All Forum Posts by: Dulce Beltran

@Christopher Freeman If it's not too late, you can contest the Appraisal if it is within the 6 month period lenders prefer to have. State the Appraiser missed the items you listed. It will go back to the Appraiser and they make an adjustment in your favor. 

Also, you can simultaneously (help avoid a second appraisal fee since you're not confident) call your real estate resources aka commercial agents to comp out the property, particularly CCIM designated. You can reach out to residential agents too, I have just found that not many understand how to properly comp a duplex+. The appraiser will pull similar properties and you can also provide the comps you receive to the appraiser as reference. In my experience, the appraiser has focused on the properties I provide as I may have more knowledge of the property and location then they do. 

I've been told 35% for San Diego, CA for commercial multi-families. Any one else? Love to hear MF investors chime in!

@Kyle J. thanks, I was hoping that would not be the case and was a long shot, and of course had to ask the BP community! @Todd Powell they're in the business of making money and so are we! 

@Joshua S. thanks for your input!

@Bill B. that's what I was wondering, will the lender throw up the red flag and close it out since they would not be making money on the balance. Curious to see if any one has attempted the strategy. Thank you for your input!

I recently have educated myself on paying down debt at a rapid rate and find myself exploring the creative finance world.

Hypothetical Scenerio

You have two HELOC's both at $100,000 credit line. You use HELOC#1 to Pay off four loans totaling $50,000 w/pymt if $1,000. HELOC#1 payment is now $500 (1% of Bal). You continue to pay the $1,000 payment you're accustomed, hence an additional $500 towards principal reducing the total interest paid on debt. HELOC#2 has no balance.

The whole purpose of the rapid pay down rate is to pay less interest and pay it down rapidly. AND to use financial tools to leverage our flexibility.

Here’s my question:

Who has used HELOC#2 to pay off (entire balance) HELOC#1 and vice versa effectively paying no interest until full $50,000 is paid off?

Correct me if I am wrong, a HELOC works like a credit card, you pay off the balance each month and there is no interest charged. Does this apply to HELOC's?

If you have used this strategy and don’t want to publicly share the details please DM me.

Thanks BP community!

@Gianni Mesia Congratulations on your success and thank you for sharing your numbers. Quick question, is that the average time it takes for a flip to sell? Did you Realtor provide the AVG days on Market before Sale? 

Hi BP fam! I am in need of help with comping a property, getting accurate rehab costs (and or bids from GC's you recommend), rental comps, etc. I've been able to research the majority of these items and would appreciate your input to confirm and or educate me more on the market. I appreciate all your input!

A HELOC is a great tool to maximize your ROI as long as it is done efficiently! They're opened ended in turn can use on additional purchases after being paid down.

A few things you must consider:

1. Where is your current RE market, we're no longer in a Seller's market (instant appreciation). Is your market leveling off and or is inventory increasing? This will answer your question on how much Equity you can pull from your townhouse. 

2. HELOC's have different lending guidelines, definitely shop around and understand their repayment options. Affects your cashflow on next property and or can make you negative.

3. Will you be living in the MF? FHA guidelines only allow owner occupied, if not you will need 25% down. Talk with a lender and shop around.

Hope this gets you started! Good Luck! 

*information is provided by my own experience, I am not a lender.

@Julie Gates Hi Julie, from my experience as a buyer’s agent if a Listing Agent informs me of other possibles offers tells me one of two things. 1. Agents who have shown the property may have expressed their clients interest and may have mentioned a comment/question about an offer. This may lead the Listing Agent to believe there maybe an offer coming. OR 2. There are no offers on the table. In this scenario, it falls on the Buyer’s Agent to ask the right questions to determine if the information the Listing Agent is providing is accurate. A good tip to follow is to ask if there are offers on the table, get a straight answer and ask daily. The Listing Agent has to inform a Buyer’s Agent if there are offers received. The Housing Market has slowed down in all the country and multiple offer situations are no longer the norm except for the case of great deals. If you have any other questions feel free to email me or ask on this forum.

@Destiny Prince In my experience, the Deal. The team follows as you can ask for recommendations from Title offices, Agents, Lenders, there are so many people involved that will have the experience and knowledge of helping you build your team. As you grow, you'll meet more people that are naturally attracted to your growth and can then further refine your team.