All Forum Posts by: Steve Tse

This is just a general question, not specific to a location or a region

This is a general question to anyone in BP community who has ever worked with New Western Acquisitions or their agents. I am curios to get your experience with buying properties from this company either good or bad? I am specifically interested in learning if you feel it was beneficial to you and if you have any tips, recommendations or just general reviews for new or out of state investors ? 

Hi Folks,

Can anyone recommend a local and experienced RE attorney in Killeen, TX area ? I would like him/her to review my closing documents and make sure the deal is done right from the legal stand point.

Love this community

Looking to see if there are any wholesalers in the Killeen, TX and surrounding area I could connect with. If you know of or are a wholesaler would love to connect.

Thank you

@Nicholas Gayton I did my own analysis by looking at over 50 locations and I can say that my top contenders for investment are Killeen, TX, Phoenix, AZ, Boise, ID, Jacksonville, FL and Tampa, FL. 

I used a lot of the same metrics as you did, but also like how you included landlord friendliness, DOM and vacancy rate. 

Do you mind sharing where you got vacancy rate stats from ?
 

@ Sam, as we all know the sellers market is hot right now so I want to leverage HELOC to put me at a better position as a cash buyer. After deal is done, I will refi into a conventional mortgage.

Correct, the rental agreements plus bank statements showing the rents

Thank you Joe !!!

Hi BPs nation, I am a new OOS investor looking to purchase my first property so my question is about a method of financing. I have two financing options:

Method #1 is a conventional 30 year mortgage @ 3.87% interest rate with 25% down on a MFH

Method #2 is HELOC loan that I can get at 3.5% interest rate by borrowing up to $180K or 4.24% rate if I was to borrow $230k

My dilemma here is which method makes more sense in general ?

Benefits of HELOC:

1) Give me a more completive edge in the market (as a cash buyer) 

2. No out of pocket expenses for down payment (everything is covered by the loan)

3. I can refinance later to lock a batter, fixed rate

4. Borrow as much money as I need (up to $180k or $230k) when a good deal comes around

Benefits of a conventional loan:

1. I can lock a good rate for a longer time and not worry about rate fluctuations in the near future 

2. My primary residence won't be tide up in HELOC

Thank you for your feedback !

Hi great minds of BP. Curious to know if someone has a good way to calculate the monthly payment on HELOC. For example, if I have 300k credit line at 3% interest for 10 years. I can derive that my interest only payment would total to $750/month (300,000 x .03)/12

What would be the simplest way to calculate monthly payment that combines interest and principal and pay it all off in 10 years ?

Am I right to assume that the principal only payment would be $2500/month (300,000 / 120) so principal & interest per month would total $3250 (750 + 2500) ?