All Forum Posts by: Richard Boughton

Yes. I will be there. I travel a bunch for work so it's not often that I get to the meetings. However, when I am home I will always go to them.

Welcome Gwen. I just moved to Wilmington, NC about 2 years ago and have just recently become interested in real estate investing. Good Luck in your future real estate investing.

Good Morning, My name is Rich Boughton and I live in Wilmington, NC and am new to real estate investing and have not yet done a deal. My strategy for a first house would be a buy and hold for long term wealth generation. In preparation for financing, I have started speaking with banks regarding lines of credit and I have just put in an application for a line with a local bank. 1. Do you recommend using a line of credit for a down payment so that one can quickly make an offer on a single family house? 2. Are there any considerations I would need to be aware of in doing so? Any help would be appreciated. Thank You, Rich

Good Morning, My name is Rich Boughton and I live in Wilmington, NC and am new to real estate investing and have not yet done a deal. In preparation for financing, I have started speaking with banks. My strategy is to obtain a home equity line of credit and use that to fund my investing. However, the banks I've spoken with all indicate that they will only lend out 80% which will not afford me much. Therefore, my next plan of attack is to start speaking with credit unions, which leads to a few questions: 1. Will credit unions offer a HELOC or will they offer a line of credit? Looking for something in the $40-$50K range, if possible. Not looking to use all of it at once, however, would like to be liquid as possible and only pay back what I use instead of completely refinancing my first mortgage on my house which all of the banks I've spoken to are trying to get me to do. 2. I have not put an offer in yet, however, I want to show anyone that I meet with regarding a potential loan to know that I am not just jumping in blindly, yet will proceed in an educated manner when the right deal becomes available. I would like to create a report in the BRRRR calculator to show them that I am serious. However, as I am trying to get the line of credit prior to having the deal, would anyone recommend me creating a few reports to show the loan officer why a few properties in my area are or are not a good deal and have those reports available for my first meeting? Any help would be appreciated. Thank You, Rich

Good Morning, My name is Rich Boughton and I live in Wilmington, NC and am new to real estate investing and have not yet done a deal. In preparation for financing, I have started speaking with banks. My strategy is to obtain a home equity line of credit and use that to fund my investing. However, the banks I've spoken with all indicate that they will only lend out 80% which will not afford me much. Therefore, my next plan of attack is to start speaking with credit unions, which leads to a few questions: 1. Will credit unions offer a HELOC or will they offer a line of credit? Looking for something in the $40-$50K range, if possible. Not looking to use all of it at once, however, would like to be liquid as possible and only pay back what I use instead of completely refinancing my first mortgage on my house which all of the banks I've spoken to are trying to get me to do. 2. I have not put an offer in yet, however, I want to show anyone that I meet with regarding a potential loan to know that I am not just jumping in blindly, yet will proceed in an educated manner when the right deal becomes available. I would like to create a report in the BRRRR calculator to show them that I am serious. However, as I am trying to get the line of credit prior to having the deal, would anyone recommend me creating a few reports to show the loan officer why a few properties in my area are or are not a good deal and have those reports available for my first meeting? Any help would be appreciated. Thank You, Rich

Thank you.  I will be reaching out to you formally introduce myself.  Are you active in any real estate investor associations locally?

Good Morning, My name is Rich Boughton and I live in beautiful Wilmington, NC. I am just starting to learn about the potential of investing in real estate and want to get involved building up my network and education. I've started listening to the BP podcasts and am learning many facets of the real estate market. I will start creating my business plan soon and building some cash reserves in order to reach my goal of owning rental properties. If anyone on BP is from my area, I would love to speak. My next step is to keep reading, listening to podcasts and joining the local real estate association. Thank You, Rich