All Forum Posts by: Ray D.

Thanks! I know her but did not realize she covered that area. I will reach out ;)

I have a duplex in Seffner Florida that I would like to find a Property Manager for. Any recommendations are welcome ;)

Congrats and thanks for sharing!

Hey Lisa - I am also in NJ (Central) and I have my CAPM ;) I would suggest looking in and around where you are moving to and just looking at property for a bit. You will get a good sense of rent, neighborhood, tenants, and areas you like. At the same time, you can interview property management companies and realtors to get their take on all of the items I listed above to see where your circles overlap. Best of Luck!

Ray D.

Yes, the insight Paul provided in this episode will certainly help those of us that want to keep pushing and looking for more challenges/opportunities. Focusing on one thing being multi-family is what I am trying to do at the moment so this episode reinforced that strategy. 

UPDATE: I had to tell them that the HELOC would be used for a future property purchase to get it through. I close on the line of credit this week.

Thanks for your help!

Ray D.

They are fine with me using the funds for another property. The issue is that since I have not chosen the property, they want me to change the reason to "needed for emergency funds." They tell me I can still use it for a property but I need to get passed the underwriter for the HELOC to go through.

Ray D.

My bank is processing my HELOC request and asked me what the money would be used for. I told them another investment property and they started asking for the information on the property I was going to purchase.

Since I would need to know how much I can get from the HELOC before choosing a property I cannot provide them with this info. Instead they want me to write a letter stating that I would NOT be using the HELOC money for the property and need it as emergency funds instead.

In your experience does it matter what the money is used for with a HELOC? I don't want to write a letter stating I will not use the money for a property and a few weeks later do the opposite. 

Thoughts?

Ray D.

Thanks - I understand that a cash-out refinance would  give me up to 80% of the appraised value.
I would take some of that 80% to put down on another property but would need to take out a mortgage on the new property essentially meaning I would have 2 mortgages.

The problem I see is that once I am approved for the cash-out refinance I would have to find another property quickly to avoid paying back money I have not used for anything.

If anyone has been successful in a similar situation I would love to hear how it was handled.

Still crunching numbers.

Hello Everyone! I am a new member here that recently discovered this podcast and it is great!

I purchased a small condo a few years back as an investment and I have tenants in it.

I paid it all off already and they are currently selling for $60K. I am interested in purchasing another unit but I am not sure if I should pull the equity out via a HELOC or if there is another option that will give me a down payment on another unit.

Any advice would be greatly appreciated!

--Ray