I can overlook that. And are listed from 22k-29k. And need nothing there are some that have tenants some do not. But overall I think the loan is an okay deal to go with.

@John Warren I am sorry I did leave out some details. The credit union is providing the loan they don't hold the property. Property may be foreclosed or not. There is not a particular property in mind, but an example of possible properties would be a 2 bed 1 bath 700-1000 square foot. Rents would be anywhere from $600-750 a month. All in Costs would be $10k-27k depending on which particular property o would choose. So the return would be great. I am more so asking for input if there is anything that seems abnormal with the credit union giving me that type of loan and maybe what other questions I need to ask if more info should be gathered.

A local credit union has given me the opportunity to purchase a rental property with potentially no money up front, no down payment and no out of pocket for repairs needed. It would be a personal loan to offer and purchase with. Then when title is in my name it would switch to a HELOC with a variable 6% interest rate. The term will be 5 years or less and I am looking at the total loan being $25k or less. To me on the surface it looks like a good deal. I'm just seeking input from more experienced investors. Thank You in advance.

I have gathered the tax delinquent list in Jefferson County, MO. I am wondering if anyone has done tax delinquent deals in Missouri of Jeffco as a wholesale assignment and knows how it works. If I reach an agreement with a seller do the delinquent taxes just come out of the agreed upon payment amount at closing? Thank You

@Craig Curelop I have thought about doing the "live in flip method". Our house would not cash flow if we rented it out. Thanks for the ideas.

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My wife is on board, just doesn't want to live in a multi unit, which I don't believe is the only option. Thanks for the input guys. And that is figuring agent fees, closing costs, and moving.