All Forum Posts by: Parker Russell

Hi Friends and happy Sunday!

I have a question that I would like to ask your guys professional opinion.

I have a friend that I work with on my shift. He owns one rental property. In speaking with him about my aspirations and difficulty finding funding for my first investment, he mentions that his family member owns a home free and clear >500k. I mention the possibility of using a HELOC for a win win win situation. I get the property, split the cash flow with him, and pay her money back with interest in the refi. That is my goal and vision of success for this first rental.

My question is this, what will this deal structure look like? I will be presenting this to the lender and she is more than willing to approve as long as she understands the benefits for all.

Is it possible to make a deal happen in this structure?

Does this type of third party HELOC go through a bank?

Risks?

What am I missing?

I plan to BRRRR as well as speak with lenders for these questions but you guys are always so generous and fast!

Hi everyone!

Does anyone have any bank/lender they know to have good rates for using HELOC to find rental property investments in the San Antonio area?

Looking to begin a long term relationship and grow portfolio.

Thanks!

@Scott Sklare of course! Shoot me a DM and let’s link up!

@David K. Thank you so much for that information!

@Aaron Bihl thank you!

Hi guys and gals!

Looking for recommendations on successful real estate agents that frequently work with real estate investors, particularly ones who know how to help those with their first purchase! San Antonio area.

Thanks much love!

Parker

@Michael Lewis Lee so I can sell each unit as its own home as compared to renting both sides?

@Michael Lewis Lee thank you so much!

@Ernest Fernandez sounds good thanks!

Hi BP peeps!

I’m looking for advice from you fine intellectuals. I just recently learned I’m approved for $190k on a loan. Never bought a home. I’m in San Antonio and looking to stay/invest in this area. My goal is to be a successful investor. I would love to be in multi-family as soon as I can, most likely starting with a duplex and strategizing to live in one side and rent the other and eventually move out then rent the entire place and continue to move up in the investing world.

Do you guys have any advice given the current market on whether a SFH or if I could find a reasonable duplex - which would be better? Differences in strategies?

Thanks so much for your time, my ears are open. Have a great day.

-Parker