All Forum Posts by: Robert Rychtarczyk

Having a home paid in full, no mortgage. The home is filled with equity. It was a custom home build in a good area. Never have we got a appraisal to see market value. First step is to get the appraisal and paper document stating the value of the home. I would like to buy a second home for rental income. At least 1 home if not two. Would o do a cash out refinance or a HELOC? What are my options and who do I talk to to get equity pulled? Should I get a trusted real estate agent. Go down to local banks of lenders with my appraisal? What is my best option to get 1-2 property's at least one for cash or a good portion for a down payment.

My question is a home being fully paid off. It was originally a custom built home. Recently mortgage was paid in full and I hold full equity. never have I got a appraisal done. This is my first step to get a home appraisal to be issued a paper saying the amount the home is valued on the market. My second major question is how do I use the equity in the home to buy potential 1 or more houses. Should I cash out refinance, HELOC? I'm wondering after I get a appraisal do I take the letter to local banks or lenders? Contact a local trusted real estate agent? I would like to potentially get 1-2 property's,if not (2) just one home possibly paid in full or at least a good down payment from the equity I already have in my home now. Please give me some help and let's network.I'm just wondering the best route I would have to take after the appraisal. I feel I have a good change to do what 24 year old ICU nurse did in episode (32) of BiggerPockets real estate rookies Prescott Williams. Took a Heloc from his parents home to purchase two rental property's. Would a Heloc be the best option? Alternatives? Who to contact? Where to start after appraisal paper comes in?

Perhaps look at 6-12 months from now into 2021. Since I have my first home. Looking to get something financed around 100k-200k. Not sure how much I would actually put as a down payment for a 2nd home. Yes I would like all my potential properties to be buy and hold. I don't believe I would buy and flip. I want to stick with a BRRRR strategy and get a property management team perhaps is a good idea.

Bought my very first home 3 months ago for 176K. It was a conventional loan at 3.5% down (gift money down-payment). Loan paydown is at 170k(Current). Currently it is a long term buy and hold ( Live in for me and spouse). I feel we bought at a perfect time and a great price at the midst of this COVID epidemic. In close proximity a home just sold on the corner for 225K in days and now a house is pending at 200K. I am going with the fact this is a good buy potential long term? Any ideas what we can do if we do not plan to rent it out just yet? instead of just paying extra and doing a loan pay down. Should we look into remodeling and possibly a re-appraisal then a Refi-cash out for our 2nd property that would be are start into real estate investing? Also what kind of funding can we expect besides our own money to do remodel on the current home until we get it re-appraised and bring it to the bank to see if the value increase for a (Refi?)

What I had in mind my Niche is single family, I would like to use the BRRRR strategy on future and even my current home. My question is we talked about a 2nd home not so much my spouse mainly (me) I am starting to be aggressive learning about real estate and following this BP forum, podcast and so on. How to find my next deal? ( Zillow, realtor.com, I have tried driving for dollars have about 25 leads so far no mail outs). What about financing for a 2nd deal? ( lending-one)? hard-money? or a local bank? I feel I already took out a loan at a local bank, so hard money might be my option with a refinance later into a conventional loan after a rehab and re-appraisal. Thank you BP members I appreciate it. really hoping to connect and talk to many people on BP and share my interests/opinions as a I learn.

Hello, I am in the state of Indiana, south of Indianapolis. I bought my first home a single family (primary residence). I would call it a buy and hold long term with rehab eventual. I purchased at 170k during a great time we believe because two homes just sold for 200k and 225k in the neighborhood. I feel stuck now though. Because I am trying to get further in real estate investing into a second home and so on from then. I have been following webinars, BiggerPockets podcasts, blogs for 2-3 months on real estate. I want to real learn and grow about real estate. I am confused on the driving for dollars or when you find a deal. How do you get it under contract and who is even going to buy it? How to find the buyer. How to find deals? Or if not how to find financing for a BRRRR or any property? My question comes down to what is the layman terms to getting straight into real estate and connected with the right people. Thank you so much. Stuck and confused Newbie