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All Forum Posts by: Misty Wilson

Misty Wilson has started 2 posts and replied 5 times.

Post: HELOC vs Home Equity Loan?

Misty WilsonPosted
  • Posts 5
  • Votes 0

Good afternoon everyone!

If I own a home free and clear and want to invest in another property what is the differences/advantages to choosing one or the other? I know the generalities of each option and the primary differences and still lean toward a home equity loan. 

Just about everyone says HELOC but it seems like there are more hoops and more costs involved with a HELOC than a home equity loan. For example: I know Discover does Home Equity Loans without closing costs and very good interest rates. Why does everyone choose HELOC?


 Upstate ny is a pretty huge area, have you narrowed it down? What attracts you to invest there?

I have my eye on a particular city and we already own 1 rental there and about to close on the second. It is an older area with a strong rental market. Typically the people that own the houses can't afford to upkeep them so there are many TLC homes that are pretty much guaranteed to rent once fixed up. Our first unit has never been vacant in the 5 years my husband has owned it. Not a single month has it been empty. So when we recently decided to get into the BRRRR method we decided to invest in that area.


Thanks so much that is very helpful! I was actually researching what to ask a management company and your advice not only corroborates my research but you added to it with some very good points. Very much appreciated. 

I invest out of state. My husband used to be an engineer and between the two of us we can reno a house on our own (barring anything that needs permits and true professionals like electrical/structural etc). What has really helped us is having a realtor that is also an investor check out the house for us and do a virtual walkthrough. Based on his judgement and the video we put in an offer with a contingency for inspection. We then have our trusted inspector go in. He's very thorough and takes a TON of pictures. This is key because we need to see what is wrong with the place. After this we have a very solid idea of what it will cost us as a ballpark and decide to move on with the sale or not. We then coordinate with sub contractors as needed. Sure we come out of pocket for the inspection but better that than being stuck with a tear down or having someone get an offer in before us if it turns out to be a good deal.

Bottom line is you'll have to start building a team of trusted individuals to fill in the gaps in your skill set. Others have suggested getting some of this knowledge for yourself and I do highly recommend that as well. Especially if it will speed up your process. Good luck!

Greetings professionals of bigger pockets!

My husband and I have a veteran owned LLC that we are looking to further develop. We have 1 property already under our belt that is rented out and about to close on a second that will be rehabbed and rented. We live in Colorado but are investing in upstate NY. I am searching for a property manager recommendation, a broker and maybe a contractor. My husband fills the role of contractor but in the event he can't make it out there for one of our acquisitions I would love to have an investor friendly contractor in my contacts. I have a couple real estate agents and an inspector already in place. Any advice, suggestions or recommendations are more than welcome.

Thank you!