All Forum Posts by: David Light

I've gotten a HELOC in Texas with Chase bank and it had to be on my primary residence where I lived. It could not be on an investment property. I haven't heard of a HELOC on an investment property. Hope this helps.

welcome, I invest in Abilene as well. Do you have properties there now?

Have you thought about wholesaling the property to build your cash balance and get experience?

If it was caused by them they pay for it. If it's normal wear, doesn't sound like if is, I would pay for it.

I've done 10% down on a SFR in an 80/10/10 structure with an 80% loan, 10% loan and 10% down but it was with private money. I'm paying off the 10% loan within a year at a higher rate. As everyone else said you won't find it with conventional.

We had a fire in our primary residence and the rehab was extensive. Part of addressing me the smoke smell for us was replacing the insulation in the attic and getting the entire attic painted white with kilz paint. Every single surface was covered which took painters several days in 100 degree heat to get it done. Then they blew in new insulation. Inside it was fresh paint on everything, new floors everywhere and ozone machines for days to get the smell out. As you get quotes look at them in detail and compare them. We ran into a few contractors that used scare tactics to up the amount of work that needed to be done. They are used to getting paid by insurance companies and prey on emotion of homeowners after a fire. Good luck!

Whatever you decide put it in a legal partnership agreement. I've been in partnerships with family before and keeping it official and documented always helps. I've also tried to keep the deal simple. The more complicated the calculations to determine the split, the more there is to fight about later.

Sounds like you're on the right track. If you have a realtor they should be able to find out about the bank owned property for you. We've been lucky to have a realtor that looks for just these types of houses for us. Good luck!

Congrats, amazing achievement!

Howdy from the class of '07. Jacob I agree with Dax. Biggerpockets is an amazing resource to tap into. I'd dive into the book Dax mentioned and read posts where others are analyzing properties, different strategies, and just take it all in. I find the podcasts to be really great so check those out as well.

A lot of your answers depend on how much cash you have to invest, the strategy you want to pursue and your appetite for risk.

Welcome to the community. 

Gig'em