All Forum Posts by: Takiyah Riley

Hey everyone, So this what I did..I have access to 60K in personal LOC. Instead of using my own capital (16K) I used 30k of my personal LOC for the down payment on a duplex. The all in cost is 85K with an ARV of 125-150K. My plan is to rent out both units (potential $1500 a month) aggressively pay down the LOC enough to get my credit score back to refi standards, since it will more than likely take a dive due to my utilization increasing from maxing out one of the LOC. Once I get my score back I will refi, pay off the remainder of the LOC and continue to make the mortgage payments and collect the positive cash flow. What's your thoughts?

TIA

Hey everyone, So this what I did..I have access to 60K in personal LOC. Instead of using my own capital (16K) I used 30k of my personal LOC for the down payment on a duplex. The all in cost is 85K with an ARV of 125-150K. My plan is to rent out both units (potential $1500 a month) aggressively pay down the LOC enough to get my credit score back to refi standards, since it will more than likely take a dive due to my utilization increasing from maxing out one of the LOC. Once I get my score back I will refi, pay off the remainder of the LOC and continue to make the mortgage payments and collect the positive cash flow. What's your thoughts?

TIA

@Wally Martinez hey I’m in an amazing class! His name is The Closer Tony Robinson. It’s free for the month of July check to see if they’re still accepting students

Thank you @Scott Mac and @Taylor L.

Hello everyone,

Could someone be so kind and explain to me the difference with a non-equity partner vs an equity partner? 

Thanks in advance

@Dave FosterThanks for the wealth of information! I am looking into mutli family units as we speak, the benefits you explained are amazing. I am very excited to start this process. Thanks again for the great info.

Takiyah Riley

@Daniel Golub Hi,  I am also a beginner in real estate in Philadelphia. I have no deals under me as of yet however my future in real estate looks promising due to the time I am taking to educate myself. Rental properties are appealing to me as well, I love the idea of mailbox money coming in monthly. I too love the idea of flipping. The money that can be made with flipping properties is very appealing, because my capital isn't on the high end I find it hard for me to secure a deal. I agree with you working together is an amazing thing, it gives you access to more capital and in essence the ability to find and secure more deals. If you like we could  meet up and share our real estate goals. I look forward to your response. 

Takiyah Riley

@Michael Kistner thanks I'm going for it..I'll keep BP posted!

@Irina Belkofer I was thinking the same, since my rent isn't that expensive. I would rather use my money as a down payment on an investment property rather than using to lock into a mortgage that isn't going to generate me any money at all. Thank you Irina!