All Forum Posts by: Patrick Braswell

I'm not looking for a HELOC, but a Home Equity Loan. All but one of the family members are on board, and we collectively own the majority, but it's 55% and the bank requires 60%. We are starting to explore options for buying his shares to eliminate him as a risk and a roadblock but still have funds leftover for growth. Thanks for your feedback!

I think I'm in a pretty unique situation and am trying to figure out the right hoops to jump through to move forward.

Long story short, I'm trying to tap into the equity of the rental property passed down from my grandparents that is held in an S-corp which is co-owned by myself, my siblings, our cousins, and an idiot uncle. There is currently not a mortgage on the property, but due to the s-corp ownership, refinancing is not going as easily as I'd hoped. Would a home equity loan be a viable option in this situation, especially in regards to eliminating some of the red tape I'm running into with a refinancing an scorp-owned property?

I've been working with a mortgage broker but haven't had the chance to talk with him about this as an option yet. The idea is the product of an ah-ha moment late Friday afternoon as I was scrambling to put the pieces of this puzzle back together. I will be talking to him Monday, or possibly today if I find time at work. I'm hoping he'll have some options for me.

I know a Home Equity Loan is basically a second mortgage in normal situations, but they seem to come with less red tape from what I've found. And I know that a refinance would be the best, and most common, way to go. Interest rates between a HEL and a refi are comparable, the equity in the property is equal to the value of the property and I only need about 50% to purchase another property. I average about $2000 a month in cashflow on the current rental property, and the new property would bring in around $3500 in gross revenue. So the numbers seem to support either.

Just looking for some feedback as I continue to brainstorm a path to success.

(It should be noted that the hurdles with the refinance are not with the mortgage broker or the mortgage itself.)

Thanks! Patrick

I'm in Asheville but would be interested possibly. Socially awkward but need support.

I’m having a difficult day (few days) and am hoping to hear some words of encouragement from the community that will help convince me that real estate investing is a good idea. That I’m not wasting my time looking into the possibilities that exist.

Long story short, I’ve inherited part ownership in a rental property passed down from my grandparents. I was never involved in the business and don’t have any background in real estate to build on. But I’ve been given the reins of the business and am hoping to learn and grow into something that can build a level of generational wealth that will benefit my family (siblings, cousins, and children) for years to come.

But I am filled with doubt in myself and skepticism about how real the success stories really are. It all seems a little overwhelming and outside my skillset.

I don’t want to give up just yet and think maybe I just need a boost of confidence and a push to make my first deal or acquisition happen. I don’t expect to be someone that finds incredibly cheap deals that become worth double what I paid. At best I’ll be able to find solid properties that will be self sustainable and cash flow in the positive side of things. I’ve been attending my local Real Estate investment club meetings and trying to educate myself.

So I guess what I’m really looking for are some success stories. What got you to take the leap into investing? What was your experience before and after venturing into world of real estate investing?

Thanks for sharing your experiences and reading my thoughts. 

Quote from @John Roney:

New to Bigger Pockets and real estate investing to learn and apply as much as possible.  Already signed up for Rookie Bootcamp in May!  Great to develop a plan to acquire an initial property in 90 days!

Nearby in Asheville and very new as well. I’ve inherited a rental business with a property in Florida but have been looking at the Gvl/Sptbg area to expand into. Seems like a lot of good opportunities. I’m going to look into that group suggested to you and maybe we’ll cross paths. My current resources are thin, but I’m educated myself so hopefully I’ll be able to make a solid plan for growth. 

Greetings! This is mostly an introduction post as I’m new and really just beginning to study up on real estate investing. I’ve been handed the reins of a struggling rental business that had been in the process of selling off properties and dissolving. But without going into details, the sole remaining property, a 4 unit multi-family in FL, is stable and turning a profit. Thanks largely to really solid property management. 

Now that I see the potential that this type of business can have for wealth building, I need to educate myself to take the best next steps. I need to persuade the other people involved that selling and dissolving is not the best decision. A lot of that knowledge is going to come from the real world experiences I gain with the existing property over the course of the next year. But I’m interested in reputable online courses to draw knowledge from as well. Any suggestions for those would be appreciated. 

That’s the bulk of the reason I’m here. I’m also here for reassurance that I’m not too crazy and this really is a viable means to build long term wealth, not just wishful thinking. 

Thanks for listening!

Patrick