All Forum Posts by: Sunny D.

Hey everyone, 

2nd post here on BP and a newbie to RE investing. I've been soaking up info like a sponge through these forums, BP Podcast, and some audiobooks, as well as doing some research on Zillow, Trulia, etc. Here's my situation:

I'm looking through my options for capital on a single or multi-family rental property. I have some cash in savings, but I'd like to keep that on hand should any emergencies arise. Let's say my primary residence is valued at 650k and my mortgage is 350k. A quick HELOC calculator check from Chase.com tells me that at 80% LTV, I may qualify for up to 170k in credit. I most likely won't be taking that much, as I'd like to get my feet wet on my first investment with a down payment of 20k plus an extra 10-15k on rehab/reserves. My question is, if we were to move from our primary residence 1-2 years after the HELOC, how does the credit payback work, if at all? Can some of the profit from the sale be used to pay back the credit? Also, if anyone has had good/bad experiences with a HELOC please share.

I'm amazed at the wealth of information that can be found on these forums and the knowledge that all of you bring. I appreciate any and all of the feedback/advice that you give and I'm extremely grateful that I have found this community! Thanks again!

Congrats Sunny! I'm currently working in the Toledo area, and was eyeing Cleveland next.

Your agent sounds like a one stop shop. Is this your first time working with Jad? 

Did you see the house before you bought it?  It’s a half-duplex. What is the situation with the water?

I'm not familiar with that area but I do have some stuff not far south of it.  38K all-in seems crazy good unless that's a low-end C area.  What kind of rents do you expect?

Congrats!

congrats on your new purchase. 

May I ask who is managing your renovation and hiw you got a scooe of work done for you?

Thank you all for the responses. @Lane Kawaoka thanks for the tip on roofstock. I will give that a spin. 

@Jeremy Frank I provided you the info that you asked for. 

@Ned J. they are cash flowing though I am now interested investing closer home and found a way to tap into the local market.  Though, one of them just had a tenant leave and I have been waiting on the PM to complete some  rent readiness work done and bring it back to the market. Both of my properties are in Centerpoint AL

@Jason Cory I realize that I have to exit with a discount so at this point, I am looking at what the market is even willing to pay. I have been getting postcards from investors and I didn't bother to reach out as I suspect they would be super low ball offers. If it turns out that there isn't a good exit possible, I will probably hold for longer.

Hey @Sunny D.,  How long did it take to get a response for tax reduction?  How do you find the tenant quality to be in Old Brooklyn and do you find it easy to rent?  It appears your Old Brooklyn duplex is doing better in terms of Cash on Cash return.

Thanks for sharing !