All Forum Posts by: Account Closed

I'm acquiring about drawing a HELOC on my primary. 80 LTV would have me at about 50k after what's left from my first mortgage. I've just spoken to BofA who has a 7% rate, about 2.5 points above prime. Does that seem high for a 50k HELOC?

Thank you Mike, this really has me thinking.  Besides having to replace the garbage disposal and letting me know the front door could use weatherstripping, the tenants have been fine.  Really, what has me concerned is I did a refinance last year on the property and it appraised for 55k.  The market value for the property based on comps was 75k so it appraised 20k which is way below value.  I could not see anything on the appraisal that warranted the low appraisal.  The property could have used carpeting (which has since been completed) and a fresh coat of paint on the walls would have helped, but at the time, I just needed some additional cash from the property as it was free and clear at the time (now has a 37k lien on it).  Even a year ago I didn't look at my investment property as my business.  It was just a nice extra source of income.  After reading "The Book on Rental Property Investing" as well as a few others, my mindset has completely changed, and I want this property to be the beginning of my real estate investing career.  What I am wanting to do is put equity back in the property so I can have the cash when needed to buy my next property.  I just don't know the best way to go about it.  I'm just new to the game and could use as much advice as I can get.

Thank you Aaron.  Great advice!

I'm new to the game, but I've heard from multiple sources to open a business checking and business savings account.  I would use your cash flow from your rental income to put in the savings and put the security deposits in checking.  Like I said, I'm new to the game, but just my two cents :)

Thank you Tim.  I have found a good property inspector in my area and am just waiting on response from tenant on their availability.  Thank you for your advice.

Unrelated question... with a plus membership, am I able to include my picture on profile?  I don't want people to think I'm spamming.  Also, do you recommend a pro membership for a new investor like myself, or will plus work?

I have a rental that currently has good tenants, but I am well overdue on maintenance on my property.  A few years ago, I needed cash out of my equity and my property appraised for 20k under market value.  I am trying to build back equity in my property before I have no choice but to make repairs as I feel they are around the corner.  How do I find out exactly what to fix and how do I make repairs when I have good tenants currently in the property?