All Forum Posts by: Sam Malone

Alright I’ll start with I am currently in Memphis TN . I bought my first house (primary residence) approx. 2 years ago. I now found a property I really like and have decided to make an offer as quick as I could, due to this crazy market we have and I did not want to lose the opportunity on this property. I’m my current residence I have 2/3 bedrooms rented out at 600 $ a month. I owe 98000 left on the mortgage with a 15 year @2.25%. My current payment is 975/mo The house is currently valued around 250000 perhaps more as it is extensively upgraded. My hopes is to use my existing equity in my house to fund the purchase of my new primary residence, and then rent 3/3 bedrooms for a total of 1800$ a month. I understand helocs at a basic level but my realtor seemed sketched out when I tried to explain what I wanted to do. He was worried about a 30day period to obtain a heloc. Im looking for tips or alternative strategies to make this work. Also asking if some one who has done this or simulator how do I calculate out what all it’ll cost I’m struggling to figure out if through the interest only payments, payback period, my current mortgage, and my new mortgage , what all I can expect to pay/if I can afford or even if this is a good idea. Look forward to your replies and thank you in advance.

I am in the Memphis area and work pretty much all around the city. I could maybe help.

Mr. Pereyra,

I would hopefully like to attend , but would also like to maybe chat with you prior to the event. A couple weeks is a long time to wait and your post is exciting. Please contact me if you’re available.

I’ve recently dialed in on my hopeful first deal. It is a 1/1 each side duplex on the cusp of a booming market. I’ve been able to open a line of communication with the sellers agent to acquire further photos and have found some solid bones , but some local kids found that it was vacant and damaged the drywall in multiple areas. Not a big deal but was looking for guidance as to what questions I should be asking with this prominent line of communication. What are some absolute must questions I should be asking before even taking the time to tour the property and moving forward with an offer . 

My Name is Sam Malone and I live in Memphis , TN. Although I am new to the bigger pockets forum, I have always had a desire towards finance , investing, and real estate. I work full time as a Firefighter Paramedic, but have recently taken action towards my goals of investing in real estate. I, like many others am currently paralyzing my self by over analyzation and hesitation.  Recently I have taken a big leap in securing funds to hopefully land my first of many deals. Although having the funds and my baseline knowledge I have been met with disgruntled or rude realtors when attempting to contact them about properties. It seems easy to hit a roadblock like this and give up or lose sight of the ultimate goal, I am hoping through the forum to build that much needed team , Support,  and relationships worth more than the properties we are investing in.