All Forum Posts by: Collin Black

Thank you for the response Zack. I appreciate the input gentlemen. 

Bey Zack,,

Calling around, I found a local credit union that will do the HELOC and said that they should be able to get a rate of 3.25%, but it's an interest only loan and I pay what I want towards the principle for 25 years. They do an AVM to determine the value of the home. That negates one of my fears of needing to get an appraisal. Is 5/3 BANK local to your area?

Hey  Douglas,

There was an inspection do on the home from a previous contract that fell through. We took a look at it and were not worried. However, it did not mention a few of the bigger ticket items. I am able to do most of the work and have help from friends who are in the trades, so I am saving money there. The biggest expense is going to be the landscaping from what I can tell. We aren't going to be using high end finishes. This house has been like peeling back layers of an onion though. Every time we do some demo work to fix something, there is more behind it. I'm not really comfortable asking friends or family for money. That's why I'm looking at doing the HELOC. My credit isn't bad, sub 700. Just not where it was when we bought the house.

Hey everyone. My wife and I bought our first home almost a year ago. We bought it with the intention of turning it in to a long term rental. We underestimated the rehab costs as once we got in to the remodel, we found more that needed to be fixed such as, no insulation, have to update the wiring, mold removal, kitchen remodel, and so on. We are running out of funds and need to get it finished so that we can rent it out and start seeing a return. I have spoken to a few credit unions about a stand alone HELOC as a cashout refi isn't an option. My credit has taken a hit with all of the new debt and I would refi in to a higher rate than what I have currently 2.99%. A couple of the credit unions require appraisals. With the house in the condition its in, I feel like it won't appraise for high enough to pull out what we need to finish. Any suggestions on how to go about this?

Thanks, 

Collin in Reno, NV

Hey Daniel, 

thank you for talking the time out of your day to write us. As I said before, we are excited to start this new chapter in our lives. We visited in May and fell in love with the area. We spoke with an agent while we were down there and looked at some houses to get an idea of what we were up against. I'm sure that we will have some questions along the way and your advice is much appreciated. 

Thank you, 

Collin

Hello everyone. My fiancé and I are considering uprooting from our home in Reno, NV because the market here is out of control. We have discussed finding a double/ duplex and having the tenant help cover (hopefully entirely) the mortgage. I have started reading BP's Book on Rental Property Investing as well as listening to the podcasts from the beginning. We are excited to start this new chapter in our lives and we're hoping to soak up all the information that anyone is willing to share with us. We are looking at moving to New Orleans in about a  year so we can save as much as we can and wanted to reach out and see if there was anyone in the area that we could reach out to. Thank you in advance to anyone who reaches out. 

Best, 

Collin