All Forum Posts by: Vicki DeWan

Thanks @Tom Antonio. I wasn’t aware of that. I will try to make it soon.!

Thanks @Jessica Stiner.  When I looked at the property I decided it was not a rental I wanted to invest in. Small winding stairs were a big turn off for me.  

Wow @Eric Waterman great info.  Thanks.  Will change numbers to reflect. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.  This deal looks like a win! .  Seeking to partner.  

Thanks @Andrew Syrios.  I have only owned my primary residence 2.5 years and have 20k total equity so not enough to tap into yet. That’s why I’m looking for another route. 

Thanks Edward.  I may go the personal route but was hoping to find a larger line.  My CU has a max of 20k line of personal credit.  Another federal Cu locally will do up to 50k but high interest.  I guess I have to sacrifice if I want to get in the game!

Listened to a podcast with Britt from Canada and she mentioned using a line of credit. I want to buy and hold and have an LLC already. Does anyone have experience with business lines of credit to get started? I have a partner with excellent credit who is willing to finance but I need that capital to get started

As an update I decided to pass.  As a first time buy and hold investor I don’t feel this was a good option.  A coworker lives in the area and said it is drug infested and cops there all the time. More than I want to deal with!  Looking at a duplex 4 miles away for $115 and total rents $1500 and one unit is $200 under retail.  This sounds more doable for me to manage!

Thanks @Michael Ealy.  I missed the part that the 14k was coming to me at closing! Great suggestion @Justin Kane!  I will let you know what happens.  Talked to a local investor today and he suggests staying closer to home so I can monitor rehab.  The property is 45 min away.  It is not everyday that you find owner financing though so I’m not ruling out.

Thanks @Michael Ealy.  This is a class D property I’m pretty sure from my research.  Any suggestions to structure with no money down?  He is adamant in the 1 year financing.  Can you eleborate on the 1 year advance on mortgage payment?  Do you mean he finances for a year and then I pay  $5120 to extend for another year?  Yes I am trying to be very careful.