All Forum Posts by: Andrew Garcia

Hi @Matthew Eaton, I would connect with a local investor-friendly realtor. They would be your best resource.

It also depends on what is in the city. If there is a college or a lot of younger people, you should not have an issue.

If the average age is 65, you might have trouble finding tenants.

Hope this helps! Let me know if I can be of any assistance.

Hi @Kirsty Simpson, I can refer you to a lender that can do a HELOAN.

HELOCs are a bit tougher as banks are tightening restrictions. HERE is a list that someone put together.

The list is not up to date but if you call around, you should find some options.

Hope this helps! Let me know if I can be of any assistance.

Hi @Bret Halsey, you should shop around with both and see which one is best.

Some local banks offer much better terms, others won't touch the deal.

Then, come back to BP and ask for their opinion once you have rates and terms.

Hope this helps! Let me know if I can be of any assistance.

Hi @Steven Joseph Fogarty, there are HELOC lenders for second homes and investment properties. Someone made a list HERE.

The list is not completely up to date. Some of them no longer offer them but if you call around, you will find some good options.

You can also consider getting a HELOAN. It is essentially a second mortgage. It is a fixed-rate, fully amortizing loan that goes in second position behind your current mortgage.

If you would like a referral for a HELOAN, please let me know.

Hope this helps! Let me know if I can be of any assistance.

Hi @Thomas J., there are still a lot of companies doing non-QM loans.

There has been a significant spike in closings and mass layoffs but that is occurring in both the conventional and non-QM world.

Hi @Ernest Appiah, welcome to the community!

The research triangle is a great area to invest in. 

Thank you for sharing a little bit about yourself.

I would love to connect with you!

Hi @Ethan Lahav, the Bureau of Labor Statistics and the Census Bureau both have great data that is free. 

There are also many great resources both inside and outside of BP that allow you to do research on prospective markets.

Hope this helps! Let me know if I can be of any assistance.

Hi @Julie Coleman, Below are my answers

1. Refinance option.

     a. Yes

     b. If you are going to live in at least one unit, you can do a rate and term primary residence refinance. Your ex's income will not be used to qualify. The interest rate may or may not be lower depending on your current interest rate.

     c. The rental income from one side can be used to qualify for the loan if you live in the other unit. It does not affect the interest rate or principal.

2. Selling option.

     a. If you lived in it for 2 of the last 5 years, you can be exempt from $250k if single and $500k if married. Avoiding it depends on how much capital gains you had.

     b. Yes, you will need to get a new primary residence loan similar to option 1.

Hope this helps! Let me know if I can be of any assistance.

Hi @Jim Miller, I would personally recommend the 6.92% interest rate.

My reasoning is that the monthly payment is approximately $200 more per month with option 2.

You are only saving $8,500 cash out of pocket. That comes out to be a 28.2% ROI.

If you can use that $8,500 to get more than $200 per month, option 2 is better. Otherwise, option 1 is your best choice.

You must also factor in refinancing as that would trigger the pre-payment penalty. If you plan to refinance in year 4 or 5, option 2 may be best.

Hope this helps! Let me know if I can be of any assistance.

Hi @Cameron Brulotte, there are a million ways to make a million dollars.

You just need to focus on it enough to get to the point of exponential returns.

You can make a lot of money on the side doing things in real estate or in other fields (like e-commerce).

Find the sweet spot of things you are good at, enjoy doing, and have the potential for high income.

Hope this helps! Let me know if I can be of any assistance.