All Forum Posts by: Tony Holloman

Absolutely awesome thread, to the positive ones anyway! Just what I needed today after talking to appraiser and getting the ball rolling on a cash out refi

@Sakib J.

Apply for the EIDL loan program, up to 500k available now (starting April 6th) also anyone who got an EIDL loan in 2020 with one year payment deferral will now get two years payment deferral automatically and anyone who got/gets one in 2021 will get 18 months deferred.

Bought a place, completely renovated inside and out and now looking to get my capital back out. Stuck between a cash out refi (fixed rate) and a LOC (variable but about the same as refi's as of now) (not a HELOC but home is collateral lol 🤷‍♂️🤦‍♂️)

Kinda leaning towards the LOC because I can use that money repeatedly after refi's on the next places. Not sure how it reports on credit as far as utilization etc goes. Any insight on that would be amazing! A cash out refi on this one would give me my capital back as well but would take a little longer to close on. I'm still a newbie with 6 doors total but only two being rented currently, I invested all my profits from a successful construction company into properties that needed work and planning to BRRRR at least one of those in this cash out and try to pick up two more units close by a fellow investor is wanting to get rid of to invest more into his subdivision and they both will cash flow well immediately as they both have long term tenants in them currently that want to stay. I closed the construction business and now I'm solely focused on investment properties and doing my own rehabs by using one of my guys as my maintenance guy and to oversee things when I'm not there and subbing out a bunch to fellow contractors. Any advice, recommendations etc is very welcome and appreciated! Thanks in advance, everyone at BP rocks and I've learned so much from here, FB pages and reading! First year as full time investor and no looking back for sure!

@Rachel H.

Thank you!

@Bridget Gilder

Yes it could but I'd imagine that'd be a pretty hefty bill from a mover if you could find one that'd go that far. Most of the ones I know don't cross state lines, may have something to do with licensing or permits.

@Jonathan Hulen

That's what I'm doing, I was wondering if anyone had done it and how much it changed the appraisal.

@Joshua McMillion

Thank you sir!

Thank you for your service as well! 🇺🇸

I love that acronym, put it on a post it on my desk as soon as I saw it and I'll definitely be remembering it and using it!

@Joshua McMillion

I set lots of goals, I have daily goals I set every morning to achieve part of them. I have my big picture goal list broken down into months for this year, quarters next 2 years, halves for the following 2 and from there is 5,10 and 20 year goals. They keep me inspired, on target, accountable and driven. I set them what I call realistically high, meaning it's doable but you gotta put in a little extra effort to make it happen! I've owned my own construction business for 20 years and I decided last year it was time to get away from that and focus on investment properties and building a great portfolio and do all the rehabs myself with my guys and I know exactly what I have and have absolute control over the outcome of it. I'll have my guys doing any and all maintenance at my properties. In 10 years I want to be financially independent and free to live life as I want to and my wife be able to retire early as well! You guys keep me motivated and driven, from BP publishing, BP FB page, BP in general it's amazing to be able to connect with such a broad variety of people that truly want to see everyone successful!

Best wishes everyone, Tony Holloman!

@Patricia Taveras

A little FYI, Southern Bank has their own appraiser so that's a savings in itself but they only do LOC loans, they have up to 15 year terms though and it can be redone at that point if you'd like. Debbie Boyette is amazing to deal with! She was recommended to my by a realtor friend and she's very humble for her position and nice as can be! That's who I'm using on the one I'm finishing up now (it'll be my first loan on a property ever so I'm learning a lot, the ones I have now were bought with profits from the construction business). The LOC loan is going to work best for my overall plan right now, I'll use 30 year loans on each place after that and pay off LOC to keep going.

@Patricia Taveras

You're welcome, let me know if you decide to use either of those places and how it goes please! Awesome, I love networking with people especially those in my region. If I can help you in any other ways lmk, I've got an abundance of knowledge in all things construction and mobile homes. If my wholesaler has any WZ2+ come up I'll let you know. If you run across any WZ1 lmk.