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All Forum Posts by: Doreen Arminio

Doreen Arminio has started 7 posts and replied 17 times.

Post: land equtiy loan

Doreen ArminioPosted
  • Investor
  • Verona, NJ
  • Posts 17
  • Votes 1

Is there any way to take equity out of vacant land in florida to buy a 2 unit rental property in chicago?

Post: line of credit question from newbie

Doreen ArminioPosted
  • Investor
  • Verona, NJ
  • Posts 17
  • Votes 1

Well, the realtor had said she thought it might be difficult for me to get another loan if I want to then buy another investment property, so that was my only concern. I'm not sure what you mean by 50 or 60% LTV. Sorry, I am definitely new at this.
tks,
doreen

Post: line of credit question from newbie

Doreen ArminioPosted
  • Investor
  • Verona, NJ
  • Posts 17
  • Votes 1

It's for investment. I'm looking for cash flow. So, if I have the financing maybe I should just make a regular "financed" offer? I missed out on a few good ones, but yes, you're right, I shouldn't rush in. thanks,
d

Post: line of credit question from newbie

Doreen ArminioPosted
  • Investor
  • Verona, NJ
  • Posts 17
  • Votes 1

thanks guys. 39K is the listed REO price. I figured on offering cash so I don't miss out on (yet another) deal. But I do have pre approval for more than that.

I'm not sure of all the options out there to take out a loan against a property that I own (or will hopefully own), but maybe a refi would be better?

tks,
doreen

Post: line of credit question from newbie

Doreen ArminioPosted
  • Investor
  • Verona, NJ
  • Posts 17
  • Votes 1

Hi,
I found an REO that I think is a good deal. At the listing price I can offer cash, but would not like to tie up that much cash. (39k). Would it be a good idea to offer cash to get the deal and then maybe take out a line of credit on the property at a good rate afterwards? If so, is there a time period I have to wait to take out the line of credit? Also, what is the value of the earnest deposit? I can offer a good deposit if it will go to the cost of the property.
Thanks in advance for your response,
doreen

Post: New Member from Verona, NJ

Doreen ArminioPosted
  • Investor
  • Verona, NJ
  • Posts 17
  • Votes 1

Thanks for the response Jeff!

Post: New Member from Verona, NJ

Doreen ArminioPosted
  • Investor
  • Verona, NJ
  • Posts 17
  • Votes 1

Hello,
I am a new investor from NJ. I decided to not give Rich Dad any more Riches to the tune of $65,000 and was lucky enough to stumble upon this group. I hope to learn a lot and then pass on my knowledge as well. I also hope to meet some great new contacts and add to discussions. I have made some money in Real Estate and would like to fine tune my skills by starting on some cash flow properties.
thanks for listening,
Doreen