Joyce Kim
Personal financial hardship - HELOC vs Home Equity Loan?
25 September 2024 | 12 replies
@Joyce KimHELOC and home equity loan are not the sameEquity line of credit is a line of credit that let’s you withdraw up to specific amount and you can take less and pay interest on what you drawFor example if you had a $50k line of credit you may choose to use $20k of it and it is usually ten years where you can pay it off and draw moreA home equity loan is a second mortgage which is a fixed amount and paid off over a period of timeHELOC is better in my opinion but if you have no income it will be difficult to get approved even with the equity you haveCommon misconception people have is if you have equity you can just take it, that’s not the case the bank also wants to make sure you have the ability to repay it.
Joshua Dunlap
New investor in Texas
26 September 2024 | 10 replies
The path to being financially free is a game of endurance and focus over a long period of time.
Grayson Chao
Have to move out of state - advice on what to do with my primary?
27 September 2024 | 16 replies
Either way I'd cross over the Oct 2024 occupied period so I could preserve the possibility of tax free gain.
Karolina Powell
First time interested in a larger multi-family - how do I verify financials?
26 September 2024 | 17 replies
If you can get the leases, build your proforma and expectations on how you will operate, not on historical evidence.If the seller is willing to open the books once you're under contract, than build that into your offer and due diligence period.
Nolan Dalton
DSCR LOANS. Where to get approved?
25 September 2024 | 37 replies
Some DSCR lenders will float the rate until the appraisal is back, leaving you open to having the rate changed during the floating period. 2.
Andrew Thomas
Starting out! Would love some advice!
27 September 2024 | 17 replies
If you want an unusual, "live like no one else" life, you're going to have to take a 2-5 year period and make some serious sacrifices.
Mike H.
Is right now one of the worst times to be a real estate investor?
27 September 2024 | 66 replies
.: And with the numbers being higher (1,000 sq ft cabins are going for 500k that I'm all in around 340k, 2,000 sq ft cabins are going for 800k that I'm all in around 575k), I can create the same equity and cash flow that I did with my rentals in a shorter period of time with less units and with property management built in.We would all be happy with this strategy alone...and just flip and make hay while the sun shines
John Micco
Difficult time finding insurance for a 3-family
24 September 2024 | 8 replies
The particulars are:Total SF: 5160Roof: Shingles, replaced 2001Plumbing: Mix of PVC and Copper, updated in 2014-2023Heating/ cooling: forced air, 3 furnaces replaced in 2014-16, one AC replaced in 2014Electrical: has been updated periodically from 2014-2023.
Armando Carrera
What would you do?
23 September 2024 | 9 replies
Were very hesitant to rent it out to such a large party because we did such a great job updating the home and we feel that all that work may get damaged in a short period of time.
Chris Bruce
Probate Best Lead Source
25 September 2024 | 96 replies
I normally have a 30 to 45 day grace period on my option contract, to locate my end buyer to assign my contract to.