All Forum Posts by: Rafaella Almeida

@Sam Shueh

Good morning Sam. I am going to do that. However, I've never got a HELOC. Will I pay anything just to have it stand by?

I read that BAnk of America has the best rates and they don’t have any fees but will they have annually fee? I mean in general not only BA.

Thank you so much.

@Don Petrasek

Thank you Don for your input and for sharing a little of your own experience. Makes me feel a little better about our options. 
I like the way you put it out. 
thank you for taking the time to give me some advice. 

@Jeff Cichocki

Thank you so much for taking the time to write such detailed explanation. 
Really like how you have the two examples and how you clarified the HML loan.
I’m in awe of so many helpful answers. 
thank you so much .

@Darius Ogloza true. I actually mentioned that to my husband the other day.

@Trevor Plante thanks Trevor I like the idea of price shopping.

Hello BP community,

My husband and I have equity in our home and our rental. We want to expand our portfolio with hopes to be financially free. My husband does not like the idea of getting a HELOC for he thinks it is too risky. I introduced him the option of financing with hard money. He feels better to finance through hard money since you do not jeopardize your own house. On the other hand, I feel that by getting a HELOC we may pay less interest and may be easier to get the money. I believe we would be able to raise over 100k with a HELOC.

We've never done a flip or a BRRRR. The only experience we have is renovating our own properties.

Which approach would you think it is smarter for a first time flippers or BRRRR.

Thank you,

Rafaella

@Michael Doherty thank you for that link. It was very helpful. I think I’m starting to understand it better. Very challenging process though.

@Helen Zhang to me 1 is the most important and 3 the least.

@Michael Doherty thank you for your input. I thought the same as you which makes me think that it will be hard to find a single family house that will be profitable. I’m struggling to find out how I can stretch my money to get more houses. That’s the one thing my husband and I struggle. We still can’t see how people buy so many houses in a short period of time. If we buy a 3 family house all the money will be for the down payment and then wait another 10

Years to save enough for another house?!? I must be missing something!!

@Charlie MacPherson I like your comment. I always struggle with it. Sometimes it is like the house is worth what people are willing to pay. Some people are willing to pay more than others. Could I ask you how I could do my own comparable?