All Forum Posts by: William Wilson

Hi @Brandon Allenczy I think the amount of equity available for a HELOC could also influence your decision. I closed a HELOC a little over a year ago (in Texas, so the standards are probably different than NC), but like a traditional refi, I only got a percentage of the total equity as available credit. Also, that HELOC was for a 1 year term, so technically there was no guarantee mine will be extended. Again, I think TX has a crazy rule, but the HELOC was REQUIRED to be in first position. Keep in mind that the HELOC, like a refi, will include typical closing costs like title insurance, lender feeds, etc. I'd definitely check the terms and loan-to-equity-value percentages your lender is offering on the HELOC. If you don't have much equity, a historically low interest rate on your balance might be the way to go if you plan to hold long term.

BTW, I invest in NC and would be interested to know if you have a lender for the HELOC lined up. Would you be willing to share that contact in a DM? Thanks!

@Angelica Rivera, if you inherited that lease when you bought the property, I'd imagine it is on a month to month. In that case, you should have the right to deliver a 30 day notice to terminate lease. If he refuses to vacate after the 30 days, then you should have grounds to begin the eviction process. Eviction rules can vary from county to county. Maybe contact a Hickory based property manager to get their advice. They might even be willing to do it for a fee.

Hi @Shiloh Lundahl thanks for your insight. Is your meeting tonight open to visitors? I have some investments in Winston Salem and would love to hear your take on the market. 

I agree with @Nicole Heasley Beitenman. Offer him cash for keys with a specific deadline. He's already late based on your 10/5 notice, so I wouldn't give him more than a week. In the meantime, I'd prepare for the worst and be ready to deliver his eviction notice the day he misses deadline. If you've already got your property manager lined up, it might pay to turn this problem over to them now. It might cost you more, but they should be skilled with solving these headaches. 

Thanks for the replies @Robert Lively and @Maurice Smith!

Hi @Robert Lively, do you do any wholesaling in the Winston Salem area? Know anyone who does? I'm looking to buy.

Thanks for the feedback everyone. I'm proceeding with the refi. Another new deal will make up for the cash flow loss and multiply tax and equity benefits.

@Account Closed, thanks for replying. I'm thinking along the same lines. Always interested in getting objective feedback. Thanks!

I've got some equity in a rental, and I'm looking to scale up and buy more property. I can refi the rental and raise $30,000 cash. That would reduce net cashflow (income after all expenses) from $262 to $127. 

What do you think? Is it worth loosing the cashflow for anther deal?