All Forum Posts by: Zachary Penn

Hey everyone, my family may be moving to the Anderson, SC area soon. However, we have never been and do not know the area well. If love to connect with someone to ensure we are bringing a family into a good fun safe area. Google helps but would really appreciate real help.

@Jadah Burriss what do you mean by this? I may be moving to the area. Are there really bad areas

I'd love to connect with someone familiar with the Anderson, SC area. My family may be moving there in the coming weeks/months and we have never been. Looking for advice on places to live or avoid. Have 2 young boys. Please and thank you.

Thank you, I have saved your contact information and look forward to talking soon. Unfortunately, the property I was looking at sold already I guess (even though Zillow still has it as for sale). Soon as this craziness is behind us a little, I am going to list our house and move up there. Our intentions are to rent for the first couple years just to have the funds available to invest. i read/listen/study too much contradictory information but I think this is the best way to start. The opportunity cost of freezing money as a down payment to a primary residence is my thought right now. So I will be in the market for a rental soon to if you or anyone you know needs one to rent, 3/2. 

Have a property I would like help evaluating and possibly buying. I live in Florida so I do not know the market well but my numbers seem to work. It will be a primary residence as we would like to move there sooner rather than later. Coming up for a long weekend in the short term is not an issue. I've sent a few emails to agents but I'm not receiving anything back? Thank you in advance.

This is fantastic, I just made a post not long ago with the same questions. But I did not get this many responses. If I plan on selling my house in the next year or so anyways, is there a down side to taking out the HELOC now to just get a head start on investing? We want to be serious about this, but its hard to be serious talking to REA/banks when the funds are not truly available now. We are looking at investing out of state (moving out of state as well).

Once the house is sold, the HELOC will be paid/closed out then anyways, even if we never touched the funds? Is there a down side to applying for this, getting $xx,xxx ready to invest, even if it never happens? Are there fees that come with taking out the HELOC from someone who has really done this? Google has me all over the place some days I think I'm the smartest man in the world others I think I'm the biggest dope and just need to wait to sell the house to get serious. Some places advertise no fees but I am not sure if that is true?

Thank you, this all at least helps with ease of mind. There is no help for us when we move, there is no family/friends to stay with or that would be a huge bonus. And we do plan on renting our next house for a while, do not want to use all the cash we have for a down payment (opportunity cost?). We are okay giving someone else rent for a while. I think we will just apply for the HELOC and hold it and see what happens, if nothing else I'm at least acting like I am busy trying to do something productive, even if nothing comes of it I can tell myself Im doing something good?

Ill try to make a long story short. After doing about 6 months worth of homework I was almost ready to jump in, currently living near Tampa, FL my family was going to sell our house with a lot of equity and make a move to Knoxville, TN and start a new life (April 2020 was the plan). With this equity we were going to start buying rentals and trying our hand out at the BRRR. Seems easy enough from the books/forums but I know you learn everything from doing/failing or succeeding. Currently have so much equity in our home because we just did a live in fixerer upper (took 8 years), but we are more than capable in doing a lot of the projects that come with this. Then everything went sideways. Talking with the agent down here, selling seems to be a challenge. I have a stay at home wife and 2 young boys (1 and 3) and we do not want to expose them to anything unnecessary for the time being (showing a house/moving ect). But who knows what the right answer is right now, seems like everyone has a different opinion. So that leads me to my real question:

I am thinking of taking a HELOC out and buying an investment property. As of right now, I do not have the cash to do this but do not want to lose excitement/motivation in the process. Looking for help and want someone to convince me why this is a good/bad idea. I completely understand the risk that comes with this but also look at the reward that can come as well. If we are stuck in place for 6months/2 years, why not get a head start on this new business plan?

Please let me know if anyone has done this and if it worked or didnt and why. Thank you everyone.