All Forum Posts by: Sami Eldaw

Hi Jose, I would like to be added to your list and open a line of communication please PM.

You are right spot on Peter, I never thought of that back then otherwise I would have got the loan and put it in an investment account that pays its interest until I am ready to invest. I have a question for you if you don't mind, I only have 450$ a month in car payments and credit card min payment with a balance below 15% utilization plus $600 home equity payment . According to my research a job that pays more that $2600 a month or $16 an hour would make my income to debt ratio at around the required 40%. Do lenders look at just the numbers or the type of job? I heard that your new job must be in the same line of work?

Hello all, I have been looking into doing my first deal for the past three months, had couple of options lined up and was relying on cashing out equity from my primary residence that I own outright. The problem is I got laid off yesterday (yaaaay!) so I immediately started looking into getting the home equity loan and starting my first deal. All of the lenders that I talked to said that I have to have steady employment to be able to cash out since their underwriting treats home equity loans as first mortgages in my case. I don't really want to start a job in the next 2-3 month so I can have time to fully focus on kick starting my real state investments. I don't have much of expenses and I can afford living off by driving for uber or doing some part time work. My last pay was 90k salary. And I have been working as an engineer for the past 10 years. Are there any options for me to do the cash out with no employment? Appreciate your suggestions.

I live in NW but willing to make the drive to Pearland. Count me in.

Hello All,

I am on the stage where I am set to start investing in real state and kind of piecing together  a plan and set of goals. I would like fellow pocketors to help open my eyes into the pros and cons of some options. I have set my mind on flipping , currently looking into Buy, fix, rent, REFI strategy. My goal for now is to double my starting capital within 1 year, My situation is as follows:

 1. I have a full time job that pays decently and  I am not willing to leave soon.

2. I own and live in a house that I bought cash (165,000)

3. decent credit score (although no mortage ever) and have access to decent terms conventional loan.

4. I have some cash savings that I can put in a down payment and credit line that can finance the repair cost.

My options are :

1. get a conventional loan, pay the downpayment cash, use credit lines to finance repair, sell and clear profit, rinse repeat. pros: less risk (I won't touch my primary home equity) pros: possible issues with future lenders due to selling/ paying off quickly?

2. get a HELOC on my current house and use it to buy the house cash, pay for repair cash, and sell . Pros: time, no interest payment Cons: risking my primary equity if the deal goes wrong.

3. Get a Heloc and put it all towards a down payment for  more expensive house, REFI and use the for smaller deals through conventional.

I would appreciate some suggestion and directions here specially pointing out some downsides that I am not foreseeing. Also I am lacking information on multiple sequential lending I am not sure if that's something doable so information about the best way/sequence to approach that will be appreciated.