All Forum Posts by: David Alberts

@Kerry Baird

Thank you Kerry all super helpful information!

Thanks Justin for your insight. I guess trying to figure out those two questions is the tough part. I have an out dated porch in need of repair that I wanted to replace before the appraisal, cost of materials has really slowed progress. I should see my income change by fall. Do you think putting it off until then would be a risk or do see the market staying steady till then? I kinda feel like all my eggs are in one basket and I don’t want the bottom to fall out! 

@Sevak Gasparian

Thanks Sevak! Do you think I should shop around for a bank or go with one that I have already connected with?

I’m definitely thinking I will get the process started soon.

@Andrew Freed

Thanks Andrew,

I do think your right about taking action, I’ve seen that keeping things moving is the best way to see progress. It’s encouraging to know that this process worked well for you. Thanks again for the insight!

-Dave

@Stephen Brown

Thanks that’s good advice, so you think I should wait to take out the heloc once I found the property I want to invest in instead of getting the line open asap?

I am brand new and I’m afraid to borrow against the newly acquired equity in my home. Almost complete on the inside of an extensive renovation of a 150 year old farmhouse in New England. I still have the the majority of the outside of the home to repair and update.

Not sure if I should get a Heloc on the property to buy my first rental or wait a year or so until I am much closer to finished? Worried the market could dip and I could loose out.

Help! I feel paralyzed on what my next move should be.

So how did I get an answer? @David Alberts

First post on BP!

Just starting out in investing, we did our first live and flip in the fall of last year. With that we where able to buy another fixer upper that I spent the first 3 months fully renovating. We now sit in a property that could have upwards of 100k equity.

With the renovation all my funds are tied up in the new property and I'm considering a HELOC to be ready to purchase my first rental property.

I don't know if I should try to secure a HELOC as soon as possible or wait until I've been able to save up more of a cushion in cash. I also should be due for an increase in pay within the year which would make the HELOC less aggressive of a debt to income ratio.

I’m concerned the market will drop and my equity position along with it.

What should I do HELOC now later or never?