All Forum Posts by: Vincent Forte

Does anyone have any recommendations for a an online Real Estate school to obtain an Associates license?  I'm in Florida.

Looking to build a rental portfolio. I have my primary home with about $235,000 worth of equity. My plan/idea was to open a HELOC and start using the funds to purchase duplexes, triplexes, etc and put 20% down using the HELOC funds.

Right now my current DTI is 37%. Credit score is 780.

My questions is should I take the max $150,000-$190,000(or what ever they approve me for) HELOC or will that hurt me when I need to qualify for the conventional loan to purchase these investment properties? I currently have 10+ years of rental history on my tax returns to show the lenders and I know that should help.

Will a lender count the full open LOC against my DTI if I only used $50,000 of the line? I would love to have the full $150,000 - $190,000 available, I figure that could put me into 3-5 properties in the next couple year.

Looking to build a rental portfolio. I have my primary home with about $235,000 worth of equity. My plan/idea was to open a HELOC and start using the funds to purchase duplexes, triplexes, etc and put 20% down using the HELOC funds.

Right now my current DTI is 37%. Credit score is 780.

My questions is should I take the max $150,000(or what ever they approve me for) HELOC or will that hurt me when I need to qualify for the conventional loan to purchase these investment properties? I currently have 10+ years of rental history on my tax returns to show the lenders and I know that should help.

Will a lender count the full $150,000 against my DTI if I only used $50,000 of the line? I would love to have the $150,000, I figure that could put me into 3-5 properties in the next couple years.

I would love to hear some opinions and suggestions.  Thank you

I'm in Cape Coral. I'm interested in any opportunities in Punta Gorda as well. 

You guys had any luck?

Ok, I've gone back over the foreclosure sales at the clerks office since beginning of the year and have seen this so far. Of all of the properties that were sold to 3rd party bidders the sale price was averaging 102% of the assessed value. I'm looking only at single family homes in a particular town. I'm assuming the 3rd party bidders are the everyday investors in the area.

Now after seeing that I went and computed all non-distressed sales in the area in the same time frame. Sales have been for about 126% of assessed value.

So there is a margin of about 24% from buying at auction and fair market value. Is that right?

I would like to know everyones thoughts on how this compares to your market and if based on those number I should be able to be profitable with rehabbing and flipping properties in this area based on those figures. Hopefully their is some logic to what I'm trying to figure out.... Thanks!