All Forum Posts by: Jean Santiago

Message me with any questions! We use our HELOC we have on our primary house to buy. Do you currently have a HEOC on your house?

Heloc.  home equity line of credit.

example. you own a property worth $100k. You owe $20k. Bank will let you take a HELOC up to 80% of appraised value. $80k for this example. You owe $20k. So if you maxxed your HELOC you could get $60k. Then you could use the $60k as down payment.

HELOC ttypically still require an appraisal & some closing costs. Also it's flexible so if in above example, you only wanted $30k instead of $60k. interest rates are typically little higher than doing a refi.

So, with the 80k we pull put from the heloc, we pay off the 20k we still owe on the house? 

So then that leaves us the $60k, that $60k we then use as a downpayment for another house. If this is correct, the 60k we used as a downpayment, do we pay that back to that first house/bank? Because HELOC stands for Home Equity Line of Credit, so is that $60k of "credit" that we have to pay back?

Thank you for replying!!

Hey Jean, 

I (selfishly) think you are on the right track because I am on the exact same path. I too live in Southern California and my parents, like you, live in Jacksonville. I have been looking around at neighborhoods and different property types and I would be very interested to share the data that we have both come up with. For us, OOS investing is definitely the answer. I currently own a condo in Chicago that cash flows so I do have some experience in that regard. 

Cheers!

@Jean Santiago I like Jacksonville!  Great metrics.  Your next step is to build a plan around your investment strategy and goals, then pick a market (sounds like you have a good start), and then once you settle on a market based on data, start building your team and filling your funnel :)

 Hello and welcome! best of luck to you! 

@Jean Santiago I replied to you in another thread but just want to say hi officially! I too am an RN, living in Chino Hills, and planning to invest OOS, thinking of going with a turnkey company because at this point in my life I don't have the flexibility to go out an learn about an OOS market. I own my home in CH and I sorta househacked in that my house came with a permitted ADU, so I rented that out for a few years. The tax benefits are amazing and thankfully I have had two excellent tennants, so no huge problems. I'd love to connect!

@Jean Santiago

We would love to have you once the meetups are back up. 

Hi @Jean Santiago, I'm currently researching a variety of different areas! Sounds like FL would be ideal for you as you have someone there already who can drive by properties before offering + advise on location + surely he has an agent out there that comes recommended. All would be very helpful to you!

@Paige Hill I live in OC as well and understand where you're coming from. I decided to invest OOS using turnkeys. My experience has been great. Even with the turnovers, repairs, etc. I am still getting solid returns. For me, I focused more on B properties. My mentors always stressed the importance of "location, location, location". If you do this, you'll get a higher chance of stability in your rentals and less chance of nightmare tenants. In terms of markets, it really depends on what you like. Many markets have similar macro trends. I have teams in KC, Indianapolis, and Jacksonville so feel free to message me if you'd like to learn more about opportunities here!