All Forum Posts by: Stacey Paulin

Hello Rouanne,

Were you ever able to locate a reliable contractor for your project?

Very broad question. There is lots to learn about REI. You're in the right place, though! Just start reading. Read all you can, and the path to investing that suits you will be made clear. I'd also recommend attending some of the webinars offered here at BP.

Good on you for finally starting the eviction process. So lesson has been learned. You give an inch, they take a mile. There's no reason to set tenant expectations if you don't intend on following through. I'm going through the same situation right now. It's hard laying down the law on tenants but it must be done. That's why the veterans tell us to treat REI like a business from day one.

ER PA here! Looking to hang up the stethoscope in two years or so.

And that really is the key to managing one's health...prevention first! Eat well, exercise, minimize the risk of injury and thats6half the battle. The other 50 percent you can't control...that's the tricky part.

That episode is one of my favorite to date. Charles Roberts is a smart cookie, and I really took to heart his advice on financing. I think it's important that the deal be solid, but if the financing isn't in place the deal won't happen. In the past I've sat down and spoken to residential and commercial lenders. I wanted to know what they look for on an application, what metrics they use to underwrite the loan., what DSCR they use, how much in reserves they need to see, DTI, etc. These little things can ruin a deal. So it's much better to go into the buying process knowing that you satisfy all the lending requirements. If you don't, however, at least you know where you are and what you need to do to get there.

Congrats to you! Onward and upward.

Hello and welcome!  You've come to a great place to learn all you need to know to get started in RE.  Stay focused on your goal, don't take no for an answer, and enjoy the journey!

I'd also add that it's preferred to put the HELOC in second position and never in first.

I'm successfully using the HELOC strategy to do cash purchases and for down payments. I think the key for me is having strong W2 income that can float you through increased rates if that happens. We've seen a .25% increase in our rate within the last year, but it's still the cheapest money we have access to. I use my HELOC as a checking account, paying all of my bills with a credit card and using the HELOC as a holding place for my income until the end of the month when I pull from it to pay off the credit card. You must make more than what you spend in order to get your HELOC balance back to zero ASAP. In the case of real estate, you can put your rents in the HELOC as well to bring that balance to zero much faster. Good luck!