All Forum Posts by: Corby Goade

It took me a while to find a bank that would do this, but in the last few months I've found two local banks that do no fee, no closing cost on HELOCS on non-owner occupies properties. Heck, they even pay for the appraisal. Don't give up- get to a REI club meeting in your area and ask who others are working with. Best of luck!

@Ben Hom, if you are interested in the next meetup, touch base with @Jonna Weber, she has a casual quarterly meetup that she hosts.

@Anthony Ellison- sorry about the misunderstanding, I assumed you were wholesaling. Go get it!

Good for you, you are off to a good start! I started the same way and could give you endless, unsolicited advice. Feel free to PM me with specific questions, but in order to keep this brief and simple, proper, thorough screening is the number one thing you can do to ensure that your investment is as passive as possible and protected from damage and neglect. How did you find this tenant that you've lined up? Did you run a credit and background check? Have you defined your tenant criteria? Best of luck!

You either need to clarify what advice you are looking for or post your question to a different site. It's not likely you are going to get great non-real estate investment advice here.

No inspection, fast, cash closing, property doesn't need to comply with FHA standards and no worries about appraised value for funding.

But you are making a commission, just like a real estate agent. I wouldn't try to convince a seller that you are not.

Best of luck!

@Jason D. is right, you should be able to do the reno less expensively if you do the work all on your own, but plumbing and electrical can get out of hand quickly if you need a full rewire or plumb. Call a few plumbers and electricians and pick their brains. I just got a quote on a full rewire for a 1200sf house in my area, $12k. That's a serious budget buster.

As for your numbers, that's about a 1% deal. In my area, those are like unicorns- depends on the market in your area, but here, people buy houses for $300k and rent them for $1800. That might be a killer deal in Michigan, you need to know your market.

Some good advice here. I'd suggest another option- you've sent an exterminator over there and the tenant refused the service because of their methods. Give them 72 hours to get an exterminator over there (at their expense, since they refused yours) or tell them you have to send your exterminator back. You can use the ordinance listed above and let them know that you are required to comply with that law, but want to work WITH them instead of against them.

Ask a specific question and you will get a specific answer. Fire away!

There are so many variables to this situation that it's difficult to answer. We have no idea how much you make, how much your renovation will cost or what kind of renovation you are doing. That said, my general rules of thumb is that if I pull money out of a HELOC for my own property, I need:

-100% return on equity, so the upgrades must be desperately needed, done well and inexpensively

-I should be able to pay it off within a year.

I don't want my equity tied up for so long that it stifles my ability to grow my portfolio.