All Forum Posts by: Account Closed

I recently closed on my first HELOC after acquiring this property from BRRRR'ing my owner occupy duplex. I purchased the building for 80k with conventional investment financing- put about 11k into it and got the upstairs unit rented. The downstairs tenant has been in the building for 25 years and pays below market rent.

rents- $625 2 bedroom

           $750 1 bedroom 

PITI- $750/ month. This buy is a long term and once I can renovate the lower unit and add a bedroom I will be able to pull 1k/ month.

I owe 59k on the building and was able to pull a 36k HELOC- I want to use these funds and invest with them.. DTI is fine with heloc payment included..

I guess my question is... what is the best way to use heloc funds? I am unable to buy a building cash with what I have at this point. Is using a heloc as a downpayment smart? I don't fully understand the exit strategy with paying of the heloc if I use for a buy and hold. Should I use the funds to aid in a flip for "short term money" and build up my liquid? 

Any thoughts, ideas ect will be helpful and thank you. (Sorry if this post is all over the place) 

Thanks BP 

What high school did you attend? What year?

Trustco bank  

I'd check out Albany and Troy. Best of luck.

There are great deals in upstate new York...Just sayin'

Trustco bank hands down 

I am an environmental engineer who designs water and wastewater systems.. Do you have any more info on the system?

Personally, I'd pass. Engineer Design fee's alone will crush this deal when it goes.

Hey Colin- First of all welcome to Glens Falls! Great market with rising rents and pretty low prices. Reach out if you'd like to meet up!

water wells are fracked on top of drilled too people.. Not just gas.. Most hydraulic fracturing is done horizontally as opposed to vertically.. The most common "chemicals"  used during the process are sand and water along with small amounts of chemicals you can buy at Walmart. Horizontal drilling allows more gas which leads to more money for the companies. Horizontal drilling takes place way below the water table and wells are lined in casing. The only complaints I would have would be noise and traffic. It is not a  quite practice. Has the property been explored? will gas companies want to buy pieces of the land? if so $$$$

I  came to this thread knowing someone was going to mention the completely biased and untrue gaslands documentary. 

You'll be fine.