All Forum Posts by: Derrick Wortman
Derrick Wortman has started 12 posts and replied 22 times.
Post: Using HELOC to buy a house then convert to mortgage?
- Rental Property Investor
- Newton Falls, OH
- Posts 22
- Votes 8
Hey Everyone! I'm fairly new to investing, this will be my second investment property but first time using a HELOC.
I have a $117k mortgage left of a house that appraised for $150k. The bank my mortgage is through generously offers 90%, leaving around $18k in my HELOC. My question is this:
I found a potential investment property that I could rent out for $700/mo purchase price is $16k. I want to purchase the house with the HELOC, then convert that HELOC into a mortgage to make those $18k funds available to maybe purchase another house. Is this possible to do? Do I have to wait until I have someone renting it, a year, or maybe longer? Thank you all!
Post: My first rental property - Single Family
- Rental Property Investor
- Newton Falls, OH
- Posts 22
- Votes 8
Investment Info:
Single-family residence other investment.
Purchase price: $44,500
Cash invested: $3,000
This was my first rental. Purchased as foreclosure, fixed it up and started renting it February 1st 2019.
What made you interested in investing in this type of deal?
Youtube video's mostly from Bigger Pockets.
How did you find this deal and how did you negotiate it?
Zillow, contacted a realtor.
How did you finance this deal?
Cash down with 15-year mortgage.
How did you add value to the deal?
Invested $3,000 into kitchen and bathroom remodel.
What was the outcome?
Renting for $800/mo mortgage $400/mo.
