All Forum Posts by: Mark Sheppard

I am currently trying to figure out the best lending option to do the BRRRR process using one of my rental properties that has equity.

The property I want to use currently has about $100k in equity. My plan is to use this property for a few flips, so that I can build up some cash to not have to use this property as leverage on every deal.

My current lender is advising me to refinance the property and take cash out. However, I am concerned about losing my current interest rate since it is now considered an investment property and my overall mortgage will go up each month. I have asked them a couple of times to do a HELOC instead but, the lender is telling me that I will get a better rate if I do the cash out option.

Maybe I just need to find another lender that will do a HELOC on this property or maybe someone can give me some advice on how I can use this property to better leverage other deals. Looking for some financial advise and education on what would work best to leverage this property.

Thanks,

Mark

Yeah, I was afraid of that. I emailed the contact for the RICH club in Houston and will let you know what they say.

Thanks,

Does RICH club still exist in the Houston market or has it changed hands?

@Chris K. Thanks for the help!

I’ll reach out to Ronald today.

@Rob Bucholdt thanks for that. Yes, the location is in Fredericksburg, TX.

My apologies

Not sure where to look so, I thought I would start here.

Looking to build 6 small houses in the Fredericksburg area and I am involving family.... I know God help me.

Need a referral for a good real estate lawyer that can help draw up paperwork for the deal. Items needed to be addresses would be: majority owners, decision makers, percentage of return for family members that want to throw in a little cash on the deal and get a small return, buy out options and other items that I am not aware of that could cause potential issues between family members if something like this is not drawn up in the beginning.

Does anyone know if the information in this article is possible for someone to purchase rental properties using your own taxes?

https://www.irs.gov/newsroom/new-rules-and-limitat...

Wanted to see if you can use your own taxes to purchase rental properties. 

Does anyone know if the information in this article is a possibility?

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act