All Forum Posts by: Ryan G.

I meant to mention that the homeowner is distressed, not the property.  look forward to hearing from you. 

Hi everyone. May sound crazy, but I figured one of you would like this deal I just came across. I can get for $130k and its current appraisal is at $280 per the homeowner.  Large 5 bed house, guest house with seperate utility meter and a 1 bed garage apartment! Did I mention a private pond on the 2+ acres. Suburban North Houston. I'm tied up right now but hate to let it slip by. Anyone interested in working on it with me?

Assuming that you are the owner, you can put anything in obviously.  Are you looking to have remote viewing capabilites? For that, the only truly reliable setup will require high speed internet at the home. If remote viewing is your only objective (however this is a good option even if the renters want access), then check out IP cameras. They have excellent quality (picture) and you simply need to run a CAT6 cable to the location of the camera from a router with internet access.  IP cameras provide a digital signal so there is no need to convert it at a traditional DVR. They also can come with their own onboard storage for video capture.

"Wireless" still need to have full time power ran to them, so they are not so wireless.  Battery powered cameras are good for about 6 hours, less if they are using night vision. plus the picture will be quite choppy with wireless.

Anolog cameras with a conventional DVR is still the most affordable and most cameras now come internet ready with the app. They have a unique ip address so as long as your setup has internet access you can remote view. 

Sorry if I went off base from your original Q. However I have been in the security/automation industry for more than 17yrs and without a doubt, these are the best options. 

Please message me with any related questions, I am a true rookie when it comes to real estate, but I can go on and on about surveillance tech. I am in the Tomball, TX.  and Houston, TX.  area if anyone needs honest security consulting.

Thanks Ronald! Awesome response. We do have a very real reason to move from our primary. The county is extending a busy toll road that runs right next to the property, literally.  it is currently a busy 7 lane state highway right now, but the stop light helps slow things and noise down. there will soon be an overpass instead. we spend a lot of time outside and we are getting tired of the noise. However, the value will greatly increase as the business commute to Houston gets much easier. The home is also directly across the road from a very large community college. 

I am confident we can keep the trailers leased, our current tenant agreed to a two year lease if he can have one. 

Selling the primary is a very near option, however if we spent the equity on another property we would still have a net increase in our personal mortgage.  Thoughts?

Here is a link to my question. I haven't recieved any responses yet, I may have posted it in the wrong spot, so many choices. 

https://www.biggerpockets.com/forums/88/topics/377965-heloc-and-my-first-deal

Howdy BP! My first real post involves, of course, a question. Thanks in advance for everyone’s input. I welcome it all, including angles I haven’t thought of or considered. This is my first deal(s) and my main concern is the financing structure. At the end of the day, we have to be in a position for a 2nd mortgage that will be our primary residence for the time being. I am looking for potential limitations, road bumps, etc.

Currently, we have over $80k in equity with our brick and mortar 3 bed/2 bath in a popular suburb of Houston. The house is appraised at $189k. Rental comps from $1600-$1800/mo. We also own two mobile home lots (37’ x 110’ ea.) with a small 2 bed/1 bath mobile on it. All of this is free and clear in a nice lakeside subdivision a little farther from Houston, but still an easy commute.

I want to take out a HELOC against the equity in the brick home. Move the 2/1 to a park nearby. Hunt down and buy two used 3/2 mobiles to place on the newly setup lots that the older mobile was on. Still with me? At last, I want to rent out the brick home. By my numbers, our equity position will go from $110k (including all property as they sit) to $86k (after deducting $50k to cover the HELOC). Each individual trailer in the lakeside community will be worth more than $40k and the older (1996) trailer in the park could go for $16,500 (owner finance) plus we will still have $30k in equity at the brick house. Seems like a good move considering it will all cash-flow $2,000/mo. after the mortgage on the brick house (which includes the new HELOC).

Question? What should I expect when applying for a new mortgage, since once everything is in place, I will be homeless and in need of a house. I am looking at property in the same price range, capping at $220k. Any ideas or advice? Thanks again!

 Thanks Matt! I am actually about to post a question.  I will be sure to link it here.

 Thanks Jeremy!

Hi BP peeps! I have been following BP for over a year now. I have listened to all of the podcasts, most more than once. I am now in a position to get my investing career started and I can't wait to actually start conversing with you all. I have lots of Q's  :)

-Ryan