All Forum Posts by: Alishea B.

Hello everyone,

I got these great rates from my local credit unions and did research online and made several calls on who would give me the best bang for my buck. I actually ended up hitting the wall with the HELOC due to debt income ratio. I found a mortgage broker and we got the property appraised. It came back at 107,000. We then wrapped me in a conventional loan at 4.25 rate. I took the cash out and got my rental and invested in some other investments. I officially became a landlord November 1. I'm now looking for that second property. I wanted to get two rentals this 4th quarter of the year.

Investment Info:

Single-family residence buy & hold investment in Macon.

Purchase price: $32,000
Cash invested: $10,000

3 possible 4 bedrooms property. 1 and a half bath. Cosmetic repairs only and add HVAC unit.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $32,000

3 bedroom possibly 4. 1 and a half bath. Brick property good bones. Just needs paint an HVAC. Rent 800.00 month.

What made you interested in investing in this type of deal?

Long term financial freedom. Passive Income every month.

How did you find this deal and how did you negotiate it?

Found off Realtor.com. Have an investment friendly realtor who tagged it. I saw it and put it under contract.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $32,000

Investment Info:

Single-family residence fix & flip investment.

My first fix and flip. Made a few mistakes but learned a lot. I loved this project. I named her Princess. Lol

Lol I have a few fix and flips a few years back yes but its been a while and some time has passed. I just wanted to see if there's anything I've missed. Lol its not that serious. 

Last time I checked I could ask whatever I wanted whenever I wanted if folk like you wanted to respond in positive they're welcome. You have no investments, no picture, no anything and have the nerve to be private. Lol hmmmm indeed. 

But honestly I'm glad you came for me so early it gives me a chance to learn how the ignore user button works. Thanks hon have a great one.😁😁😁😁

I'm getting my bag ready to go and look at houses to buy for my buy and holds. Besides flashlight, measuring tape, telescoping ladder,outlet tester, and electronic thermometer\ moisture detector what else should I pack. Any ideas? 

I ended up getting a HELOC at 5.5 APR no closing cost or appraisal cost. I also got 95 percent which is about 69 or 70,000. Check with your local credit union. Good luck to you. What a blessing!

Finally I am ready to get my loan to build my empire. Yayyyy. After a lot of research I decided to keep my property in my name and I found the best banks with the best APR and best rates for me in this area. Here's what I'm looking at.

I own a SFH property here free and clear appraised at 73 grand. Credit score is over 620(Thank God)

Option 1 Heloc fixed rate 10 years 7.75. APR. 90 to 100 prevent of LTV. No closing cost. 2 weeks. My monthly payments would be 876.75. Insurance is 90.00. Taxes are 1000 a year. I pay that separate. I have the option to refi in a few years. This is a 2 week process.

Option 2 Cash out Refi. 30 year fixed 3.875 APR 90 to 100 percent loan to value. Monthly payment would be 343.00 a month plus taxes and insurance. It would be under 600.00 a month. This process is 30 days. No closing cost but 35.00 credit check.

Option 3 HELOC 85% LTV which gives me 62,000. Prime + 125. At rates right now my payment would be 369.00 a month. Insurance and Taxes are not included. This is not fixed and could change anytime with payments. I was told I could call an advisor to tell me estimates of how and when the variable rates may change. This is 20 years.

Option 4 Conventional 20 year fixed. 445.00 a month. 62,000 as well. 20 years. 3000 closing costs. I don't know what APR rate is. Its not in my notes.

So I want to know what do you think and What would you do? Thank you for your responses. I appreciate it.

Thank you guys. I appreciate you guys taking the time to respond.