All Forum Posts by: Richard Matthew Prock-Golan

Thanks, Nick. I've got some homework to do.

So, I'm beginning to look for a bank to get a HELOC, but I've read that the big banks (Citi, BofA, etc) won't do it. I live in NYC, but I'll be looking at properties outside of the city for obvious reasons. Where should I be looking to get the HELOC? What are some considerations I'll need to think about regarding the loan and monthly payment?

Someone told me that I should get a HELOC and, after spending the money, refinance to combine into one low interest loan. I'm not going to lie, I didn't understand it, but it sounded good.

Thank you in advance!

Thank you, Raphael. Appreciate it.

Zach, I really (truly) appreciate your words here. I appreciate you taking the time. I hope one day to pay it forward with my own knowledge.

I just bought a property (I've posted about this already), and it has been appraised at $26k over purchase price. I'm struggling to figure out the math (not my best subject in school) and what to do to spruce it up enough, without doing too much, to take that equity and roll it over. 

I guess I'd like advice in three areas: 1. What should I be calculating to see if it is worth it? Obviously my money down and loan amount are in there, reno costs, and...? What else? 2. Which is the smartest way to get the equity out- HELOC, cash out refi, etc.? 3. I'm afraid of redoing a bathroom and/or kitchen but it not adding enough value to make it worth it. Three of the comps were a bit over the price I purchased for. I'm assuming I need an in depth analysis of the comps to figure this out, but I'm afraid I'll go down an abyss and then end up doing nothing.

Any advice is appreciated advice.

Thanks for your replies! Ryan, I think you make a good point about doing it myself and really knowing where my money is going. Patricia, you are right. I should make sure this first deal is up and running before I take on more. 

Hey, everyone. I am new but, at the age of 45, I need to get on the ball. I bought a place recently in upstate NY. A perfect year-round location to get short term renters, with hiking, skiing, kayaking, etc. 

Now, as that is about to close, I'm am thinking ahead. I can take up to $200k in equity out of my current home in Queens, but I'm not sure what my first option should be. I can't decide between flip, long term, BRRR, or what have you. So many options have my head exploding. I've been looking into RoofStock as well, but then that is long term. BRRR has me really interested, but I am a newb and really don't want to screw this up. I was poor most of my life and I never want to go back there. Private lending is another option.

Point is, I don't know which direction to go. Or where to look (i.e. here in NY, NJ, CT, PA....or. as in RoofStock- across the country). Then you have the issue of how to get the equity out- HELOC vs Cash out refi. I'd eventually like to get to a point where I could work with others and build something where I'm not using all of my own money to make deals.

I'm rambling aren't I? What can you tell me? What's my goal? My goal is to pave the way for a job so I can retire from teaching early and do something for me. I'd like to make at least as much as I do now. 14 years teaching impoverished youth has been amazing, but it's hard on the body and soul. I can't do it until I'm 62. 

Thanks for reading (if you made it)

I am moving forward. They accepted, and I just got an inspector and lawyer. Now I need to find a CPA next.

Thanks!

Wow. Thanks for relaying that. I need to do some research. Hopefully some more people on here can illuminate this issue.