All Forum Posts by: Walter Fabiszewski

@Cristopher Agosto

Hi Christopher. What are you doing on your end to find investment/ house hacking opportunities? They are everywhere. Some areas you just have to dig deeper and search harder, but there's always something in every market. How long have you lived in the area? Do you have a roommate or do you know someone well enough to get a roommate? I'm only asking because here in Broward County you can find a condominium reasonably priced that you can get into for your first property. If you have a roommate you can live for very cheap so you can save money for a larger property. My first investment was about 26 years ago. I bought a duplex and super house hacked it. Not only did I get a roommate for the unit I was living in, but I rented out the first floor for top dollar. Within six months I had saved enough to put down 30% on my next investment property and it just rolled from there.  With interest rates as low as they are there are some great mortgage programs out there where you can get in for as little as 3 1/2% down for an FHA or 3% down for conventional mortgage. The bottom line is, do you research and take action. Don't sit on the sidelines waiting for "the perfect opportunity". Before you know it 10 years will have passed and you'll be saying "I wish I did this before I wish I did that".

I just closed on my first investment property since the market crash in 2006. I’m looking for Recommendations on a demo company and a company that specializes in popcorn removal. I went into the networking tab here at bigger pockets and it sent me off to home advisor. I would rather use a company that comes recommended by someone within the community. I am in Pompano Beach (Broward county) Florida. Any recommendations/assistance would be greatly appreciated. Thank you all in advance.

Merry Christmas and a very prosperous new year to all my BiggerPockets friends and family.

@Jonathan Pechmajou

Off market just means that a realtor hasn’t listed it in the multiple listing service and “put it on the market“. Basically you’re buying direct from the seller without the assistance of a realtor or the property being advertised on the open market. Depending on the condition of the property You most certainly can finance off market deals. Good luck on your search and just don’t give up that’s the main thing

@Jonathan Pechmajou where are you looking for your deals? Although not impossible, it is very difficult to find a steal through the multiple listing service or one of the online real estate sites because there is so much competition out there. What do you need to do is find something off market. Get your name out there. Tell everyone in these areas that you are a real estate investor and looking to purchase property in these areas. “Drive for dollars”. Grab your dog or a neighbors dog and take it for a walk through these neighborhoods. Meet other people just walking around and talk to them. Read some of the books available through the BiggerPockets bookstore and learn how to send out mailers. Are you working with a realtor or doing this yourself?

Most banks have a minimum that they will lend for a mortgage. Do hard money lender’s follow same criteria?

PS the ARV is about $135,000, but I intend on holding this to BRRRR.

@Greg Scott

Thanks for your reply. I'm confused. If I have a HELOC in place, why would I want to use hard money which is much more expensive to purchase this property with up front points, a much higher interest rate (probably 4-5x higher than the HELOC's) and possibly back end points? I've already spoken with a few mortgage reps so I understand the six month "seasoning" period. 

I'm proud to announce the back in March 2020 I finally built my credit to the point where I was able to obtain a $92,000 HELOC on my primary residence. I found a property that I put under contract for $60,000 with approximately $25,000 in rehab needed. Unfortunately we have to wait to go through the probate process as I am purchasing this property from the estate of someone who passed away. This could take another 4 to 6 weeks. My fear is that since the HELOC has been sitting dormant for 8 months with no draws or any activity that the bank may close it on me any day. Should I play it safe, draw the money and put it in a savings account so I'm guaranteed to have it in 30 to 60 days and pay an extra 2 months in interest? Or, should I just be patient and wait until I get notification from the courts that the sale is approved and save on that extra interest? When I got the HELOC I was told by the bank that there would be a pre-payment penalty if I close the account before I believe it was two years because I didn't pay any closing costs and the bank needs to make it money.

I have a question. Not that I plan on applying for anything, but are landlords able to put their mortgage account in forbearance or is it only homeowners living in their properties?