All Forum Posts by: Charles Kennedy

@Thomas S. Are you viewing the HELOC as equity? It's a form of debt, so I kind of view the move of paying down the mortgage with a HELOC as essentially refinancing at a lower rate, but with a different debt instrument. It's not dead equity, he'd be keeping the same amount of equity. Although, if he does have the desire to go purchase another property, I do agree that he should just use the HELOC for that because if Cliff pays down his current mortgage with the HELOC he will have to acquire another property with a traditional mortgage, so there's no point unless the mortgage he gets on his next place is at a significantly lower rate than 5.5% (the one on his first purchase).

@Account Closed location is listed at top! 2 Ravina Drive, Suite 105

@Andrew Harris at 51k, did you have to purchase all cash? What is minimum for a loan?

Don't have experience, but I imagine the easiest things are flooring, paint, and kitchen renov (add some stainless steel appliances, granite counter tops, and cabinets). Dramatically turns around a property for 20-25k in terms of cash flow

@Jay Helms it might be wise of them to let them do more than give me a template as this would be my first deal. I think I'll get a few references in my area and reach out to a few.

@Jay Helms what would you estimate it to run to have everything go through an attorney?

@John Thedford ok thank you. What steps do I need to take after that?

@John Thedford do you recommend any site for a purchase and sale? I did a quick google search and found some that were pretty detailed. Is it fine to have a simple one? Once I go to a title company, do I get a lawyer after that?

BP,

I've sent out some direct mailers and hope to find a duplex to purchase to househack, but have a question. Once I find someone who is willing to sell, and we agree on a price, what should my next steps be? Should I print out a purchase and sale agreement and have us both sign it, then go to a real estate closing attorney to set up escrow and also complete other things I will need to do? Since I don't have an agent, I'm not 100% sure on the steps to take from here.

Thanks,

@Mike Dymski good choice on Discover. I wasn't aware of their bonus. Extra $200 will likely outweigh those 20 bps.