All Forum Posts by: Sarah Brown

If you can pay off the HELOC quickly, that is not bad way to go. BMO used to do them.

Being that you are in CA, you might want to consult with someone there. My understanding of CA LLC's is that they are very high cost to start and maintain. They also don't quite provide the protection that you might be hoping for. There might be better options for protecting you and your investment than an LLC.

I would opt for a HELOC before sellling a good investment.

I would opt for a HELOC. They are one of my favorite tools. You have a payment once you borrow against it, but not before. The payments tend to be lower than a standard cash out refi, so if you end up in a tight cash spot, you have the flexibility to pay less for a bit until you get your bearings again.

There are so many scammers that post that they are cash buyer looking for deals.  I would recommend going to the meet ups and actually meeting people.  Let them know you are a real person and have real resources. 

No way.  Definitely a scam. 

This is where your team comes in real handy.  Are you hiring a GC or planning to GC on your own?  You won't be an expert in all of the trades.  You will have to depend on them for this knowledge.  As you do more remodels, you'll learn more and more of these things. 

I have done this a few times!  It is how I acquired several of my rentals.  Move into a house that needs help on an owner occupied loan, fix it up over the next year, move on to the next.  There are also loans that are specifically designed for this type of property if there is enough work that needs done.  

I would walk the property with a couple of GC's and let them give me an idea.  It will behoove you to have a couple that you trust in your backpocket.  Keep in mind even their prices can vary widely, and until you have more experience, it will be hard to differentiate between reasonable and not.  So, just make sure you talk to more than one.  

I know quite a few investors that do mailers with success.  Like the others have said, pick a strategy and stick with it.  It will likely take at least 8-12 mailers before you get responses.  This is definitely not the cheapest way to get leads, but it is effective.