All Forum Posts by: Cassidy Burns

@Michael H. Cook @Bryant Mortimer

Join us at our August Investor Meet up at Port City Brewing in Alexandria, VA. Welcome to any DMV investors , real estate agents, vendors etc. This month we will be talking about how to utilize a HELOC (home equity line of credit) to buy your next investment property.

We hope to see you there to learn and grow together. 

Hi Peter, I would recommend @Michael H. Cook who has helped a few clients in the Hunters Ridge / Harrisonburg, VA areas.

I personally would do 3 of the following: 

1.) Change your criteria to be a little more investor focused.  Buy something that may be in that $450,000-$550,000 range with 3-5% Down and save the additional cash.

2.) Take that 25% down and buy a strict rental property that may have a little more appreciation built in.  It can be in this area or a little outside of this location so you can self manage if thats what you want to do. For your living situation you just simply rent where you want to live.  At least you now have put your money to work on a property and still get to live where you want (Grant Cardone strategy)

3.) Do a mixture of both.  Use the 3-5% down strategy on a primary residence and then take the remainder and buy an investment property.  

You are in a great situation as you have the 25% down for a $800,000 property.  Use that money wisely ! 

In Washington DC, if you can qualify, I believe the duplex is the best house hacking situation.  

Rent out the lower level unit. And then if you are able , get roommates to live with you in the upper level (try to buy a unit with at least 3 bedrooms upstairs).

This is the ultimate house hack in the DMV, but will be around $1million-$1.2million purchase price.  

Good luck! 

Hey BP,

I'm looking for a good meet up to attend in Charleston , SC.  Any suggestions are greatly appreciated.

Best,

Thank you @Dmitriy Fomichenko

Thank you @Alex Olson the important thing for me was to get out of the smaller town markets that I had originally purchased because they were "Cheap" ($35,000) and just chasing Cash on Cash Return (bad advice from Biggerpockets), and get that money into a more stable higher appreciating market like Charleston.  Luckily that property 2x while owning it so I took the profits and ran! 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $510,250
Cash invested: $36,820

Charleston South Carolina Single Family House purchase as a primary residence
-Purchase Price: $510,250
-Appraised Value: $560,000
-Net Equity= ~$50,000
-Down Payment: $36,800 (7%)
-Mortgage: $3,850/month
-This will be my primary residence for the next 2-3 years. We came into the property with around $50,000 in equity. We will eventually refinance if/when the rates do come down to put us in a better cash flowing position.

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

Purchased as a primary residence. Will eventually be a buy and hold.

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

Found on market, negotiated $10,000 off list price and all closing costs covered by seller.

How did you finance this deal?

7% down Conventional primary residence financing

How did you add value to the deal?

Purchased under market value. Purchase Price: $510,250. Appraised Value: $560,000

What was the outcome?

$50,000 equity and a great place for my growing family to live

Lessons learned? Challenges?

SC is an attorney state. Make sure you have an attorney that knows what they are doing ......

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

I am an agent in SC and brokered this myself. Of course I'd recommend myself.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $510,250
Cash invested: $36,820

Charleston South Carolina Single Family House purchase as a primary residence
-Purchase Price: $510,250
-Appraised Value: $560,000
-Net Equity= ~$50,000
-Down Payment: $36,800 (7%)
-Mortgage: $3,850/month
-This will be my primary residence for the next 2-3 years. We came into the property with around $50,000 in equity. We will eventually refinance if/when the rates do come down to put us in a better cash flowing position. This is a longer term buy and hold for us that fit our current lifestyle in what I believe is one of the fastest growing markets on the east coast (Charleston SC)

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

Purchased as a primary residence. Will eventually be a buy and hold.

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

Found on market, negotiated $10,000 off list price and all closing costs covered by seller.

How did you finance this deal?

7% down Conventional primary residence financing

How did you add value to the deal?

Purchased under market value. Purchase Price: $510,250. Appraised Value: $560,000

What was the outcome?

$50,000 equity and a great place for my growing family to live

Lessons learned? Challenges?

SC is an attorney state. Make sure you have an attorney that knows what they are doing ......

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

I am an agent in SC and brokered this myself. Of course I'd recommend myself.