All Forum Posts by: Zack Elaroussi

@Jason Wray this is very helpful info Jason, appreciate the reply! I don't plan to pull much out, so I funk a HELOC will be my best bet, thanks again!

Good evening y’all!

I have just purchased a homestead subject to than I plan to live in for at least 2 years and then sell.

I have another rental property out of state that has a ton of equity in it that I plan on holding long term, so I was planning on taking a HELOC on my rental property to clear up funds for renovations on homestead and to have funds available for other deals.

This is my first time taking out a HELOC. I always hear investors harp on going to "local" credit unions. This may be a dumb question, but because the HELOC property is not in the state I reside in, should I be looking for a "local" credit union/lender in close proximity to where I currently live or a "local" credit union/lender near the property itself?

Secondly , would it make sense to start with my current lender and then shop around from there?

Thanks in advance for advice y’all can provide!

Good evening all!

I’m considering purchasing a property subject to.

$0.00 to seller, only have to pay reinstatement fees as seller is about $15k behind on PITI.

My exit strategy is to move in as a homestead and eventually convert into an Airbnb. Goal would be to hold for 5-10 years.

My plan is to take a loan out of my 401K for reinstatement fees of $15K

Would love to hear everyone’s thoughts on if this is a good strategy given information above?

@Katlynn Teague if I were you I would join a local REIA where you want to invest and try to partner with someone who has experience.

On my first deal, I simply found the deal brought it to someone in my network, they funded it and we split the profits 50/50.

There are ALWAYS investors looking for deals. Your network will equal your net worth is what I’ve learned.

Good luck out there!!

@Nathan Grabau appreciate the insight Nathan! That was definitely the Avenue I heading towards.

Greeting Bigger Pockets!

Question for y’all.

Im looking to purchase a homestead property in Texas with low money down. My goal is to fix it up, live in it for a few years and eventually BRRRR to my next one.

I’m a higher income earner with a high credit score , but I’d rather use my capital to work on Fix / flips and other projects.

Seeking wisdom!

What are your favorite creative funding strategies for a homestead (primary residence) with LOW money down.

I’ll be out of town that day, definitely keep me posted on the next one though! Super interested in connecting with y’all!

@David M. Thanks David!

@Dale Degagne this is excellent feedback Dale, thank you so much for your input. I am going to put the wheels in motion.

Good afternoon All!

I'm in the process of moving out of state and I am BRRRR'ing my primary residence and would like to cash out refi into my next BRRRR in TX.

I am also in the process of opening an LLC as well. If I do the refinance 1st and then open the LLC, would I be able to put my primary residence in the LLC? Or would I have to open LLC and refinance under the LLC first.

This is my first step in growing my REI portfolio, so I am open to all suggestions in making this process as seamless as possible.

Thanks in advance !