All Forum Posts by: Bob Asad

Thanks for the detailed response. The challenge is knowing if the listing agent actually tells your offer to the seller or not.

For example, if a distressed property is $650k and you want to offer $620k, the listing agent says the lowest the seller may accept is $645k, but is that actually true or made up because the listing agent wants their commission?

So there's not a way to know unless you find out from the seller directly.

If a property is on the MLS but you're not sure if the listing agent is being truthful or passing along your offer, can you use Propstream (or something that others recommend) to mail, email, or call the owner directly with your offer?

This way if they pass you along to their listing agent, at least you know the offer was seen. This is assuming that you're not even talking to the listing agent initially (skipping them) and going directly to the owner as the buyer.

Thoughts?

If my primary residence has $500k HELOC, could I use it to purchase a 2nd primary residence and rent out the first one?

And if so, as I'm paying down the original primary residence HELOC, in the future, can I use it again to purchase a rental investment? (Given that my new primary residence also has the equity from first residence HELOC)

In other words, when your original primary residence becomes a rental, can you still do a HELOC?

Let me know if this makes sense. Thanks

 Thanks, sent you a request.

Anyone recommend any heloc providers that work in west palm beach area?

 Yes, exactly, was thinking the same thing. I see many people complaining about needing private or hard money lenders because of the difficulty with renovation loans or bank approvals, etc. But the local bank seems to be very easy to work with.

 Thanks for your reply, but doing your own comp takes a while and may not be accurate. Any way to automate this?

If I'm understanding correctly, for a cash refinance...

If you buy an investment property, fix/repair it, and get a higher appraisal, you can then take the $ difference and put a down payment on another investment, etc.

If so, are there tax implications with a cash refinance? Does it get considered income?

Any recommendations on what to do with a cash refinance? (Ex. do you recommend that it's $100k+ before doing this and putting a down payment on another property?)

What are the pros and cons based on your experience? (not just a general list of what Google says, but based on peoples' actual experiences)

The local bank allows me to purchase 2-4 investment units with a 30 year conventional loan + renovation loan for all fixes with 20% down 

The renovation loan is kept in an escrow and paid to the contractors as the work gets done.

Anyone buying 2-4 units and doing it this way? (Instead of complicated private money or hard lenders)

Anyone use a good, easy, and accurate tool to get comparable sales or rents in a location?

For example, you want to buy a duplex for $400k and after spending $25k in renovation, what would be an estimated but accurate ARV? Or rent?

Is there a tool or software that can do this?