All Forum Posts by: Rick Thompson

Hello BP'rs,

Love this website and the info. that is provided.  I am looking on starting up and building my portfolio, but debating asking if my Brother in-law wants to partner in with me.  I have 70K to invest and he has 50K.  What is the fastest way to acquire properties and build up a nice cash growing portfolio.  Suggestions?  What do you think we should do as a team?  Forget the team and what should I do?  Go short term & put money down on a vacation property with 120K together?  

Would Love your feedback.  And Yes, I trust him if we go in together.  Thanks!

True!  Thanks for the comments.  I appreciate it.  

Great stuff!  I appreciate the time and effort on all your responses.  I think that sounds like a plan is to put down 20-25% down and finance the rest.  

Thanks!

Rick

I’m looking to buy my first rental property in the next month or two. What is better... pay for the house using majorIty of the HELOC then refInance later or pay 20% using the HELOC and the rest wIth a bank loan. Please offer any details, Thanks, Rick

Hello,

I'm a Rookie home investor and will soon buy my TK property in the next month somewhere in the midwest. I have everything set up with my HELOC, but my question is....would it be better to put down 20% on my first property and then get a conventional loan for the remaining balance OR if I have enough money in my HELOC, should I buy the TK property outright? My HELOC int. rate is about 5.5%. My thought is if I buy it outright and I get a renter, wouldn't I just refi. from a bank and get all my money back for my HELOC. Correct?

Any thoughts and suggestions would be great.  Awesome site with lots of great info.

Thanks!  

Buy a car outright using a HELOC (5% prime) Dealership will give a great deal if you buy it outright and don’t use their financing and you can use your leverage that way and you can pay it off quicker

I believe things happen for a reason and this could be a good thing later down the road

Hello! I need some guidance. I have a HELOC to purchase an investment and want to know what is better: Only put down 20% on a TK property and then do conventional after that. If I did that, I could buy 3-4 properties, but then I would most likely be over leveraged with my HELOC loan and conventional loan Or Just Buy the property outright (50-60k) and then try to refinance with a bank to free up money back on my HELOC. Thoughts?. I’m a newbie. Thanks! Love this website. Rick

How is Dayton, Ohio market? Decent?

Thanks for the comments.  Really appreciate it.  Dallas market is very hot and the area I am in, houses 2/2 and 3/2 are going for well over 200k and cash flow would be nil to 0.  Which is why I am looking elsewhere to purchase.  

Still open for any suggestions.  I know TK, Memphisinnvest, has a building out of Dallas or if I should look more up at Memphis.