All Forum Posts by: Michael Garfias

@Shaun Weekes thanks for you import Shaun. Since I'm new to this I'm taking a cautious approach. My goal is to at least make my first purchase with just a down payment using a HELOC and whatever rehab needs to be done. I don't plan on using the HELOC for anything else, so I would like to pay it off rather quickly. I'm just looking for advice on how to get my feet wet

@Tchaka Owen thank you for your response. When I say risky, I mean, what are the chances of the HELOC being "called" and I'm forced to pay the balance in full? Also, is there a possibility the interest rate will rise to a point I cannot make my monthly payment?

@James M. I appreciate your response. What would be the other options you mentioned?

I own my home free and clear. Should I apply for a HELOC to start purchasing rentals? If so, how risky are they?

Alina Trigub I'll will look into that. Thanks for the advice. 

No Michael I don't plan on living in it. Would a MF not appreciate like a SF?

Thanks for the input guys. I'm in a semi small town in Central Texas. We have a small D2 University a good size hospital and an air Force Base. What would be a responsible term for a MF unit? 30 years?

Hahaha!!! Yeah the nearest comparable town is roughly 1 1/2 hours away. The multi-family idea had crossed my mind. Being new I just don't want to bite off more than I can chew for a first timer

Ian Tvardovskaya....I live in a city with roughly 100k population. I haven't seen any multi-family units around here on the market but again I haven't really made a conscious effort to look. Something I may do with my realtor

I should walk away from the sell with $180k after all my remaining debt is paid, but looking to only invest $50k in rentals for now. Seeing as how I don't know much about real estate or investing, I'm a little weary of jumping in blind and investing everything.