All Forum Posts by: Shamar Armstrong

Hello Cazemba, I came across this post from 7 months ago and wanted to see if you found the answers you were looking for. I am learning wholesaling myself and am looking to get my hands dirty in the business now. We're you able to land the deal from the signs you saw? Just curious.

I own my condo, well not free and clear yet - i still have a mortgage - and i'm looking for ways to build cash reserves to start my real estate venture. I'm a super beginner in this process, but very motivated. unfortunately i dont have large accesses to hard cash. I was thinking about refinancing my current mortgage to help save on monthly payments and therefore provide a way to save up more cash quicker. i can pay my monthly mortgage and tuck the rest away for building cash reserves.

I just completed the Biggerpockets' Beginner's Guide to Real Estate Investing book and have learned a great deal. But i'm confused about the equity portion. I was told that refinancing will help build equity in your home. Can someone please explain how this is possible and if this is a good idea for someone like me to start doing? And will i have much greater success in applying for a home equity loan or HELOC if i refi my primary mortgage first? Again, Noob here with Noob questions so please have patience. I don't have much cash, so i'm thinking my home's equity may be an option to build cash reserves.

thanks Patrick and Greg. These are excellent points. I didn't factor in any maintenance work. This is definitely a decision to sleep on.

I live in New Jersey and have had my condo on the market for a few years now, off and on. I do still live in it. It's not selling because I am also in an affordable housing program with the township and can only sell my condo to other approved applicants according to township rules. Plenty of people want my condo but don't meet the Township requirements to buy. I also need the equity for a down payment towards a new home. But there is a possibility I may be able to rent my condo.

I have a bit of equity in this condo so my thoughts are to take out a home equity loan on this place and use the money as a down payment on a new home, then rent out my current condo to cover the cost of my existing monthly mortgage and the new equity loan together. So i would now have a new home and a rental property. I wouldn't make profit off the rental until the mortgage and equity loan is paid off, but it finally gets me out of the condo and will build up more equity And rental income overtime. 

Can someone help me spot the "unforseen" issues and holes in my plan and recommendations on what I should do? Or is this even a good idea?

thanks for the tip Daniel. I read Rich Dad Poor Dad so I'm looking to stay motivated and I'd rather not be working in a cubicle anymore. I'll check out the podcasts.

My name is Shamar Armstrong and I'd like to quickly introduce myself. I currently work as a Web developer, am a husband, and a father of two. I'm now exploring new ventures in my life and want to learn everything I can about the real estate world and gain useful feedback from other knowledgeable folks here. My interests lie in property flipping, owning multifamily units, and wholesaling, but not necessarily in that order. As stated earlier I'm a true beginner at this so I have a lot to learn.