All Forum Posts by: Will Pardo

@Donavon Davies Thanks for the tip about reaching out to a broader audience. I'm still getting my bearings and figuring out how to use the site and app. :) Yes, a househack is what I'm thinking but the more I read, the more options there seem to be - and that's a good thing! 

@Mitchell Jaworski

@Mitchell Jaworski Thank you as well. I've started calling around to several community banks and credit unions. I'm sure getting a HELOC will be the easy part. I'm just concerned about the terms. Have you had personal experience with interest only HELOCs? Chase is offering around 4.75% rate but I would get a .25% discount because I bank with them. The draw repayment period is principal and interest and they offer a "Lock" in feature that sounds interesting in case interest rates start going up. The only fees are a $50 origination fee and $50 annual fee. I'll keep shopping around but if you or anyone else has any input...I'm all ears. :)

I also downloaded your property calculator (awesome by the way!) and I was curious, how do you factor in the HELOC? That would obviously be another loan on top of a conventional mortgage. It might be hard to say because the HELOC would have a variable rate but is there a certain percentage or formula you can recommend?

Thanks again and have a great Labor Day weekend everyone!! 

@Melvin List Thanks! :)

Does anyone have any recommendations? Banks, direct lenders, community or credit union in the north Broward or south PB county?

Hey everyone, 

First off, great meeting again. I'm really excited about the possibilities and getting to know everyone better at the next meeting.  

In the meantime, as I mentioned, I have over 100k in equality which gives me options into purchasing my next property but I was wondering if I should buy and rent my current home? 

I live in Deerfield Beach in The Cove which is east of US 1. I'm desirable location and I figure the rental property would help offset some of the cost in a new property. Ideally I would love to find a duplex, live in one unit and rent out the other. The goal would be to live rent free if possible. 

Is this all possible with a HELOC?

Thanks! 

Will :)

Yes, excellent meeting! I had a great time hearing everyone's stories and real estate experience. I can't wait for the next meeting. Thanks @Jon Huber!

@Rita Medeiros Thanks for the tip. Saturdays are a bit tricky for me. I play Mr. Mom! :) But I'll check out the events section to see what other meet ups are happening. Have a great weekend! 

@Herve Alce we're practically neighbors! I'd love to have several partners but I do have to do my

do diligence and educate myself a bit more. Maybe we can meet up and get better

acquainted. 

@Account Closed I have roughly over 100k in equity but I get the jitters thinking about a 2nd loan especially when I worked so hard to pay things down. Although, if the end game allows me and my family to begin building some passive income - it maybe worth it. 

@Account Closed Thanks for the tip. A HELOC sounds like an option. I'd have to do more research and better understand the numbers but I appreciate the advise.

Hey all, I'm glad I found a forum with like minded people. I've been listening to the podcast and reading the forums. I know there's a lot to learn and there are no short cuts. I'm looking to become a real estate investor. I'd like to own a few properties and have some passive income coming in. I'm just learning about wholesaling which is also interesting. My current situation is as follows. I work in sales selling high end luxury home furnishings to the trade only: interior designers and architects. Many of you might see opportunities in that itself but I've struggled to see the path. I purchased my primary residence in 2010 at the lowest point. It wasn't planned, I was just fortunate. Right place at the right time. Needless to say I've done a lot of the renovations myself and I'm proud of the work. The market is at an all time high and I have agents approaching me if I want to sell. I'd prefer not to sell for the sake of my family and location but I also believe we could cash out and have a lot of capital to make multiple investments so we can reach our goals and move into our dream home down the road. We're pretty solid financially and have zero debit other than our mortgage and regular monthly bills. I'd love to hear how other investors would move forward if they could do it over or if in my position. Would you sell your primary residence, rent it, wholesale until there was enough capital to buy a rental? I'm open to any ideas or stories. Thanks, Will