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All Forum Posts by: Michael B.

Michael B. has started 1 posts and replied 4 times.

Starting Out

Post: Financing/strategy for first time investors

Michael B.Posted
  • Posts 4
  • Votes 2
Quote from @Camile Case:

Yes, leverage and acquire as many assets as you can - you can get flips at 80-85% - acquisitions up to 85% ltv.

Thank you Camile, this is helpful:)
0 Votes
Philadelphia, Pennsylvania
Starting Out

Post: Financing/strategy for first time investors

Michael B.Posted
  • Posts 4
  • Votes 2
Quote from @Scott E.:

You should use that $170k to make down payments on several rental properties.

If you go with your plan of using the money to buy the rental property outright and then refinance, you will be doing a "cash out refinance" on that property which means lower LTV ratio and higher interest rate.

You will get the best loan terms when buying a rental property if you take out the 1st mortgage upon purchase.

Thank you Scott, much appreciated 

0 Votes
Philadelphia, Pennsylvania
Starting Out

Post: Financing/strategy for first time investors

Michael B.Posted
  • Posts 4
  • Votes 2
Quote from @Phommala Songkhors:

deff use that money to put down on a couple cash flowing properties ! 

Thank you :)
0 Votes
Philadelphia, Pennsylvania
Starting Out

Post: Financing/strategy for first time investors

Michael B.Posted
  • Posts 4
  • Votes 2

Hi Guys, my wife and I are starting out our real estate investing journey. Focusing on the Philadelphia/South Jersey area. We have equity in our primary home. We have an approved Heloc of $170k. Our inital plan was to buy a rental property outright, then refinace the property and payoff the Heloc and continue this strategy. $170K isnt much to buy a property outright, so are we best to use the Heloc as our downpayments on a couple of different properties and get conventional mortgages on them instead?

I've had read people getting 10 or more rental units within a couple of years and was interested on how they do this and what their starting point was? Appreciate any advice, thanks

2 Votes
Philadelphia, Pennsylvania