All Forum Posts by: Erwin McClain
Erwin McClain has started 9 posts and replied 38 times.
Post: WIN a Ticket to BPCON + Free Year of Pro | 7 Deals in 7 Days Challenge
- Posts 38
- Votes 7
I'm done
Post: WIN a Ticket to BPCON + Free Year of Pro | 7 Deals in 7 Days Challenge
- Posts 38
- Votes 7
I'm in
Quote from @Ghassan Jabali:
Hello Erwin,
I hope you're doing great. A HELOC or Equity Loan can be advantageous to help with extracting value from your property to then purchase your next property. We may recommend checking on what the interest rates may be and reviewing the numbers carefully before proceeding. We would also recommend looking into Trusts or LLCs if you have not done so already for asset protection and anonymity strategies.
Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.
Thanks Mr. Jabali, I am looking into the protections
Hey Erik,
Thanks for your response. Yes, I plan on keeping it (making it my primary) while house hacking for a year or two, then moving on to the next property & repeating the process again
Hello everyone,
I'm looking for opinions & thoughts. I 'm currently looking to purchase my next property and i'm on the fence between a HELOC & a heme equity loan. I've been working on getting about $80K out of my HELOC with a homestead loan built in for rehab, my lender suggested a home equity loan now for pretty much no money out of pocket for about $30k which would ultimately make my payments lower. Purchase price would be about $250k for the property.
Suggestions are appreciated,
Thanks,
I don't anymore, I did once & it got kinda ugly.. But as per DC law, I was able to charge 1/2 of the rent to the other tenant. So it was $800 + $400 ($1200 total at the time, this was in 2010) so on paper it was ok but things didn't work out.
I use a PM software (background check, rental history, application process, etc). Along with my personal house rules, policies & procedure, etc. Nothing wrong with hiring a company, depends on what works for you.
Post: How can I be certain I can refinance ?
- Posts 38
- Votes 7
FHA
Post: How can I be certain I can refinance ?
- Posts 38
- Votes 7
Hello BP members, I have a quick question: I'm looking to purchase a house hack property by the end of 2025, my concern is after getting the property and rehabbing it. Once its done, how can I ensure that I can refi into a 30 year mortgage. Won't my credit take a hit ? what about D.T.I. ratio with another mortgage being added to my credit ?
Post: Rent by the room? Is it a good idea?
- Posts 38
- Votes 7
I had rental properties out of state but I have been renting rooms in my primary residence for over 10 years since my 2 boys have moved out. I stay in the basement, I went thru ups & downs like everyone else, What has worked for me lately is renting to senior men (55+). They tend to stay to themselves, not a lot of company or complaints. This is the most peace I have had in years.