All Forum Posts by: Brittany Vigneault

I am wondering if taking out 20k from my HELOC would be a good idea right now since I have no cash reserves. I am currently under contract and closing on a property 4/8. I am fully leveraged. I have four properties now. One of my tenants works in restaurants and just lost his job, so that property may hurt for awhile. This new property I am closing on will probably be vacant for awhile, and one of my properties is a full time airbnb. My other property, (primary residence and house hacking) will probably be safe through this rough time.

Thoughts on cashing out a HELOC? I'm thinking having that cash on hand would be the safest move right now...

Side notes: I do work in the medical field and make six figures, I think my job will be OK and I will still have money coming in to take some hits with the market. 

Thanks for the responses!

How do you know who is legit and who isn't?

And if it is a scam, what are they gaining? 

I've probably had at least ten private lending companies reach out to me through LinkedIn and I never know if it's real or not...

Up until recently I have only done conventional loans, but I'm on my fourth and it is getting increasingly more difficult to obtain a conventional loan.

Any advice or lenders you recommend? 

A lot could happen in 5 years and maybe I could just pay off the seller. BUT my back up would be refinancing into a mortgage if not.

@Derek Dombeck 
Hey Derek, thanks for reaching out. 

The terms with the seller are $175/monthly towards principle with 10% interest on $100,000. 
$0 money down upfront, and $2,000 towards closing costs from seller. 5 year balloon payment plan.

So they’re kind of acting like a hard money lender with me. And I just bought two other properties, so cash flow for a 20% down payment is not possible for me right now. 

Hey guys, I need a little direction here. Looking at a great condo in a downtown area. Found the same one on airbnb, seems to rent really well and the area gets great reviews. 

Seller is asking $109,000, Up to 6% closing costs covered by seller, 10% interest rate, HOA is very low, and $175 towards principle a month. We have not discussed the time frame yet.

This would be a full time rental property. I’ve already purchased two rental properties this year and don’t want to deal with a bank again right now, for at least 6-8 months so I can get my credit back up and pay off some debt that was incurred with these properties. I make 6-figures at my job and I live frugal so I’m not worried about paying off debt. 

Is there any reason I would not be able to roll this into a conventional loan within 6-8 months? Do I have to have equity in the property?

Does this sound like an okay deal that the seller is offering? Any help is appreciated! I have never done seller financing before. All my properties were bank loans. 

Hey there! I am newer to the Real Estate Investing community. Currently have one rental and looking for my second property. I have been working with a realtor in the past (when I bought my first property) who does not seem interested in this type of sale. And I am ready to pull the trigger as soon as I can find that next property.

Anyone have suggestions for finding an agent in the Charlotte, NC area that is willing to work with a newer investor ready to purchase their second rental property? Thanks!