All Forum Posts by: Erik Fredriksen
Erik Fredriksen has started 5 posts and replied 8 times.
Post: New Investor trying to learn more and make contacts
- Posts 8
- Votes 3
I am new to the real estate game. I have 2 properties now one I live in but Short Term Rent it when not home which is a lot. The other is a Single Family long term rental. Just trying to find out more and better ways of doing everything and moving my Real estate game up.
I am looking to buy my first investment property in Corpus Christi TX. I know with the interest rates high and home prices kind of high still. It defently not the best market for anyone. It kind of looks like it might be hard to cover the mortgage payment with the rent. I may make like a few hundred dollars a month but I am worried the property taxes go and rental market not. What do you guys think?
Post: Buying house with Home equity loan???
- Posts 8
- Votes 3
Hello Benjamin,
Thank you for the response. I have a good amount in saving to put down on a investment place but people where telling me to use my home equity not cash. I been saving for a investment property so I that's what I think I am going to us it for instead of just having more loans and intrust on loans. I will look more into the HELOC so like you said if I good deal be ready.
Post: Buying house with Home equity loan???
- Posts 8
- Votes 3
Quote from @Benjamin Aaker:
Hi Erik,
I understood your question to be whether to use money from a line of credit vs cash. What do you plan to do with that cash if not to purchase your new investment? Using cash carries no interest rate so certainly would be better then the line of credit. If you've been here long enough, you'll know I'm very big on lines of credit. They are cheap, as @Kerry Baird says. They are low cost to maintain. They are ready with the money when you need it. Much like cash. Once you withdraw the money, unlike cash, you have to pay it back with interest. If you have that in cash sitting around, then pay cash. Get the HELOC set up, though, so it is ready when you find that next smokin' deal.
Post: Buying house with Home equity loan???
- Posts 8
- Votes 3
Is it better to buy an investment house using money from home equity or with your own money for a down payment? It looks to me the intrust rate is the same so I would just have 2 loan instead of 1 loan.
Post: Buying a property with out seeing
- Posts 8
- Votes 3
I found a property for sale that is a perfect price and exactly what I am looking for. I am working over seas and with all the craziness not sure when I will be making back home. I really want the property and I have a someone that can go look at it plus I will get it inspected. I was just wondering if anyone has bought property when not being able to see it or be there for anything? Can I do it all online or do I have to be in person for stuff?
Thanks guys.
I need a place to live for now but am looking in to investment properties. What about VA funding fee does that go toward anything or is that just a throw away fee?
Hello Everyone,
I looking at buy my first home I have the option of using the VA loan but I do have money to put the 20% down. I heard from some people a Conventional loan is better if you can but never a real good reason. What do you guys think?