All Forum Posts by: Barbara Willson

Hi Justin, I have used my HELOC several times and have found that its been the only way to go. I buy older condos, rehab/update them, lease them until I make my rehab expenses back, then sell after a few years. Since I have owned my home over 25 years the bank gives me a line of credit for whenever amount I need it. I use my line of credit (HELOC) to purchase more properties, then pay them down or pay them off when I sell them. I can chose to just pay the interest each month or make a full payment or pay the whole thing off. The line of credit remains open even if I have a zero balance or until I chose to close it. My bank will only give a HELOC on a primary resident not on my rentals. This method has been good for me and my investments. Your banker can help you find the right financial fit for your needs.....don't be shy....ask lots of questions and be honest with your banker. After all they are there to make money too! Barbara Willson, realtor from Overland Park, Kanas.

Hi Al,  I'm also from California but have lived and worked I the Kansas City area for over 30 years now.  In my experience of being a real estate investor and realtor I have to say that Kansas City is a better investment for your money .  There is very little industry and businesses in the St. Joe area so you would be dealing mostly with low rentals.  If that's your market then go for it but I would not.  Barbara

Investment Info:

Single-family residence fix & flip investment in Kansas City.

Purchase price: $85,000
Cash invested: $100,000

This victorian style home located in a prime area of Kansas City needed complete remodeling. We tore down walls, pulled up flooring, installed new windows, demo'd the kitchen and bath and installed new custom built cabinetry as well as painted every room in the house. It went from super ugly to super beautiful!

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

The location and style of home.

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

A realtor found it for me.

How did you finance this deal?

I paid cash

How did you add value to the deal?

I completely updated the entire house by opening up the rooms and putting in quality products throughout.

What was the outcome?

Positive viewers and serious buyers.

Lessons learned? Challenges?

Watch out for contractors and part time workers! They will over charge and take their time doing the work!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate agent.