All Forum Posts by: Corie Bilotta

@Yasir Lillingston Welcome to BP! Have you checked with the Apartment Association of Northeast WI or the Green Bay REIA for CPAs and attorneys who work with investors? Happy investing!

@Michael Galesky  Welcome to BP!

@Joel Florek  Thanks for sharing this story!  And really nice work on your first buy and hold.  

I'm not too far away from you.  Its great to see other investors in the area.  Very cool that you have family to help you.  Good luck with your investing!  

@JD Martin Thanks for your reply.  I will keep your comments in mind!

@Jerry Padilla Thanks for the advice! I sent you a PM. If I do the refi at 80% LTV, there won't be any equity left for a HELOC on my primary house. I'm thinking I need to save the equity in my home for later down the road and combine it with equity in another property that I buy with conventional financing. That way, when I pull the cash out of my house, I will have enough to offer cash on another property with the combined total of equity from my house and equity from an investment property. Does that seem reasonable?

@Dan H.  That's a good point.  I may decide to do that some time.  Thanks for your input!

@Upen Patel  Thanks!  What you said is what I was thinking.  My lender is giving different advice.  

It seems safer to me to go with conventional financing since the cash out isn't really enough to do what I intended.  I can save the equity for later when the market here is better.  Where I live is rural/recreational and there is trouble finding comps since sales are slower in my area.  

@Jassem A. Thanks for the idea. The adjustable rate of a HELOC didn't appeal to me for buy and hold financing. I didn't want to have to count on a refi to get into a fixed rate later. Does that make sense?

@Joshua Springer  Good point!  The lender I'm using knows I'm buying investment property so it must be ok with them.

Thank you for the replies!  Does anyone else have any advice?

Hi, Barkley  Just saw your intro.  Nice to see more people from the Fox Valley area wanting to invest in real estate!  Let me know if I can help you!

Hi, everyone!

I'm looking at financing options for buying my first investment property.  In going through the financing options, I started a cash out refi on my primary residence.  I can get $45k out of it based on the appraisal we just did.  

I thought I'd be able to get $60k but that's not going to happen.  I planned to use the equity combined with cash to make a cash offer on a duplex.  Now, I won't have enough from the equity and cash ($20k) since it will only be $65k ($45k home equity + $20k cash) and that would be a duplex that needs quite a bit of repair in this area which I'm not really interested in doing.  And that would leave me with no cash left until I save more.  I wanted something that needs updating but not a whole house remodel.

I'm thinking I don't want to use the equity at this time because its not really enough for what I wanted to do.  I worry that if I go ahead with the cash out refi, then for whatever reason a bank doesn't qualify me for a duplex using the equity as down payment, I will end up stuck with a higher interest rate than I currently have on my mortgage, no duplex and a higher mortgage payment on my primary.

I wanted to get others opinions about what to do.  If I left any important info out, please let me know and I will clarify further.