All Forum Posts by: Steven Lee

@Kristina Heimstaedt and @Joe Homs thanks for the input.

I am thinking of my own scenario and seeing which one would fit best. I can refi for lower interest rate than my first mortgage and HELOC but that would mean i need to pay for another appraisal (assuming I wouldn't need one for HELOC). I could get a HELOC but that would mean higher interest rate but "safer" as I would use it when needed.

I will be reaching out to my lender to weigh in my factors of each. Thanks all!

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wow failed replies from me before...

Thanks for all the advice. My thoughts are exactly what you said @Joe Homs , I want to get it appraised now as it will be assessed at a higher value than later. I would like to know the pros and cons between HELOC vs Refinance though. I've been digging through the internet and they give me the process difference but not many investor's experience. @Kristina Heimstaedt and @Joe Homs if you wouldn't mind elaborating your experience with both Refi and HELOC that would be great.

@Account Closed Yeah I have a flip at the moment and trying to see how this will impact it as well (hopefully be able to sell by next year).

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Originally posted by @Steven Lee:

Originally posted by @Kristina Heimstaedt:

Hi @Steven Lee. I think I mention this about once a day on average on BP. I'm a huge fan of the purchase, HELOC and hold until you'd be stupid not to purchase the deals popping up around you. I have one hesitation. My plumber of all people actually owned his home, but had a first and a HELOC. As an independent contractor who showed losses during the down turn despite his 800 plus credit score, could not access his HELOC because he had not used it in the past. I've recently been strategizing what I would use to purchase with my HELOC where the financing would be positive. When I say positive, I mean if the HELOC has an interest of 5% and a car loan would have interest at 6% that would be positive. If my car loan is at 4%, this isn't positive.

I personally think it is an excellent strategy, but everyone has a different opinion.

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Originally posted by @Kristina Heimstaedt:

I personally think it is an excellent strategy, but everyone has a different opinion.

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Would anyone refinance their home and hold the equity of it to have enough money for when more affordable homes come up (possibly during the down turn of the market)?

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Very true @Jerry W. Thanks

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Thanks for the inputs!

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Any thoughts on Grant Cardone's advice about waiting for the recession to hit this year or next year? He also mentions that this is probably the worst time to buy any real estate?

https://www.youtube.com/watch?v=w3HpwQ9avkE

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Sounds great David! I will look into this thanks!

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Hello! I am from the Madison WI area. I've found/ been following BP for a month now. Before that I have been doing some research here and there on REI like most newbies. I haven't yet gotten any experience but am in the process (been looking on public MLS and setting offers). I would definitely like to gain more real world experience either through doing it myself or shadowing an experienced investor. I hope to meet more investors in the Madison WI area!

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All Forum Posts by: Steven Lee

Steven Lee has started 4 posts and replied 12 times.

Post: Refinance for the "crash"

Post: Refinance for the "crash"

Post: Refinance for the "crash"

Post: Refinance for the "crash"

Post: Refinance for the "crash"

Post: 2016 Recession? - Grant Cardone

Post: 2016 Recession? - Grant Cardone

Post: 2016 Recession? - Grant Cardone

Post: New BP Member from Madison WI

Post: New BP Member from Madison WI