All Forum Posts by: Mario B.

Thank you @Edward B. and @Robert Carraway you've both been a big help.  

@Robert Carraway I imagine a bank loan would negatively affect my ability to qualify for a larger mortgage down the road. A HELOC is easier to setup then a bank loan also, no? If I had the note registered to an LLC I assumed it would take the financial focus off me and my ability to qualify for a forever home.

@Robert Carraway Thanks. 

Shopping banks Monday to ask around and do my HW.

I don’t have enough funds to finance the investment upfront. Connecticut unfortunately is a very expensive market, specifically where I am, however the returns are still decent.

@Edward B. Thanks for your feedback. 

My question is, if I create an LLC with the sole purpose of it being for the investment purchased by the HELOC, can I take a loan out under the LLC to pay back the HELOC, thus allowing me to sell my condo and use the funds for a house.

Hi All!

My wife and I have a condo, we are thinking about leveraging our full HELOC for an investment, however we don't have kids yet and may need to buy a house soon. Can I buy an investment via HELOC then create an LLC and refi? I don't want to forfeit buying a home because finances are tied up in the investment. Or, would It be better to buy the house fist, then use the equity for the investment?

Thanks!

@Andres Bernal it was my first investment while I lived at home, purchased in 2009 for $120k, $240 in common charges, $1800 property taxes.  I was getting $950 in 2009 for a few years, then $1150, most recently 2015-2018 I was getting $1450 a month with parking and utilities included.  Electric bill is about $30.  Building includes heat and hot water, parking is $50, I pay another owner.  $250 move in fee, building managment charges.  It's worth $165k now.  

Market just tanked recently with an abundance of buildings opening in Stamford, it's saturated.  My newest teant moved in March 1st, getting $1275, everything included and parking.  It was a cash purchase, I was fortunate enough to have my father be the hard lender, interest free. 

I would say Stamford is a difficult market to find high returns in, but not impossible. 

Rental in Stamford @Andres Bernal recently just did a Mr.Shower door glass door on my studio, new kitchen (counters, cabinets, sink), wood floors, custom closets, recessed lighting, fridge, microwave, paint, a/c.  The market in Stamford is very competitive and shoppers do their homework.  I find that you can rent anythign for the right price, with the right upgrades you can expect to rent for a better return. 

@Liz C. can confrim, @Charlie Nedder is the man, knows his stuff!  Meeting with him Thursday!  Welcome to BP @Charlie Nedder it's an amazing website!

Great thread @Edward Schenkel Thank you for taking the time to do this for the community!

Great connecting with you today!  It was great to meet a local BP in person!  

Awesome job @Michael Noto Thank you for bringing us along for the ride to see costs and labor!  We should talk too!