All Forum Posts by: Daniel Foster
Daniel Foster has started 26 posts and replied 77 times.
Post: Duplex in Memphis

- Investor
- Memphis, TN
- Posts 79
- Votes 18
Thanks!
Post: Line of Credit

- Investor
- Memphis, TN
- Posts 79
- Votes 18
You might consider paying the minimum on your mortgage and invest the rest in real estate. While you may be able to refinance your home at a lower rate, you will end up paying $3,000 to $5,000 in closing costs that will eat away at your savings. Depending on the size of the mortgage and differential in interest rates, the numbers may or may not work. You may also be able to get a HELOC on the equity you do have in your recently purchased home, assuming you have some equity in it. Many bank will give you a HELOC on 90% of appraisal and a few that will do 100%.
Post: Duplex in Memphis

- Investor
- Memphis, TN
- Posts 79
- Votes 18
@Curt Davis
The house is in Bartlett and would probably go for around $100,000.
Thanks Curt
Post: Duplex in Memphis

- Investor
- Memphis, TN
- Posts 79
- Votes 18
I have a few single family homes in Memphis, but am looking at potentially purchasing a duplex. This property is not in a tough part of town, though there are plenty of those. When I am looking at purchasing a single family home to rent, I have a fairly good understanding of what I am looking for and what information I want from the owner. This would be my first property that I would be purchasing from another investor and my first multi-family. I was hoping someone could provide me a canned list of questions they would typically ask the seller of a multi-family. For example, rent roll, vacancy rates, capital improvements . . .
Thanks!
Post: ?Opinions on tapping equity

- Investor
- Memphis, TN
- Posts 79
- Votes 18
Correct. As in if your primary is worth $100,000 and you owe $60,000, Key would extend a $40,000 HELOC.
Post: ?Opinions on tapping equity

- Investor
- Memphis, TN
- Posts 79
- Votes 18
Originally posted by @Brian Larson:
Question for you Daniel. Do you have a list of lenders offering this? I am wondering if you are using local credit unions or national banks (US Bank, Wells, etc)
I used Key Bank to get the HELOC on my primary. Its a little bit of a pain, as they don't typically do business in TN, so some of the amenities available to other borrowers, such as online account services, are not available to me. I would imagine it will be the same for you, since you are in California. The rate is just over 5% and they allowed a 100% LTV, so it is worth it to me to have to call in for account balance information and mail in paper checks for payment.
Post: ?Opinions on tapping equity

- Investor
- Memphis, TN
- Posts 79
- Votes 18
Post: Relocation

- Investor
- Memphis, TN
- Posts 79
- Votes 18
@Dave Foster Thanks Dave!
Post: Relocation

- Investor
- Memphis, TN
- Posts 79
- Votes 18
If you are planning on moving and need to do improvements to your home to make it rentable prior to moving, what are the tax implications? For instance, if you need to paint exterior, replace floors. . . Are you able to write off the expense of the improvements against your real estate business, even though it is currently a primary residence?