All Forum Posts by: Andrew Portnoy

Yes plus you're on a 30 year amortization (most likely) with the HELOC so it should help the cash flow vs a 15 yr. If I were in you're situation I'd setup the HELOC now because it's basically free and wait for the right deal. After the purchase I'd probably aggressively pay down the HELOC once you draw on it. There's really no worry to hold cash as an emergency fund as long as there's available credit on the line. Money would basically be available next day.

Michael, 

Just wanted to chime in with another consideration for you. Thinking about this transaction from the perspective of the seller, you'll be in a much more favorable position by using the HELOC because you would be an all cash buyer. (Assuming that's what you meant by your second post.) Waving the mortgage clause might help you stand out from other potential buyers and *may* even get you a better deal. If you think there's a chance you'll do rehab or any improvement you always would have the option to do a regular mortgage down the road and take cash out at the hopefully higher valuation.

Andrew

My wife and I would love to stop by and celebrate with you. See you then!

Not exactly sure if I understand what you're looking for, but redfin allows you to search recent sales. (Click "More Options", and then "Sale Records" in the bottom left). You probably want to use that "More Options" tab to filter down on your criteria. If you're looking at multifamily houses, those will generally have the income and expense figures that were originally part of the MLS listing.

Hello,

I look forward to learning from and sharing with the Bigger Pocket's community. Since I am new, here is a little about my background. I am a happily employed engineer in Denver. Over the years, I've self managed my investment account through purchase of value stocks have outperformed by benchmark (S&P 500) over the long term.

My interest in real estate is to get my money working for me in a new way. The tax advantages of real estate provide an attractive investment opportunity. With the historically low interest rates, I purchased a 4-plex in December 2012. The core criteria was that 3 of 4 units rented should cover all expenses. Over time, I look forward to reinvesting positive cash flow and discretionary income into new ventures in order to maximize total returns on invested capital.

Andrew

+1 to Keerthi recommendation on Redfin. If it's available in your market, I highly recommend it as a source for MLS data.

MLS data is provided by the realtor. Zillow's property info is generally data mined through various public records databases. Also users can update what Zillow displays. I'd recommend you use both data sources as guidelines for your valuation, setting your expectation. A 4 BR house with unfinished basement is different than a 4 BR house with 3 BR upstairs and 1 BR in a finished basement. In this case MLS might report 4 BR and Zillow might report 3 BR. Ultimately, you will (or should) actually tour the property to get the full picture.