All Forum Posts by: Aaron Harren

@Michele B. do you know how it works with home equity loans if you’re allowed to have more then one out on a property?  We have a $55,000 currently all used up on our home we live in.  I used half of this for me down payment on the Duplex.  But when we did our equity loan for $55,000 we did have the option to go up to $155,000 but at that time i wasn’t on this adventure yet or had it on my mind even.  Can you get a second one?  If so are the terms stricter?

Thanks Aaron 

Is there a time frame before you can refinance the property 

@Dan Barli ?  It appraised for $15,000 more then we paid for it plus now the updates i’m Doing.  Thanks

I just recently in the last month purchased my first duplex here in Alexandria MN.  Still in the process of fixing up the main floor unit from the abuse it took from previous renters.  I am looking for advice and knowledge on how to go about getting into a second deal with all my funds tied up in this duplex currently.  There is a 4 plex on the market here that I am just starting to do my research on. Each unit is a 3 bed 1 bath.  Seems to me like it could be a good cash flow property....... asking price is $389,000.  Any creative ways to get into something like this, this early or is it to much of a stretch.  Thanks