All Forum Posts by: Ben V.
Ben V. has started 2 posts and replied 54 times.
Post: Looking at opening a HELOC on my primary
- Real Estate Agent
- Florida
- Posts 54
- Votes 31
Quote from @Kerry Baird:
Let me tell you how much I agree with Kerry on this one lol. Figure is super good! give them a shot.
Post: Taking a heloc/ line of credit for second property
- Real Estate Agent
- Florida
- Posts 54
- Votes 31
Quote from @Qui Van:
Hi all,
I spoke with a mortgage broker recently and wanted to take a heloc or line of credit on my current home. She said I couldn't because my income is not high enough. How can I go about this other than make more money? I want to take that money for a deposit on a second property. Thanks
You can use hard money. Generally they do not care about income, assets or work history. You can use funds directly from them, or in some cases they can even do a full HELOC up to 90%.
Hope that helps,
Cheers!
Post: Keep or sell this property?
- Real Estate Agent
- Florida
- Posts 54
- Votes 31
What type of loan did you use? Just curious...
Without knowing every single detail about your situation, it could be better to sell. A 5k loss is nothing in this world. But holding onto a negative cash flow property in this declining market could be a bad situation in the near future. We could be a in a dip, or we could be falling a long ways. No one knows. 5K is nothing to lose.
Hope that helps,
Cheers!
Post: Vacancy on long term rentals or house hacks
- Real Estate Agent
- Florida
- Posts 54
- Votes 31
Hey @Vashist D. that is a great question.
The short answer is that a lot of people cannot afford a home. The single greatest reason people cannot buy is because of their debt. It holds them back. I just pulled a gentlemen's credit report and it turned out he has over 70K in school debt, plus a car loan of 10K. He cannot afford to purchase right now. There are millions of American's that simply do not have the income, or assets to purchase. Then there are the millions who don't know they can purchase and then on top of that there are the millions who simply don't want to purchase because of the market, or any other dumb reason.
"With the modern world of the internet most educated people know getting a mortgage and buying a home instead of renting is better, so why would people want to rent my investment and lose money?" That isn't quite true...at least in that blanketed statement. Unfortunately people simply are not educated on mortgages and homes. They just live their life day in and day out, pay check to pay check. Most people do not invest and are not ready to retire at a decent age. My point being is that there will always be renters, and if you own a home you can rent it out.
Vacancy is always calculated in the formula for a good or bad deal because even though there are plenty of renters, it doesn't mean you will be able to rent it out every day of the year. You might have a lapse between leases.
Hope that helps,
Cheers!