All Forum Posts by: Dean Gemmell

Thanks Jean and Larry. My first instinct was a HELOC, but the first lenders I spoke to pushed the refi. Great to get your insight.

With the refi, I would essentially have one mortgage on the home I live in now since I currently don't have a mortgage. But I like the way I can use a HELOC more.

I could cover closing costs with savings. 

And yes, cash flow is a challenge in NJ. Trying to find the towns that make the most sense.

I own my home in a New Jersey suburb without a mortgage. In this crazy market, current valuation is about 1.2 M. Let's say it eventually falls back to 1M but it should stay there for a while. 

I don't like having so much capital tied up in an asset that I think is at max for appreciation, and I'd like to begin building a cash flowing real estate portfolio. If I do a cash out refi on my home, I could get 400K or more at about 5.75%. I'd basically be getting cash and taking out a mortgage on my current house. Does it make sense to put that cash directly into another property? Or take less out of the refi and use that as a down payment on a loan for a rental property?

Basically looking for ideas to diversity and use the capital in my home more effectively than I am right now. 

Thanks, Kevin. Call this part of the investor learning curve. I'd welcome the name of your recommendation. 

I'm a New Jersey-based investor moving towards closing on my first rental property — a duplex in Scranton, PA. I have to get a rental registration from the city and it says that if I live more than 20 miles outside of the city of Scranton, I need a local agent. Do any Scranton locals or investors know how most people handle this? Does anyone have a requirement like this in another city?

I'm new to BP and I plan to attend this Meetup. Thanks for organizing it, Darren.