All Forum Posts by: Dan Barli

@Chris Laino it's definitely an offer with a financing contingency. His HML should be able to provide proof of funds.

@Sami Gren here a lot of unknowns in your question. Is the tenant out of the property or do you have to evict them? Are you doing the work yourself? Or do you have a contractor? Have you gotten estimates?

@Jonathan Bolano my pleasure. Good luck!!

@Megan Lowery sounds good. Learn as much as possible to ensure your success.

@Megan Lowery I would recommend getting educated on all that is entailed in wholesaling. There's a lot required. Have you gone to any local REIA meetings? Do you have a coach or mentor? Have you worked on a business plan?

@Tessa Malmgren that's a great position to be in! It depends on your goals though. What are you looking for? Buy and hold rentals? Rehab projects? Commercial property? Why are you investing? That will formulate what you can do with the HELOC

@Jonathan Bolano if you are utilizing HML, then it's not a cash deal. I would make sure there is a financing contingency built into your contract in case the HML falls through

@Michael Glaspie personally I would take the debt rather than partner up. This gives you sole control and you know yourself and your objectives. A partner may have different goals, both short term and long term. Again, this is just my personal view but if I can ever borrow the money and retain sole ownership, that’s what I do.

@Brandon Penn congratulations!!! That’s amazing!

It seems that you should look at out-of-state markets, where you can attain better cash flow than in NJ. Did you already speak with a mortgage loan officer? Do you qualify for a 5% down loan? Be careful with mortgage insurance, which can eat away at your cash flow. Things are definitely possible, but you have to look hard to find the deals.