All Forum Posts by: Neil Beeharry

Hi all,

i recently purchased two single family homes (adjacent properties) in Lansford, PA. 

the same seller owned both properties he was looking to off-load asap so i made a cash-offer and purchased both units for $15,000. 

i purchased so i could up-date and rent them out. 

the one unit need only cosmetic work and was done by myself/family- i spent $5,000 on up-dating and is now being rented out for $500 per month. 

The other unit is a complete gut-job and I expect to pay in the region of $15-20k to get this unit in a suitable condition. i am looking to get completed by early summer so it too can be rented out.

once these units are up and running, i am looking to continue the process - purchasing foreclosure/distressed properties, up-dating/rehabbing and then renting them out. 

i am looking to apply this method in the lower end of the market scale, where the total project will not exceed $30k - thus my question is whether to Refi the 1st rental unit or obtain a HELOC on it?

i am only looking to add a unit a year. so i could draw from the HELOC when a suitable property is found. i would use all the cash-flow to pay down the HELOC.

i look forward to your advice.

thanks in advance, 

Neil

Hi Stephen @Stephen Quesinberry 

really great write up of the process you took - as i'm just starting out, it gives me a good reference point.

Thanks

Hi Nuno-

thanks for directing me to that video - i have been randomly working my way through the podcasts but i should have known there is likely a podcast for the topic i'm particularly interested in.

Cheers, 

Neil

Hi all,

I'm just starting out in RE and looking to buy and hold single family units in the Leighton, PA and surrounding areas. 

Just completed my first rental purchase early summer, worked on updating it and now rented out. 

I have the adjacent property that is a complete fixer-upper and likely looking to rent out next summer. 

Depending on the success of those 2 units, looking to purchase additional units late 2017. 

i am trying to decide if it's better to use HELOC on the property or refi? what are the pros / cons for each approach?

i look forward to learning from all the great advice.

Many thanks, 

Neil