All Forum Posts by: Derek Askew

Hey BP community, 2 Part questions with a bit of a background story:

Wanted to get a grasp on HELOC's and property values. I have about 25K of equity on a duplex I'm house hacking.

I have the property under an LLC and I pay rent to my LLC plus my unit and garage tenants. The property grosses 2.4K/mo in rent between (myself,garage, and unit I'm renting out)

Question 1:

When the fair market value increased the garage nor extra unit were rented out. Will this have a significant impact on the equity?

Question 2:

What is the minimum amount of equity needed in a house before a HELOC would make sense to pursue?

All suggestions/recommendations will be appreciated. Thanks in advanced BP community.

@David Ribardo hey thanks for the suggestions I appreciate it

@Sheryl Sitman Ok thanks. I am used to seeing 3 comps minimum within 180 days at .1 miles. I have comped a multiple areas (not every single neighborhood yet) and I have not seen as many but I will double check thank you!

@Sheryl Sitman thanks for getting back to me. I am looking to find out what #’s make sense in this market. I did deals primarily in the Philadelphia area and I am looking to branch out however I am not sure how to comp properties due to fewer real estate transactions in this area.

Hey BP community. I am thinking about investing in the Lehigh Valley and I have looked at quite a few deals and I am not sure how to judge the market to determine if I have a good deal or not.

I’m looking at everything from Shells/teardowns all the way to rent ready deals.

Can someone please help? Thanks in advance!

@Colleen F. Thanks for the info. And yes that is VERY true!

@Jimmy O'Connor yes

@Michael Ablan thanks for sharing

@Nathan G. Thanks for reaching out appreciate it

@Shain Ismailovski thanks for getting back to me appreciate it also appreciate the heads up